American Academy of Actuaries [AAA] Law and Legal Definition

The American Academy of Actuaries (AAA) is a national organization created in 1965. Actuaries refer to leading professionals who use their mathematical expertise, statistical knowledge, economic and financial analysis, and problem-solving skills to a wide range of business problems. AAA serves the public on behalf of the U.S. actuarial profession. AAA promotes public awareness of the actuarial profession.[Vinson & Elkins v. Commissioner, 99 T.C. 9 (T.C. 1992)]

The following are the functions of the AAA:

1.Providing independent and objective actuarial information, analysis, and education for the formation of sound public policy;

2.Identifying and addressesing issues on behalf of the public in matters where actuarial science provides a unique understanding ;

3.Increasing the public’s understanding and recognition of the value of the actuarial profession;

4.Facilitating and coordinating issues of common interest among the U.S.-based actuarial associations;

5.Providing for the establishment, maintenance, and enforcement of high professional standards of actuarial qualification, practice, and conduct; and

6.Coordinating the representation of the U.S. profession globally.