ASB Headlines
- ASB Approves Second Exposure Draft of ASOP No. 41
- ASB Approves Exposure Draft of ASOP No. 35
- ASB Approves New Life Committee Proposal
- ASB Receives Member Survey Results
- ASB to Meet March 8-9 in Washington
ASB Approves Second Exposure Draft of ASOP No. 41
The ASB recently issued a second exposure draft of ASOP No. 41, Actuarial Communications. Although a majority of commentators were supportive of the effort to revise the existing ASOP, some indicated that the first exposure draft had several deficiencies. Because of the extent of the revisions and some key changes in direction from the prior draft, the ASB decided to re-expose the draft for review and comment by members of the profession and other interested parties. The comment deadline for the second exposure draft is March 31, 2010. A copy of the revision can be found here.
ASB Approves Exposure Draft of ASOP No. 35
The ASB also issued an exposure draft of ASOP No. 35, Selection of Demographic and Other Noneconomic Assumptions for Measuring Pension Obligations, to provide members of actuarial organizations governed by the ASOPs and other interested persons an opportunity to comment on specific revised sections of the ASOP. The proposed changes only affect sections 3.2, 3.5.3, and 4.1.1 of the ASOP, with a newly proposed effective date stated in section 1.4. The ASB is not undertaking a comprehensive review of ASOP No. 35, but is rather requesting comments with respect to the specific changes proposed. The comment deadline for the exposure draft is March 31, 2010. A copy of the revision can be found here.
ASB Approves New Life Committee Proposal
The ASB Life Committee recently presented a proposal to the Board to create an ASOP on the construction and use of life insurance and annuity models. The standard would provide guidance to the actuary in such areas as a) selecting, designing, developing or modifying an appropriate model, b) validating the model, c) choosing assumptions, d) illustrating uncertainty, and e)establishing appropriate modeling governance and controls. The Life Committee plans to present an exposure draft to the ASB in late 2011.
ASB Receives Member Survey Results
The results of the ASB Member Survey were recently presented to the ASB. The response rate of approximately 25% was considered exceptionally high by the The Haefer Group Ltd., the independent research firm that conducted the survey. The final results of the survey are available on the ASB website. A summary of the results and the ASB’s initial reactions will be reported in an upcoming issue of the Actuarial Update.
ASB to Meet March 8-9 in Washington
The next regularly scheduled meeting of the ASB will be held March 8-9, 2010, at the Academy offices in Washington, D.C.
