The Actuarial Standards Board of the American Academy of Actuaries recently approved a second 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 (written, electronic, or oral) 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 first exposure draft was released in June 2022 with a comment deadline of Nov. 1, 2022. Thirty-eight comment letters were received and considered in making changes that are reflected in the second exposure draft. Notable changes from the first exposure draft include adding definitions for “actuarial conclusions” and “actuarial report”; removing definitions for “actuarial finding” and “oral communications” and any related guidance on the latter; and adding guidance regarding the risk of misuse of actuarial communications as well as guidance regarding when to issue an actuarial report.
The comment deadline is Feb. 15, 2025. Information on how to submit comments can be found in the draft.
