Notice of Disciplinary Determination

On February 23, 2011, 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 the conduct of Thomas M. Tolliver, ASA, and his qualifications for handling matters related to various US qualified pension plans during the period 1999 to 2008.

The Discipline Committee determined that Mr. Tolliver should be expelled from the Society of Actuaries for material violations of certain Precepts under the Code of Professional Conduct.

Precept 1 states, "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." Mr. Tolliver violated Precept 1 when he failed to renew his Enrolled Actuary status and then repeatedly misrepresented himself as an Enrolled Actuary in good standing to his employer, his clients, and the Internal Revenue Service.

Precept 2 states, "An Actuary shall perform Actuarial Services only when the Actuary is qualified to do so on the basis of basic and continuing education and experience, and only when the Actuary satisfies applicable qualification standards." Mr. Tolliver violated Precept 2 by signing Schedules B to IRS Form 5500 for several years during which he was not qualified to do so.

Precept 8 states, "An Actuary who performs Actuarial Services shall take reasonable steps to ensure that such services are not used to mislead other parties." Mr. Tolliver violated Precept 8 by misleading various parties as he signed statements as an Enrolled Actuary while he was not qualified to do so.

Precept 14 states, "An Actuary shall respond promptly, truthfully, and fully to any request for information by, and cooperate fully with, an appropriate counseling and disciplinary body of the profession in connection with any disciplinary, counseling, or other proceeding of such body relating to the Code. The Actuary's responsibility to respond shall be subject to applicable restrictions on Confidential Information and those imposed by Law." Mr. Tolliver violated Precept 14 by failing to respond promptly to the ABCD during its investigation.

The violations of Precepts 1, 2 and 8 relate to conduct during the period 2001 to 2008. For the period 1999 to 2000, the violations relate to Precepts 1, 3 and 9 of the Code of Professional Conduct in effect prior to 2001.

All members of the SOA are reminded of their responsibility to follow the Code of Professional Conduct. Members are encouraged to maintain familiarity with the Code and its precepts by regular review and/or participation in webcasts or professionalism sessions offered at various SOA and other actuarial conferences. In addition, in the US, the ABCD is available for counseling on matters related to professional conduct and actuarial practice.