The ASB
ASB Hightlights
The Actuarial Standards Board (ASB) establishes and improves standards of actuarial practice. These actuarial standards of practice (ASOPs) identify what the actuary should consider, document, and disclose when performing an actuarial assignment. The ASB's goal is to set standards for appropriate practice for the United States.
When creating or revising an ASOP, the ASB:
- Reviews and evaluates current and emerging practices;
- Determines appropriate guidance;
- Publishes an exposure draft to obtain input from actuaries and other interested parties;
- Considers all comments received;
- Publishes a final standard or another exposure draft.
From Oct. 1, 2009, to Sept. 30, 2010, the ASB:
Released four exposure drafts:
- Proposed repeal of ASOP No. 2, Recommendations for Actuarial Communications Related to Statements of Financial Accounting Standards Nos. 87 and 88;
- Proposed revision of ASOP No. 10, Methods and Assumptions for Use in Life Insurance Company Financial Statements Prepared in Accordance with GAAP;
- Proposed revision of ASOP No. 28, Statements of Actuarial Opinion Regarding Health Insurance Liabilities;
- Proposed revision of ASOP No. 35, Selection of Demographic and Other Noneconomic Assumptions for Measuring Pension Obligations.
Released two second exposure drafts:
- Proposed revision of ASOP No. 36, Statements of Actuarial Opinion Regarding Property/Casualty Loss and Loss Adjustment Expense Reserves;
- Proposed revision of ASOP No. 41, Actuarial Communications.
Issued the final version of:
- ASOP No. 35, Selection of Demographic and Other Noneconomic Assumptions for Measuring Pension Obligations.
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