The ASB recently approved an exposure draft of a proposed new ASOP titled Setting Assumptions. The proposed ASOP will apply to actuaries when performing actuarial services that include setting assumptions or assessing the reasonableness of assumptions set by others. Setting assumptions includes, but is not limited to, activities that may variously be referred to as developing, selecting, or choosing assumptions, and may include an analysis of data or experience, industry studies, trends, economic forecasts, and other analyses, as appropriate. While certain practice-specific assumption-setting standards exist, the ASB believes it would be useful to issue a standard on assumption setting for all practice areas as a supplement to the guidance that currently exists. The comment deadline for the exposure draft is April 30, 2017 and can be viewed under the “Drafts” tab in “Current Exposure Drafts.”
