The standard has been revised to incorporate references to new standards that have been issued since the ASOP’s initial 2004 adoption and 2011 update for deviation language. In addition, revisions were made to eliminate guidance that does not conform to current ASOP practices regarding references to other standards of practice and to make consistent the definitions used in the standard with those of other standards of practice. The revision also reflects relevant legal, regulatory, and practice developments that have occurred since its initial adoption. Notable changes to the revision include adding a definition for “collectability” and adding a Reliance on Experts section to further support the guidance on collectability.
The standard will be effective for any actuarial work product with a valuation date on or after Aug. 1, 2018. ASOP No. 42 can be viewed here.