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ASB Approves Revisions of ASOP Nos. 20 and 38 (Casualty)The ASB recently adopted a revised version of ASOP No. 20, Discounting of Property/Casualty Unpaid Claim Estimates, and approved an exposure draft of ASOP No. 38, Using Models Outside the Actuary’s Area of Expertise (Property and Casualty). ASOP No. 20 was first adopted by the ASB in 1992. The ASB charged the Casualty Committee with preparing a revision of ASOP No. 20 to reflect current terminology and practice, and to provide more consistency with the language in ASOP No. 43, Property/Casualty Unpaid Claim Estimates. The effective date for the ASOP No. 20 revision is January 1, 2012. ASOP No. 38 was first adopted by the ASB in June 2000. Subsequent to this adoption, the ASB created a task force under the General Committee to consider expanding the scope of the ASOP to all practice areas. Two exposure drafts were produced. As a result of the comments received, the ASB referred the item back to the Casualty Committee to maintain ASOP No. 38 as a standard applicable only to the Casualty practice area, and to update the ASOP to reflect current terminology and practice. The comment deadline for the ASOP No. 38 exposure draft is January 16, 2012. The drafts can be viewed on the ASB website under “Current Actuarial Standards of Practice” and “Exposure Drafts,” respectively, at: http://www.actuarialstandardsboard.org. |
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Actuarial Standards Board |