The next regularly scheduled meeting of the ASB will be held December 9–10, 2013, at the Academy offices in Washington, D.C.
The ASB approved the exposure draft, Principle-Based Reserves for Life Products. The proposed standard applies to actuaries when performing professional services on behalf of life insurers, including fraternal benefit societies, in connection with the calculation or review of reserves for individual life insurance policies, where such reserves are represented as being in compliance with the provisions of the Standard Valuation Law and the Valuation Manual governing principle-based reserves. The comment deadline for the exposure draft is December 16, 2013 and can be viewed under the tab “Exposure Drafts.”
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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Standards of Practice: Protecting You, Protecting Others