The ASB recently adopted a final revision of Actuarial Standard of Practice (ASOP) No. 28, now titled Statements of Actuarial Opinion Regarding Health Insurance Assets and Liabilities. The ASOP provides guidance to actuaries when performing actuarial services with respect to issuing or reviewing a statement of actuarial opinion regarding health insurance assets and liabilities. The standard is effective for work performed involving statements of actuarial opinion regarding health insurance assets and liabilities issued on or after July 1, 2022.
The ASB also approved an exposure draft of a proposed revision of ASOP No. 24, Compliance with the NAIC Life Insurance Illustrations Model Regulation. The ASOP provides guidance to actuaries when performing actuarial services with respect to applicable law (statutes, regulations, and other legally binding authority) based on the NAIC Life Insurance Illustrations Model Regulation and related NAIC actuarial guidelines or when performing actuarial services with respect to illustrations represented to be in accordance with the Model and related NAIC actuarial guidelines. The comment deadline for the exposure draft is Sept. 30, 2021. Information on how to submit comments can be found in the exposure draft.
