The ASB approved a first exposure draft in 2013 and a second exposure draft in 2014. Changes to the second exposure draft were approved in 2015; however, because the draft involved compliance with a regulation that had not yet taken effect, the ASB issued a “pending draft,” to be updated when the Standard Valuation Law and the Valuation Manual describing the principle-based reserves for life products took effect. The Valuation Manual has been modified by numerous amendments since the pending ASOP was issued. In light of these amendments, the pending ASOP was updated. In addition, minor clarifications and additional guidance also have been made to the draft ASOP.
The comment deadline for the exposure draft is May 31, 2017 and can be viewed under the “Drafts” tab in “Current Exposure Drafts.”