ASB highlights

The Actuarial Standards Board (ASB) establishes and improves standards of actuarial practice. These actuarial standards of practice (ASOPs) identify what the actuary should consider, document, and disclose when performing an actuarial assignment. The ASB’s goal is to set standards for appropriate practice for the U.S.

When creating or revising an ASOP the ASB:

1. Reviews and evaluates current and emerging practices;
2. Determines appropriate guidance;
3. Publishes an exposure draft to obtain input from actuaries and other interested parties;
4. Considers all comments received; and publishes a final standard or another exposure draft.

From Oct. 1, 2007, to Sept. 30, 2008, the ASB:

Released five exposure drafts:

• Proposed Revision of ASOP No. 13, Trending Procedures in Property/Casualty Insurance
• Proposed Revision of Deviation Language for All Standards and Removal of References to PSAOs From All Standards (All Practice Areas)
• Proposed Revision of Introduction to the Actuarial Standards of Practice (ASOPs)
• Proposed Repeal of ASOP No. 31, Documentation in Health Benefit Plan Ratemaking
• roposed Revision of ASOP No. 41, Actuarial Communications

Requested comments on one ASOP:

• ASOP No. 27, Selection of Economic Assumptions for Measuring Pension Obligations

Issued the final version for:

• Revision of Deviation Language for Standards and Removal of References to PSAOs From Standards (All Practice Areas)

ASB resources

Visit the ASB website, where all ASOPs are available.

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