Notice of Disciplinary Determination

On April 24, 2023, the Society of Actuaries convened a Discipline Committee to review a matter referred by the Actuarial Board for Counseling and Discipline ("ABCD"). The matter related to services provided by James L. Shaw, ASA, MAAA, EA, MSPA, FCA, owner of Shaw & Company, a firm providing actuarial services for pension plans.

The Discipline Committee determined to publicly reprimand Mr. Shaw for material violations of Precepts 1 and 10 of the Code of Professional Conduct (Code). The Committee concluded (as did the ABCD) that Mr. Shaw’s services did not meet the standards of care expected under the Code. Specifically, the Committee found the following violations:

• Mr. Shaw demonstrated a lack of integrity and a failure to act with appropriate care in violating Precept 1[1], Annotations 1.1 and 1.4, when he repeatedly misrepresented his ability to make required pension filings in a timely manner and then in fact, was not timely in completing the filings.
• Further, Mr. Shaw violated Precept 10[2] when he failed to transfer documents to his successor at his Principal’s request in a timely manner.

All members of the SOA are reminded to adhere to the Code of Professional Conduct and that, when they are faced with potential issues regarding professional conduct, to consider contacting the ABCD for counseling.

[1] PRECEPT 1. An Actuary shall act honestly, with integrity and competence, and in a manner to fulfill the profession’s responsibility to the public and to uphold the reputation of the actuarial profession.

• ANNOTATION 1-1. An Actuary shall perform Actuarial Services with skill and care.
• ANNOTATION 1-4. An Actuary shall not engage in any professional conduct involving dishonesty, fraud, deceit, or misrepresentation or commit any act that reflects adversely on the actuarial profession.

[2] PRECEPT 10. An Actuary shall perform Actuarial Services with courtesy and professional respect and shall cooperate with others in the Principal’s interest.