The ASB recently approved an exposure draft of a revision of Actuarial Standard of Practice (ASOP) No. 28, now titled Statements of Actuarial Opinion Regarding Health Insurance Assets and Liabilities. The ASOP provides guidance to actuaries when performing actuarial services with respect to issuing or reviewing a statement of actuarial opinion (sometimes referred to as “actuarial opinion” or “opinion”) regarding health insurance assets and liabilities. The ASOP also applies to actuaries when performing actuarial services with respect to issuing or reviewing statements of actuarial opinion and any associated actuarial memorandum with respect to health insurance assets and liabilities of insurance companies, reinsurance companies, or other health insurance financing systems (such as health benefit plans provided by self-insured or government plan sponsors) that provide similar coverages. Notable changes from the existing ASOP include expanding guidance on asset and liability evaluation to address the use of an explicit provision for adverse deviation as well as implicit conservatism in assumptions.
The comment deadline for the exposure draft is Nov. 13, 2020. Information on how to submit comments can be found in the draft.