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ASB Review and Commentary on Final Version of ISAP 1

The International Actuarial Association recently approved its first International Standard of Actuarial Practice (ISAP), ISAP 1, General Actuarial Practice. ISAP 1 is available at http://www.actuaries.org/ISAP1/ISAP1_Final_WebVersion.pdf. This standard was proposed by the IAA’s Actuarial Standards Committee and approved by the IAA Council in November. The Actuarial Standards Board monitored the development of ISAP 1 and submitted a comment letter as part of the exposure process.

The purpose of this ISAP is to provide a model for consideration by standard setting bodies throughout the world, especially for those areas that do not have existing standards. International Standards of Practice are not applicable in any jurisdiction unless approved by the local standard setting body. In particular, ISAP 1 is not applicable in the United States.

The ASB has reviewed the final version of ISAP 1 and determined that our existing standards appropriately cover the topics covered in ISAP 1. We will not be making any changes to US Actuarial Standards of Practice as a result of ISAP 1.