IAA publishes Exposure Drafts of two model International Standards of Actuarial Practice for consultation

The International Actuarial Association (IAA) has released exposure drafts of two International Standards of Actuarial Practice (ISAPs) for comment:

• International Standard of Actuarial Practice 1A (ISAP 1A) on Governance of Models; and
• International Standard of Actuarial Practice 5 (ISAP 5) on Insurer Enterprise Risk Models.

Like their predecessors, both ISAPs will be model standards intended for adoption by actuarial standard-setting bodies, as appropriate.

The exposure drafts of ISAP 1A and ISAP 5 have been prepared by the ISAP 1A Task Force and the ISAP 5 Task Force of the Actuarial Standards Committee (ASC) respectively. These exposure drafts have been duly approved by the ASC for consultation in accordance with the IAA Due Process for development of ISAPs.

These ISAPs are intended to:

• Facilitate convergence in actuarial practice in connection with the topics addressed, within and across jurisdictions;
• Increase the confidence placed on the work performed by actuaries of parties who rely on actuarial services such as audit firms, IASB, IAIS and the local regulators; and
• Demonstrate the IAA’s commitment to cooperate with its stakeholders to achieve its objectives.

 

More details of the exposure drafts are available on the IAA website and can be accessed by clicking on the following links:

 

ISAP 1A – Governance of Models

ISAP 5 – Insurer Enterprise Risk Models

 

The deadline to comment on both exposure drafts is 31 March 2016.

The IAA welcomes comments from actuarial standard-setters and any other interested parties from jurisdictions around the world. The detailed instructions on how to submit comments are in the respective transmittal memos issued with the consultation documents.

This activity directly supports the IAA’s strategic objective to develop model international standards and promote the global convergence of actuarial standards. To learn more about the work of the IAA in this area, please contact the Director of Technical Activities at the IAA Secretariat.