The Actuarial Standards Board (ASB) approved second exposure drafts of ASOP No. 30, Profit Provisions, Contingency Provisions, and the Cost of Capital in Property/Casualty Risk Transfer and Risk Retention, and No. 39, Treatment of Catastrophe or Extreme Event Losses in Future Cost Estimates for Property/Casualty Risk Transfer and Risk Retention.
ASOP No. 30 provides guidance with respect to developing or reviewing profit provisions and contingency provisions that are included in future cost estimates for all forms of prospective P/C risk transfer and risk retention. ASOP No. 39 provides guidance with respect to analyzing, determining, or reviewing future cost estimates for catastrophe losses and loss adjustment expenses for P/C risk transfer or risk retention.
▶ Comments Due July 1—To comment on the exposure drafts, visit the ASB website.
May 1 Webinar to Cover Changes to ASOP No. 41
A May 1 professionalism webinar will cover prospective changes to ASOP No. 41, Actuarial Communications, which affects all practice areas and is open for comment in a third exposure draft. It will feature Academy Past President and ASOP No. 41 Task Force Chairperson Lisa Slotznick, task force member and President-Elect Frank Todisco, and ASB member Judy Stromback. Register today.
▶ Comments Due June 1—To comment on the ASOP No. 41 exposure draft, visit the ASB website.
New on Academy Learning—ASOP No. 6 Webinar
A March 26 professionalism webinar covered proposed changes to ASOP No. 6, Measuring Retiree Group Benefits Obligations and Determining Retiree Group Benefits Program Periodic Costs or Actuarially Determined Contributions—including guidance related to age-specific costs for health benefits, dedicated assets, funding valuations, return assumptions, claims data, documentation, and collaboration with or reliance on other parties. Members can watch a free replay on Academy Learning.
▶ Comments Due May 15—To comment on the ASOP No. 6 exposure draft, visit the ASB website.
Professionalism Counts Examines Precept 3
As part of this year’s ongoing Professionalism Counts series marking the 25th anniversary of the Code of Professional Conduct, the latest column, “Navigating the Code’s Precept 3,” looks at the key points of this precept, which states that an actuary shall ensure that actuarial services performed by or under the direction of the actuary satisfy ASOPs.
