The ASB adopted a revision of ASOP No. 10, now titled U.S. GAAP for Long-Duration Life, Annuity, and Health Products. The ASOP provides guidance to actuaries when performing actuarial services related to the preparation or review of insurance company financial statements in accordance with U.S. generally accepted accounting principles (GAAP) for long-duration life, annuity, or health products. The standard is effective for actuarial services related to the preparation or review of insurance company GAAP financial statements applicable to fiscal periods ending on or after May 1, 2023. The ASB also approved a second exposure draft of a proposed revision of ASOP No. 29, Expense Provisions for Prospective Property/Casualty Risk Transfer and Risk Retention. The standard provides guidance to actuaries when performing actuarial services with respect to developing or reviewing expense provisions for prospective property/casualty risk transfer or risk retention. The comment deadline is May 1, 2023. Information on how to submit comments can be found in the exposure draft.
