ASB News

28
Jul
0

ASB Approves Proposed ASOP No. 36 Revision and Proposed ASOP No. 28 Scope Revision for Exposure

Category: ASB News
The ASB approved an exposure draft of a proposed revision of Actuarial Standard of Practice (ASOP) No. 36, now titled Statements of Actuarial Opinion Regarding Property/Casualty Loss, Loss Adjustment Expense, or Other Reserves. The ASOP applies to actuaries when performing actuarial services with r ...
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25
Jul
0

ASB Votes to Discontinue Development of Proposed Setting Assumptions ASOP

Category: ASB News
During its June 2022 meeting, the ASB voted to discontinue development of a proposed actuarial standard of practice (ASOP) on setting assumptions and disbanded the task force with appreciation for their development efforts. The proposed standard was initially exposed in December 2016 with the goal ...
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21
Jun
0

ASB Approves ASOP No. 20 Revision for Exposure

Category: ASB News
The ASB approved an exposure draft of a revision of Actuarial Standard of Practice (ASOP) No. 20, now titled Discounting of Property/Casualty Claim Estimates. The ASOP applies to actuaries when performing actuarial services that involve the discounting of claim estimates for property/casualty cover ...
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27
Apr
0

Boxscore, Spring 2022: ASB Adopts Revisions of ASOP Nos. 4 and 18; Approves Exposure Drafts of ASOP Nos. 10 and 29 Revisions

Category: ASB News
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26
Apr
0

ASB Approves Exposure Draft of ASOP No. 10 Revision

Category: ASB News
The ASB approved an exposure draft of a revision of ASOP No. 10, now titled U.S. GAAP for Long-Duration Life, Annuity, and Health Products. The ASOP applies to actuaries when performing actuarial services related to the preparation or review of insurance company financial statements in accordance w ...
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18
Apr
0

ASB Adopts ASOP No. 18 Revision

Category: ASB News
The ASB recently adopted a revision of ASOP No. 18, now titled Long-Term Care. The ASOP applies to actuaries when performing actuarial services with respect to long-term care (LTC) benefit plans sponsored by insurers or other entities. The standard also applies to actuaries designing, pricing, or de ...
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29
Mar
0

ASB Releases 2021 Annual Report

Category: ASB News
The ASB released its 2021 Annual Report, which highlights the board’s accomplishments throughout the year. In 2021, the ASB adopted five revised ASOPs, approved four exposure drafts for comment, and approved proposals to revise four existing ASOPs. ...
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11
Feb
0

ASB Adopts ASOP No. 4 Revision; Approves ASOP No. 29 Revision for Exposure

Category: ASB News
The ASB recently adopted a revision of ASOP No. 4, Measuring Pension Obligations and Determining Pension Plan Costs or Contributions. The ASOP provides guidance to actuaries when performing actuarial services with respect to measuring obligations under a defined benefit pension plan and determining ...
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20
Dec
0

ASB Adopts Revisions of ASOP Nos. 2, 22, and 3

Category: ASB News
The Actuarial Standards Board (ASB) of the American Academy of Actuariesrecently adopted a revision of ASOP No. 2, now titled Nonguaranteed Elements for Life Insurance and Annuity Products. The ASOP applies to actuaries when performing actuarial services with respect to the determination and, if app ...
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16
Sep
0

Boxscore, Summer 2021: ASB Adopts ASOP Nos. 28 and 38 Revisions; Approves Exposure Drafts of ASOP Nos. 4 and 24

Category: ASB News
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Actuarial Standards Board

The Actuarial Standards Board (ASB) sets standards for appropriate actuarial practice in the United States through the development and promulgation of Actuarial Standards of Practice (ASOPs). These ASOPs describe the procedures an actuary should follow when performing actuarial services and identify what the actuary should disclose when communicating the results of those services.

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