Life Committee News

24
Jul
0

ASB Adopts New ASOP No. 54

Category: ASB News, Life Committee News
The ASB adopted new ASOP No. 54, Pricing of Life Insurance and Annuity Products. ASOP No. 54 applies to actuaries when performing actuarial services with respect to the pricing of life insurance and annuity products when a product is initially developed or when charges or benefits are changed for fu ...
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26
Oct
0

ASB Adopts Two New ASOPs on Pension Risk and Principle-Based Reserves for Life Products

Category: ASB News, Life Committee News, Pension Committee News
The ASB recently adopted ASOP No. 51, Assessment and Disclosure of Risk Associated with Measuring Pension Obligations and Determining Pension Plan Contributions, and ASOP No. 52, Principle-Based Reserves for Life Products under the NAIC Valuation Manual.ASOP No. 51 provides guidance to actuaries whe ...
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24
Jul
0

ASB Approves Second Exposure of Proposed ASOP on Life Insurance and Annuities Pricing

Category: ASB News, Life Committee News
The ASB recently approved a second exposure draft of a proposed new ASOP titled Pricing of Life Insurance and Annuity Products. The proposed ASOP will apply to actuaries when performing actuarial services with respect to the pricing of life insurance and annuity products when a product is initially ...
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14
Apr
0

ASB Approves Exposure of Proposed ASOP on Principle-Based Reserves for Life Products

Category: ASB News, Life Committee News
The ASB approved an exposure draft of a proposed new ASOP titled Principle-Based Reserves for Life Products. The proposed ASOP will apply to actuaries when performing actuarial services on behalf of life insurance companies, including fraternal benefit societies, in connection with the calculation o ...
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17
Sep
0

ASB Adopts Revised Introduction and Numbers It ASOP No. 1

Category: Life Committee News
The ASB adopted a revised version of the Introductory Actuarial Standard of Practice. The Introduction was revised to clarify the meaning of such terms as “must” and “should”; to include a definition of “deviation”; and to make other revisions to the language that were not substantial bu ...
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7
Jul
0

ASB Approves Principle-Based Reserves Exposure Draft

Category: Life Committee News
The ASB approved the exposure draft, Principle-Based Reserves for Life Products. The proposed standard applies to actuaries when performing professional services on behalf of life insurers, including fraternal benefit societies, in connection with the calculation or review of reserves for individual ...
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Actuarial Standards Board

The Actuarial Standards Board (ASB) sets standards for appropriate actuarial practice in the United States through the development and promulgation of Actuarial Standards of Practice (ASOPs). These ASOPs describe the procedures an actuary should follow when performing actuarial services and identify what the actuary should disclose when communicating the results of those services.

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