Active participation in the Society of Actuaries is an important aspect of membership. Participation not only adds to the vitality and energy of the organization, but it also furthers the SOA's vision for actuaries to be recognized as the leading professionals in the modeling and management of financial risk and contingent events.

While the positive contributions of professional societies and associations are well recognized and encouraged by government, association activities also are subject to close scrutiny under both federal and state antitrust laws. The single most significant law affecting associations is the Sherman Antitrust Act, which makes unlawful every contract, combination or conspiracy in restraint of trade. Because an association is, by nature, a group of competitors joined together for a common business purpose, an association satisfies what would ordinarily be a difficult element in proving an antitrust violation. As such, any association activity that arguably could be perceived as a restraint of trade exposes the SOA and its members to antitrust risk.

Historically, the most significant area of antitrust concern for associations has been price fixing. Price fixing is a very broad term which includes any concerted effort or action that has an effect on prices, terms or conditions of trade, or on competitors. Accordingly, meeting participants should refrain from any discussion which may provide the basis for an inference that they agreed to take any action relating to prices, services, production, allocation of markets or any other matter having a market effect. These discussions should be avoided both at formal meetings and informal gatherings and activities. In addition, meeting participants should be sensitive to other matters that may raise particular antitrust concern for associations: membership restrictions, codes of ethics or other forms of self–regulation, product standardization or certification. The following are guidelines that should be followed at all SOA meetings, informal gatherings and activities:

• DON'T discuss your own or others' prices or fees for service, or anything that might affect prices or fees, such as costs, discounts, terms of sale, or profit margins.
• DON'T stay at a meeting where any such price talk occurs.
• DON'T make public announcements or statements about your own prices or fees, or those of competitors, at any SOA meeting or activity.
• DON'T talk about what other entities or their members or employees plan to do in particular geographic or product markets or with particular customers.
• DON'T speak or act on behalf of the SOA or any of its committees unless specifically authorized to do so.
• DO alert SOA staff or legal counsel about any concerns regarding proposed statements to be made by the association on behalf of a committee or section.
• DO consult with your own legal counsel or the SOA before raising any matter or making any statement that you think may involve competitively sensitive information.
• DO be alert to improper activities, and don't participate if you think something is improper.

Adherence to these guidelines involves not only avoidance of antitrust violations, but avoidance of behavior which might be so construed. Bear in mind that the antitrust laws are stated in general terms, and that these guidelines only provide an overview of prohibited actions. If you have specific questions, seek guidance from your own legal counsel or from the SOA's Executive Director or legal counsel.