The ASB recently approved a revision of ASOP No. 38 for exposure, now titled Catastrophe Modeling (for All Practice Areas). The proposed revision will apply to actuaries in all practice areas performing professional services when selecting or using catastrophe models, whether or not they are proprietary in nature.
Comments are being sought on various areas of the ASOP including, Whether it’s clear that the proposed revised ASOP applies to all practice areas; whether the inclusion of other perils such as “terrorist acts and pandemics” in the definition of “Catastrophe Model,” is appropriate; and whether the proposed revised ASOP is flexible enough to allow for new developments in practice. The comment deadline for the exposure draft is December 30, 2013.