The ASB adopted a revised version of the Introductory Actuarial Standard of Practice. The Introduction was revised to clarify the meaning of such terms as “must” and “should”; to include a definition of “deviation”; and to make other revisions to the language that were not substantial but did help clarify meaning in various sections. Also, to reinforce that the Introduction contains guidance that must be followed, it has been numbered as ASOP No. 1. Subsequently, the existing ASOP No. 1, Nonguaranteed Charges or Benefits for Life Insurance Policies and Annuity Contracts, is renumbered as ASOP No. 2, since the existing ASOP No. 2, Recommendations for Actuarial Communications Related to Statements of Financial Accounting Standards Nos. 87 and 88, was repealed in March 2011. The effective date for the revised Introduction is June 1, 2013. The ASOP can be viewed under the tab “Current Actuarial Standards of Practice.”
