TO: Members of Actuarial Organizations Governed by the Standards of Practice of the Actuarial Standards Board and Other Persons Interested in Actuarial Communications
FROM: Actuarial Standards Board (ASB)
SUBJ: Proposed Revision of Actuarial Standard of Practice (ASOP) No. 41
This document contains the exposure draft a proposed revision of ASOP No. 41, now titled, Actuarial Communications. 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 [firstname.lastname@example.org](file:///C:/Users/ixsoft/Documents/Academy/ASB/Casualty/ASOPemail@example.com). Include the phrase “ASOP No. 41 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 or organization.
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: November 1, 2022
Notable Changes from the Existing ASOP
Notable changes made in this exposure draft to the existing ASOP are summarized below. Notable changes do not include changes made to improve readability, clarity, or consistency.
- Improved definitions in section 2 to clarify the differences among actuarial communications, actuarial reports, and actuarial documentation.
- Added clarity in sections 3 and 4 regarding the disclosure requirements that apply to all actuarial communications versus those that apply only to actuarial reports.
- Improved consistency between the guidance in section 3 and the disclosure requirements in section 4.
- Added specific guidance in section 3.3.3(b) regarding the actuary opining on assumptions that do not conflict with what the actuary believes is reasonable.
- Expanded guidance in section 3.3.6 regarding constraints or circumstances that might reduce the required disclosures in an actuarial report, or the need for an actuarial report, including situations in which an actuary is working as part of a larger team.
- Expanded guidance in section 3.6 regarding reliance on others.