Setting the Ground Rules: Revised ASOP No. 1 and Other Key Information for Actuaries

June 17, 2013
12-1:30 p.m. EDT


A panel of experts involved in the drafting and finalizing of new ASOP No. 1 presented the webinar entitled, Setting the Ground Rules: Revised ASOP No. 1 and Other Key Information for Actuaries. Attendees learned about new information contained in the revised introduction ASOP No. 1,
Introductory Actuarial Standard of Practice, which became effective June 1, 2013. It is a complete revision of the previous Introduction, and included new, additional content as well as clarification of prior language, and sets the ground rules for all ASOPs. The panelists did the following:

 
  • Discussed the purpose of the introductory standard;
  • Defined common terms used in ASOPs previously not defined, and discuss use of terms such as “actuarially sound” and “materiality”;
  • Explained why ASOPs are formatted in a certain manner; and
  • Discussed the binding nature of ASOPs on actuaries.

WEBINAR RESOURCES


 

PRESENTERS*

  • Patricia Matson, MAAA, FSA
Member, Actuarial Standards Board
  • Jim Murphy, MAAA, FSA, FCA
Member, Actuarial Standards Board
  • Thomas D. Snook, MAAA, FSA
Member, General Committee of the ASB
  • Moderator: Sheila J. Kalkunte, Academy Assistant General Counsel
 
This webinar was presented by the Academy’s Council on Professionalism and cosponsored by the ASPPA (ACOPA), CAS, CCA, and SOA.

*The opinions expressed by the panelists during this presentation do not represent the opinions of any of the boards or committees of the Academy or the Actuarial Standards Board.
 

CONTINUING EDUCATION

The American Academy of Actuaries believes in good faith that your attendance at this live professionalism webinar, “Setting the Ground Rules: Revised ASOP No. 1 and Other Key Information for Actuaries,” constitutes an organized activity as defined under the current Qualification Standards for Actuaries Issuing Statements of Actuarial Opinion in the United States. Under these Qualification Standards, an hour of continuing education is defined as 50 minutes, and fractions of an hour may be counted.
 
JBEA CPE Credit
The Joint Board for the Enrollment of Actuaries (JBEA) has approved the Academy as a qualifying sponsor of continuing professional education (CPE) programs for enrolled actuaries.
 
If you are an enrolled actuary, the Academy believes in good faith that you may earn 1.8 CPE core professionalism (not ethics) credits under the JBEA rules for attending this live webinar. However, the JBEA ultimately determines what constitutes appropriate CPE including core and non-core continuing education and the number of CPE credit hours allocated to same for enrolled actuaries.

NOTE ON JBEA CE CERTIFICATE OF ATTENDANCE:  You will not be able to receive a certificate of attendance for listening to any recorded webinars.  In order to receive a JBEA CE Certificate of Attendance you must attend the live event, follow the instructions provided during the live event, and you must request your certificate by completing the online form within 30 days of attending the live event.
 
To constitute formal CE under the JBEA regulations, there must be three (3) or more people involved in substantive pension services physically present at your webinar location, according to the JBEA regulations.