ASB Approves Proposed ASOP No. 41 Revision for Exposure

The Actuarial Standards Board of the American Academy of Actuaries approved an exposure draft of a proposed revision of Actuarial Standard of Practice (ASOP) No. 41, Actuarial Communications. The ASOP applies to actuaries when issuing actuarial communications in any form (written, electronic, or oral) within any practice area. The standard does not apply to actuaries when issuing a communication that does not include the rendering of actuarial services. Along with the standard, the actuary should also refer to the Qualification Standards for Actuaries Issuing Statements of Actuarial Opinion in the United States (U.S. Qualification Standards) and the Code of Professional Conduct as they relate to actuarial communications.  

Notable changes made to the proposed revision include improving definitions in section 2 to clarify the differences among actuarial communications, actuarial reports, and actuarial documentation; adding clarity in sections 3 and 4 regarding the disclosure requirements that apply to all actuarial communications versus those that apply only to actuarial reports; and adding specific guidance regarding the actuary opining on assumptions that do not conflict with what the actuary believes is reasonable. 

The comment deadline is Nov. 1, 2022. Information on how to submit comments can be found in the exposure draft.