ASB Headlines
- ASB Releases Deviation Language Revision Exposure Draft
- PENSION COMMITTEE NEWS: ASB Issues Request for Comments for Review of ASOP No. 27
- CASUALTY COMMITTEE NEWS: Comment Period Ends for ASOP No. 13 Revision Exposure Draft
- CASUALTY COMMITTEE NEWS: ASB Defers Repeal of ASOP No. 9
- ASB to Expand Its Comprehensive Interested Parties Database
- ASB Releases 2007 Annual Report
- GENERAL COMMITTEE NEWS: ASOP No. 41 Revisions Moving Along
- ASB to Meet June 30–July 1 in Washington
ASB Releases Deviation Language Revision Exposure Draft
The ASB has released an Exposure Draft, entitled Proposed Revision of Deviation Language for All Standards and Removal of References to PSAOs From All Standards (All Practice Areas), that would revise the deviation language used in all Actuarial Standards of Practice (ASOPs) and remove any sections on Prescribed Statements of Actuarial Opinion (PSAOs) from all ASOPs.
The current material on deviation in the ASOPs is not consistent throughout the collection. Typically, section 4 of an ASOP will address the deviation issue, but some ASOPs lack altogether a section dealing with deviation, and others have wording that differs slightly from one ASOP to the next.
This Exposure Draft addresses these problems by proposing language that will move the substantial guidance on deviation into ASOP No. 41, Actuarial Communications (currently being revised), and will add standardized deviation subsections to all other ASOPs. These subsections will refer back to ASOP No. 41 for guidance.
The ASB is also taking this opportunity to remove all sections on PSAOs from existing ASOPs, as PSAOs were rendered obsolete by the newly revised Qualification Standards that went into effect on January 1, 2008.
The deadline for comments is May 31, 2008.
ASB Issues Request for Comments for Review of ASOP No. 27
The ASB is planning an extensive review of ASOP No. 27, Selection of Economic Assumptions for Measuring Pension Obligations, in light of changes in actuarial practice since its approval in 1996. To that end, the ASB Pension Operating Committee has drafted a Request for Comments.
The Board seeks input on a specific list of 10 questions relating to the ASOP, as well as any general comments that actuaries and other interested parties may have.
The comment period for this exposure ends on August 1, 2008.
Comment Period Ends for ASOP No. 13 Revision Exposure Draft
The comment period has ended for an exposure draft of a revision to ASOP No. 13, Trending Procedures in Property/Casualty Insurance.
The ASB expanded the ASOP to apply to all uses of trending procedures for P/C insurance. The new document also includes expanded material on reliance, documentation, communication, and disclosures.
The comment period for this exposure ended on May 1, 2008.
ASB Defers Repeal of ASOP No. 9
After a thorough review and edit of the proposed repeal of ASOP No. 9, Documentation and Disclosure in Property and Casualty Insurance Ratemaking, Loss Reserving, and Valuations, the Board has decided to defer its repeal until the pending revision of ASOP No. 41, Actuarial Communications, is complete. The ASB General Operating Committee is currently working on ASOP No. 41 and expects to present its revisions to the Board at the June ASB meeting.
ASB to Expand Its Comprehensive Interested Parties Database
The ASB is currently expanding its database of interested parties outside the actuarial community. The Board hopes to distribute ASOPs, Exposure Drafts, and other Board communications to more non-actuaries in order to improve communication with the public and regulatory agencies and to foster a better understanding of the standards-setting process.
To sign up for the interested parties database or to suggest individuals who may be interested in being in the database, please send an email to asbrequests@actuary.org with the subject line “Interested Parties.”
ASB Releases 2007 Annual Report
The ASB has published a pdf of its 2007 ASB Annual Report, which summarizes the Board’s activities for the year and includes a letter from outgoing Chairman Cecil Bykerk.
Click here to download the 2007 ASB Annual Report PDF.
ASOP No. 41 Revisions Moving Along
At its March meeting, the Board heard from the General Operating Committee on the status of the proposed revisions to ASOP No. 41, Actuarial Communications.
The General Committee is currently reworking the document in preparation for an exposure draft that is set for further ASB review and possible release at the June ASB meeting.
ASB to Meet June 30-July 1 in Washington
The next scheduled meeting of the ASB will be on June 30-July 1, 2008, at the Academy offices in Washington.
For more information, e-mail ASB Program Manager Joe Vallina or call him at (202) 223-8196.
