15. In determining whether a particular Actuarial Service is a Statement of Actuarial Opinion (SAO), how should gray areas be interpreted?
Question
15. In determining whether a particular Actuarial Service is a Statement of Actuarial Opinion (SAO), how should gray areas be interpreted?
The definition of an SAO in the U.S. Qualification Standards (USQS) is very broad, and it is likely that many actuarial communications fall under the definition of an SAO. Actuaries are reminded that if they issue just one SAO in a calendar year, they need to comply with the USQS. The combination of the broad definition of an SAO and the fact that issuing just one SAO requires compliance means that most actuaries performing Actuarial Services in the U.S. will need to comply with the USQS (Section 1 and Appendix 1). As such, the Committee recommends that practicing actuaries endeavor to meet the USQS rather than expending time and energy trying to find interpretations that support exemption from the USQS.
Last updated December 2014
Last updated December 2014
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