The ASB recently approved an exposure draft of a revision of ASOP No. 22, Statements of Actuarial Opinion Based on Asset Adequacy Analysis for Life or Health Liabilities. The standard applies to actuaries when performing actuarial services with respect to providing a statement of actuarial opinion (SAO) related to asset adequacy analysis of life or health liabilities, when the SAO is prepared to comply with applicable law based on the model Standard Valuation Law and VM-30 of the NAIC Valuation Manual, or when the SAO is prepared to comply with other applicable law. Changes to the exposure draft include revising the purpose and scope in sections 1.1 and 1.2 from applying to actuaries when providing a SAO for life and health insurers to applying to actuaries when providing a SAO relating to asset adequacy analysis of life and health liabilities. The title of the ASOP was changed to reflect the changes in purpose and scope. In addition, references to Actuarial Compliance Guideline No. 4, Statutory Statements of Opinion Not Including an Asset Adequacy Analysis by Appointed Actuaries for Life and Health Insurers, were removed because the current Standard Valuation Law requires all reserve opinions to be based on asset adequacy analysis. The comment deadline for the exposure draft, which can be viewed under the “Drafts” tab in “Current Exposure Drafts”, is June 1, 2019. Information on how to submit comments can be found in the draft.
