August 2017

Actuarial Standards Committee (ASC)
By Alf Gohdes, Chair

Work on model International Standards of Actuarial Practice (ISAPs) has progressed since our last report in April. On June 29, the ASC issued the exposure draft of its Proposed Revision to International Standard of Actuarial Practice 1—General Actuarial Practice with a comment period of four months. This revision to ISAP 1, originally adopted in 2012, addresses two issues:

  1. Merging the guidance from ISAP 1A (Governance of Models) into ISAP 1; and
  2. Addressing a collection of suggestions the ASC has received during the five years since ISAP 1 was adopted.

In the exposure package, opinions from member associations and other interested parties are solicited, particularly regarding whether constituents consider that the time is right for these revisions. The ASC and its task forces also continued work on the development of exposure drafts on two further standards. These are (in the expected order of issuance):

  • ISAP 6—Enterprise Risk Management Programs and IAIS ICPs; and
  • ISAP 4—IFRS 17, Insurance Contracts.

During the committee meetings in Budapest, the ASC approved the proposal by its relevant task force to suspend work on ISAP 7 after archiving its work papers. There was agreement that since the IAIS is moving slower than expected on the Insurance Capital Standard (ICS) there is no benefit in the ISAP 7 task force undertaking further work at this point. The IAIS agreed to us taking this approach. Once the IAIS has resolved major questions on the ICS, work on ISAP 7 will recommence. An overview of the ASC’s past and planned standards projects can be viewed on the dashboard of the IAA website.

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