Applicability Guidelines for Actuarial Standards of Practice


The Council on Professionalism of the American Academy of Actuaries has arranged for the development of these applicability guidelines to provide actuaries with nonauthoritative guidance as to which standards might (or typically do) apply to them as they perform various assignments in their roles as actuaries (not as general managers, investment advisors, etc.).

Click here to view the Applicability Guidelines.

Introduction to the Applicability Guidelines
 
It is important for practicing actuaries to be aware of the applicability of different actuarial standards of practice to the various tasks they perform. The Council on Professionalism of the American Academy of Actuaries has, therefore, arranged for the development of these applicability guidelines in order to provide actuaries with nonauthoritative guidance as to which standards might (or typically do) apply to them as they perform various assignments in their roles as actuaries (not as general managers, investment advisors, etc.). These applicability guidelines provide a list of the tasks normally performed by actuaries in the different practice areas. Tasks that actuaries may perform, but that do not require an actuarial background, have been excluded from this list. Next to this list of tasks normally performed by actuaries is a list of the ASOPs* that are usually applicable to such tasks.
 
Note that, although the guidelines are meant to encourage the professionalism of actuaries, they are not intended to be exhaustive, nor are they, in any sense, authoritative by nature. Ultimately, it remains the actuary’s responsibility to identify the standard or standards that apply to each assignment, and to appropriately apply such requirements when performing that assignment.
 
The guidelines will be updated periodically. The actuary is responsible to keep current with changes to the ASOPs and to ensure that professional services rendered by the actuary or under the actuary’s supervision satisfy the current version of each applicable ASOP. Please send suggestions for additional areas of practice that might be covered, or any other suggestions to the Council on Professionalism.
 
Actuaries may find it helpful to review all sections of the applicability guidelines that apply to them when performing particular tasks. For example, life actuaries performing an appraisal of a life company writing health coverages may wish to review the health section as well as the life section.
 
The Code of Professional Conduct requires that actuarial services performed by members of actuarial organizations subject to the Code satisfy applicable standards of practice. However, these applicability guidelines are not standards of practice. The Actuarial Standards Board has not promulgated the guidelines, nor are they binding on any actuary.
 
*Please note that in this list, “ASOP” refers to Actuarial Standard of Practice. Other documents that may apply to actuaries when performing professional services, such as practice notes or financial reporting recommendations, are not referenced in these Applicability Guidelines.

Click here to view the Applicability Guidelines.