News from the Actuarial Standards Board

The ASB approved a revision of ASOP No. 25 [1], Credibility Procedures, which is now applicable to all practice areas while providing guidance to actuaries in the selection of a credibility procedure and the assignments of credibility values to sets of data. Comments for ASOP No. 25 are due Dec. 31, 2012. The ASB also adopted ASOP No. 46 [1], Risk Evaluation in Enterprise Risk Management, which provides guidance to actuaries when performing professional services with respect to risk evaluation systems used for the purposes of enterprise risk management, including designing, implementing, using, and reviewing those systems. The effective date for ASOP No. 46 is May 1, 2013.