ASB News

27
Apr
0

ASB Adopts Final Revision of ASOP No. 5

Category: ASB News, Health Committee News
The ASB recently adopted a final revision of ASOP No. 5, Incurred Health Claim Liabilities. This ASOP provides guidance to actuaries when estimating or reviewing incurred claims when preparing or reviewing financial reports, claims studies, rates, or other actuarial communications as of a valuation ...
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19
Apr
0

ASB Approves Exposure Draft of a Revision of ASOP No. 17

Category: ASB News
The ASB recently approved an exposure draft of a revision of ASOP No. 17, Expert Testimony by Actuaries. The proposed revised standard will apply to actuaries who are qualified as experts under the evidentiary rules applicable in a forum when they provide testimony in court hearings, dispute resolut ...
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14
Apr
0

ASB Approves Exposure of Proposed ASOP on Principle-Based Reserves for Life Products

Category: ASB News, Life Committee News
The ASB approved an exposure draft of a proposed new ASOP titled Principle-Based Reserves for Life Products. The proposed ASOP will apply to actuaries when performing actuarial services on behalf of life insurance companies, including fraternal benefit societies, in connection with the calculation o ...
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22
Mar
0

ASB Releases 2016 Annual Report

Category: ASB News
The Actuarial Standards Board’s (ASB) 2016 Annual Report is now available. The report highlights the ASB’s accomplishments in 2016, including adoption of three revised actuarial standards of practice (ASOPs), approval of seven exposure drafts for comment, approval of a proposal for one revised A ...
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8
Feb
0

ASB Approves Third Exposure of Proposed ASOP on Estimating Future Costs

Category: ASB News
The ASB recently approved a third exposure draft of a proposed new actuarial standard of practice (ASOP) titled Estimating Future Costs for Prospective Property/Casualty Risk Transfer and Risk Funding. The proposed ASOP, formerly titled Property/Casualty Ratemaking, will apply to actuaries when perf ...
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18
Jan
0

ASB Adopts Final Revision of ASOP No. 23

Category: ASB News
The ASB recently adopted a final revision of Actuarial Standard of Practice (ASOP) No. 23, Data Quality. The ASOP provides guidance to actuaries when selecting data, performing a review of data, using data, or relying on data supplied by others, in performing actuarial services. The ASOP also applie ...
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6
Jan
0

ASB Adopts Final Revision of ASOP No. 24

Category: ASB News
The ASB recently adopted a final revision of ASOP No. 24, Compliance with the NAIC Life Insurance Illustrations Model Regulation. The ASOP provides guidance to actuaries when performing professional services pursuant to applicable law based on the National Association of Insurance Commissioners (NAI ...
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6
Dec
0

ASB Approves Exposure of Proposed ASOP on Setting Assumptions

Category: ASB News
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, bu ...
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8
Nov
0

ASB Adopts Final Revision of ASOP No. 21

Category: ASB News
The ASB recently adopted a final revision of ASOP No. 21, Responding to or Assisting Auditors or Examiners in Connection with Financial Audits, Financial Reviews, and Financial Examinations, which had been promulgated in 2004. A key change reflected in the revision includes expanding and clarifying ...
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26
Sep
0

ASB to Meet December 6-7, 2016 in Washington, D.C.

Category: ASB News
The next regularly scheduled meeting of the ASB will be held December 6-7, 2016, at the Academy offices in Washington, D.C. ...
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About The ASB

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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