The ASB recently approved a third exposure draft of a proposed new actuarial standard of practice (ASOP) titled Estimating Future Costs for Prospective Property/Casualty Risk Transfer and Risk Funding. The proposed ASOP, formerly titled Property/Casualty Ratemaking, will apply to actuaries when performing actuarial services with respect to developing or reviewing future cost estimates for prospective property/casualty risk transfer and risk funding. This includes cost estimations for insurance, reinsurance, self-insurance, risk-funding or retention mechanisms, loss portfolio transfers, or any other risk-transfer mechanism. The comment deadline for the exposure draft is April 30, 2017 and can be viewed under the “Drafts” tab in “Current Exposure Drafts.”
