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
   
5. Publishes a final standard or another exposure draft.

From Oct. 1, 2008, to Sept. 30, 2009, the ASB:

Released one exposure draft:

• Proposed revision of ASOP No. 36, Prescribed Statements of Actuarial Opinion Regarding Property/Casualty Loss and Loss Adjustment Expense Reserves

Clarified language in one ASOP:

• ASOP No. 44, Selection and Use of Asset Valuation Methods for Pension Valuations

Issued the final version for:

• ASOP No. 13, Trending Procedures in Property/Casualty Insurance

ASB resources

Visit the ASB website, where all ASOPs are available.

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