Exposure Draft of revision of ASOP 12 - deadline 1 May 2024 for comment

Draft here:

Risk Classification
(for All Practice Areas)

Exposure Draft

TO: Members of the American Academy of Actuaries and Other Per­sons Interested in Risk Classification (for All Practice Areas)

FROM: Actuarial Standards Board (ASB)

SUBJ: Proposed Revision of Actuarial Standard of Practice (ASOP) No. 12

This document contains the exposure draft of a proposed revision of ASOP No. 12, Risk Classification (for All Practice Areas). Please review this exposure draft and give the ASB the benefit of your comments and suggestions. Each written comment letter or email received by the comment deadline will receive consideration by the drafting committee and the ASB.

The ASB appreciates comments and suggestions on all areas of this proposed standard. The ASB requests comments be provided using the Comments Template that can be found here and submitted electronically to comments@actuary.org. Include the phrase “ASOP No. 12 COMMENTS” in the subject line of your message. Also, please indicate in the template whether your comments are being submitted on your own behalf or on behalf of a company.

The ASB posts all signed comments received on its website to encourage transparency and dialogue. Comments received after the deadline may not be considered. Anonymous comments will not be considered by the ASB nor posted on the website. Comments will be posted in the order that they are received. The ASB disclaims any responsibility for the content of the comments, which are solely the responsibility of those who submit them.

For more information on the exposure process, please see the ASB Procedures Manual.

Deadline for receipt of comments: May 1, 2024

for comparison, here’s the current ASOP 12:

Last revised in 2011, to regularize deviation language (this happened to all the ASOPs in 2011)