The SOA’s foundational document is the Code of Professional Conduct.
 

The most relevant parts on transparency are:

• Precept 1 – Integrity
  “An Actuary shall act honestly, with integrity and competence, to uphold the reputation of the actuarial profession.”

• Precept 4 – Actuarial Communications
  “An Actuary shall ensure that Actuarial Communications are clear, accurate, and complete. An Actuary shall include all material facts and shall not mislead by omission or commission.”
   

This precept is the closest thing the SOA has to a “manifesto of transparency.” It requires actuaries to disclose assumptions, methods, data sources, limitations, and any uncertainties in their work so that users of the analysis can understand the results and their limitations.
 

2. Key Actuarial Standards of Practice (ASOPs) on Transparency
 

• ASOP No. 41 – Actuarial Communications - This is the primary standard governing transparency. It states that actuarial work products must:

1. Be clear and unambiguous.

2. Disclose the sources of data used.

3. Clearly state all assumptions and methods.

4. Disclose any limitations or uncertainties that could materially affect the results.

5. Avoid misleading by omission.

6. ASOP No. 23 – Data Quality
    

Requires actuaries to:

• Evaluate the quality and suitability of data.

• Disclose any known limitations or deficiencies in the data.

• Document how the data was adjusted or supplemented if necessary.

3. SOA’s Public Stance
 

On their website and in professional guidance, the SOA repeatedly emphasizes that transparency builds public trust. They state that actuaries serve the public interest by providing reliable, understandable analysis so that decision-makers (insurers, pension funds, governments, regulators) can make informed choices. In short, the SOA’s position is:

Actuaries must be transparent about what they know, what they assume, and what they don’t know.

 

As the stewards of humanity, and Ethical Actuary Manifesto has been created.