Proposed Revision ASOP 41 Actuarial Communications

Professional Actuarial Topics General topics
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Actuarial Communications

Exposure Draft

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 [comments@actuary.org](file:///C:/Users/ixsoft/Documents/Academy/ASB/Casualty/ASOP%2020/comments@actuary.org). 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

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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.

  1. Improved definitions in section 2 to clarify the differences among actuarial communications, actuarial reports, and actuarial documentation.
  2. 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.
  3. Improved consistency between the guidance in section 3 and the disclosure requirements in section 4.
  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.
  5. 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.
  6. Expanded guidance in section 3.6 regarding reliance on others.
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Comments can be seen here:

I will note there’s an interesting new template being used for comments on ASOPs:
http://www.actuarialstandardsboard.org/email/2020/ASB-Comment-Template-Sample.docx

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There will be a webinar on September 30:
https://www.actuary.org/sites/default/files/email/2022/Events/sept-30-webinar-aug-29-2022.html

ASOP No. 41, Actuarial Communications:

Your Feedback Matters
Sept. 30 Noon to 1:30 p.m. EDT USQS CE and JBEA CPE Available
One of the few actuarial standards of practice (ASOPs) that apply to every actuarial assignment for all practice areas—ASOP No. 41, Actuarial Communications—is being revised and is now open for comment. During this webinar, presenters will discuss the basic guidance in the ASOP as well as proposed changes, including:

  • Clarifications of key definitions;
  • Clarification of disclosure requirements that apply to all actuarial communications versus those that apply only to actuarial reports;
  • New guidance regarding the actuary opining on assumptions that do not conflict with what the actuary believes is reasonable;
  • Expanded guidance on constraints or circumstances that might reduce the required disclosures in an actuarial report or the need for an actuarial report; and
  • Expanded guidance on reliance on others.

Join us to hear more about actuarial communications, how these proposed changes may affect your work, and how you can submit comments.

S PEAKERS

  • Darrell Knapp, MAAA, FSA
    Chairperson, Actuarial Standards Board

  • Robert Damler, MAAA, FSA
    Vice Chairperson, Actuarial Standards Board

  • Patricia Matson, MAAA, FSA
    Chairperson, ASOP No. 41 Task Force

MODERATOR

  • Brian Jackson
    General Counsel and Director of Professionalism

REGISTER NOW

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REGISTRATION FEES

  • Members: $50
  • Nonmembers: $100
  • Group Registration: $250
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ASOP No. 41, Actuarial Communications: The ASB approved an exposure draft of a proposed revision at its June 2022 meeting with a comment deadline of Nov. 1, 2022. The task force is reviewing comments, making revisions, and plans to present a second exposure draft to the ASB at its June 2023 meeting.

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