The ASB recently approved a revision of ASOP No. 3 now titled Continuing Care Retirement Communities and At Home Programs.
The standard, which was last revised in 2008, applies to actuaries when performing actuarial services, including giving advice, in connection with Continuing Care Retirement Communities (CCRCs) (including nonprofit and for-profit entities) or At Home Programs that are not regulated as insurance entities. These actuarial services may be performed for owners, operators, financing entities, current or prospective residents or members, as well as for other professionals or regulatory bodies.
Notable changes made to the existing standard that are reflected in the exposure draft include revising the ASOP to address actuarial practice for At Home Programs that are not regulated as an insurance entity, and new disclosure requirements intended to enhance the quality of actuarial communications regarding CCRCs and At Home Programs.
The comment deadline for the exposure draft is Feb. 1, 2021. Information on how to submit comments can be found in the exposure draft.