Terms of Reference
Created – 9 November 2010, Last revised on 3 June 2014
The membership of the Actuarial Standards Committee (ASC) is appointed by the Council in accordance with the criteria established through the Internal Regulations and Nominations Committee Protocol.
In support of Strategic Objective 3, the purpose of the ASC is to develop and maintain all International Standards of Actuarial Practice (“ISAP”s), in accordance with the Vision Statement for International Standards of Actuarial Practice and Due Process and the Statement of Objectives for International Standards of Actuarial Practice, both adopted by Council.
The roles of the ASC encompass the following:
- To maintain a framework dealing with the scope and architecture of ISAPs, taking into consideration standard-setting practices of IAA Member Associations and other relevant standard setting bodies
- To prepare, in accordance with the Due Process, Statements of Intent (SOIs) to develop ISAPs for specific purposes and make them available for comments to Member Associations, relevant IAA bodies and external stakeholders as appropriate
- To develop, in accordance with the Due Process and final SOIs adopted by Council, exposure and final drafts of ISAPs and make them available for comments to Member Associations, relevant IAA bodies and external stakeholders as appropriate
- To keep the Professionalism Committee informed at each stage of the development of an ISAP
- To report to the Professionalism Committee on how Due Process has been followed before a proposed final ISAP is submitted to the EC and Council
- To provide periodic review of ISAPs and determine whether they are in need of alteration, expansion or elimination and make proposals accordingly
- To liaise with other IAA bodies and external stakeholders as appropriate
- To maintain a workplan on the development of ISAPs
- To make recommendations to the Professionalism Committee on changes to the Due Process as appropriate.
4. Decision-making authority
The Committee operates within the IAA Statutes and Internal Regulations and in accordance with the Due Process, including making recommendations for action by Council or the Executive Committee, as appropriate.
5. Operational Matters
Frequency of Meetings:
The ASC meets semi-annually in conjunction with each IAA Council meeting and by teleconference as required. Extraordinary face-to-face meetings may be called as appropriate. Its Task Forces meet as required.
Agendas and papers:
All meetings other than those called purely to review a particular ISAP will have a formal agenda agreed by the Chairperson that generally will be distributed, along with required papers, at least one week before each meeting. Agendas and meeting papers (with the exception of any deemed confidential) will be available from the ASC page on the IAA website.
Votes to approve any ISAP document (draft and final SOIs and ISAPs) to be published will require a 2/3 majority of the ASC in the affirmative. Votes to approve other matters (for example, approval of minutes, membership on Task Forces) will require a simple majority of those voting. On votes requiring a simple majority, all ASC members will have a vote, with the Chair having a casting vote in the event of a tie.
Minutes (including agreed mark-ups of proposed documents) will be prepared and distributed only to the ASC members as soon as practicable after each meeting, and no later than 14 days after the meeting. Once approved by a formal motion of the ASC (in person or electronically), minutes will be posted immediately on the ASC page on the IAA website.
Reporting on Committee Activities:
The Chairperson will prepare a report for the EC on the activities of the ASC at intervals to be determined by the EC. With respect to exposure and adoption of specific ISAPs, the ASC will prepare reports to the PC, the EC, and/or other entities, in accordance with the Due Process.
The ASC and its Task Forces will liaise extensively with the relevant practice committees and subcommittees.
The ASC (and its Task Forces, with the approval of the ASC) will liaise with external stakeholders (e.g., the Standard-Setters Round Table and its individual standard-setter members, and IAA Member Associations, especially Partners and Observers) as required to carry out its role and activities, actively seeking the comments of stakeholders throughout the development process. These liaisons are subject to any requirements or processes of the IAA Statutes and Internal Regulations and the ASC should make every effort to adequately coordinate and avoid redundancy with other IAA committees that are in contact with such external stakeholders.
Other operational matters:
The ASC and its Task Forces will develop modes of operation appropriate to its purpose and roles, in particular to maximize the effectiveness of drafting ISAPs and of solicitation of and dealing with input on interim drafts.
6. Task Forces Reporting to the ASC
The ASC is supported by several Task Forces. The ASC may form additional Task Forces as required in future and may appoint additional members to the Task Forces taking into consideration established criteria, and retire existing members of the Task Forces. Each Task Force will include at least one member of the ASC who will serve as a member and as liaison between the Task Force and the ASC. This member may or may not serve as Chair of the Task Force.