The Actuarial Standards Board of the American Academy of Actuaries recently approved a third exposure draft of a proposed revision of Actuarial Standard of Practice (ASOP) No. 41, Actuarial Communications. The ASOP applies to actuaries when issuing actuarial communications in any form within any practice area. The standard does not apply to actuaries when issuing a communication that does not include the rendering of actuarial services.
The second exposure draft was released in December 2024, in which twenty-eight comment letters were received and considered in making changes that are reflected in the third exposure draft. Notable changes made to the third exposure draft include adding guidance to the scope to reflect guidance found in other General ASOPs addressing conflicts with practice-area ASOPs; removing the term “actuarial conclusions” throughout the ASOP and replacing it with “statement of actuarial opinion” along with a definition for the term; and revising section 4 to expand discussion of disclosures.
The comment deadline is June 1, 2026. Information on how to submit comments can be found in the draft.
