Discussion Drafts

Discussion drafts of the Actuarial Standards Board (ASB) precede possible exposure drafts to illustrate how an actuarial standard of practice (ASOP) might evolve. The ASB has neither reviewed nor approved these discussion drafts. They are not exposure drafts, and so include no formal comment period. Interested parties are invited to contact the task force that developed a particular discussion draft.

If, after creation of the discussion draft, the ASB decides to proceed with development of a standard, the next step for the task force would be to create an exposure draft. This would follow discussions with interested parties and, for those drafts that are paired with regulation, adoption of a regulation by the NAIC or another regulatory body. That exposure draft (which will draw on the ideas in this discussion draft modified by discussions with interested parties and unfolding events) will go through the normal ASOP process:

1. The task force will submit the exposure draft to its parent ASB committee.
2. The parent ASB committee will revise the exposure draft and submit it to the ASB.
3. The ASB will revise the exposure draft and release it to all actuaries and other interested parties for comment. The ASB has the final authority with respect to actuarial standards of practice.
4. Following the end of the exposure period, the task force will revise the exposure draft based on comments received and produce a proposed ASOP or a second exposure draft (depending on the amount of change). This document will follow the same process as the original exposure draft (and even if submitted as a proposed final ASOP may be changed to a second exposure draft by the parent ASB committee or the ASB).
5. The ASOP will become effective only after final approval by the ASB.

Discussion Drafts

1. Enterprise risk management
2. Measuring pension obligations
3. Principles-based reserve standards
4. C3 Phase 3 capital requirements
5. Principles-based review

To obtain a hard copy of any discussion draft, please e-mail asbrequests@actuary.org.