International Standards of Actuarial Practice

International Standards of Actuarial Practice (ISAPs)

The IAA develops International Standards of Actuarial Practice (ISAPs) which are model standards of practice. The IAA encourages its member associations to have in place standards of practice that are substantially consistent with these standards. ISAPs are model standards of actuarial practice and, as such, are not binding on any actuary.

Consultations

Current Consultations

Nothing at this time

Recently Concluded Consultations (closed during the last 3 months)

Nothing at this time

Governing Documents

ISAP 1 – General Actuarial Practice

Current Version - Revision adopted on 1 December 2018; minor correction on 16 April 2019

Previous Versions

Development and Review History

2018 REVIEW - Completed 1 December 2018, minor correction incorporated on 16 April 2019

Final ISAP 1 and ISAP 6 package for 30-day agenda, Mexico City

Final ISAP 1 and ISAP 6 package submitted to EC before 60-day agenda, Mexico City

Final Review Consultation - Consultation period 22 June 2018 to 22 July 2018

Comments Received

Transmittal Memo

Proposed final ISAP 1

Glossary for Proposed Final ISAP 1

Conformance changes to ISAP 2

ASC report on comments received on the exposure draft of ISAP 1

Exposure Draft Consultation - Consultation Period 29 June 2017 to 31 October 2017

Transmittal Memo

ISAP 1 Exposure Draft

ISAP 2 Exposure Draft

Glossary Exposure Draft

Comment Template for ISAP 1

ISAP 1A content mapping to ISAP 1 Exposure Draft (for information)

Summary of proposed changes to ISAP 1 and Glossary (for information)

Comments Received (Deadline 31 October 2017)

Conformance Changes - Adopted 23 April 2017

Consultation Documents - Proposed Conformance Changes to ISAPs

Reformatting with creation of the ISAP Glossary (Adopted 13 October 2013)

Initial adoption of ISAP 1 (Adopted 18 November 2012)

Final ISAP 1 submitted to Council (18 October 2012)

Final ISAP 1 package submitted to EC (2 October 2012)

Proposed final package sent to commenters for limited consultation (29 August 2012) and comments received

Comments received

Transmittal Memos

Proposed final ISAP 1 (marked up on 13 August 2012 version)

ASC report on comments received on the 2nd exposure draft of ISAP 4

Exposure Draft and comments received

Comments received

Transmittal Memo

Exposure Draft of ISAP 1 ( 26 July 2011)

SOI Process

Translations (unofficial)

Translations of ISAPs have been made by local member associations or members. The IAA has neither reviewed nor endorsed them. However, we are providing them on our website as a service to members. The cover page indicates whether the local member association has approved the translation and what (if any) action the local member association has taken with respect to the relevant ISAP.

It should be noted that the local member association may have also made some adjustment (for example, adding an additional point), so the “translated” version might not be a precise translation in all respects. The ASC recommends that an actuary who assets compliance with an ISAP use the following language:

  • When asserting compliance with the ISAP adopted by Council (i.e. the English version):

“In performing this work I have complied with ISAP[s] x[, y] etc.”

When asserting compliance with a translation:
  • “In performing this work I have complied with the language translation[s] of ISAP x dated date[, IASP y dated date] etc.”

Where the actuary’s member association has adopted an ISAP in any form, the actuary would not assert compliance with the ISAP, but rather would follow local custom as to whether to identify the applicable local (adopted) standard.

ISAP 1A – Governance of Models - Repealed on 1 December 2018

Final Version

Development and Review History

Final ISAP 1A package submitted to Council for adoption in Cape Town - November 2016

Final ISAP 1A package submitted to EC before 30-day agenda, Cape Town

Final ISAP 1A package submitted to EC before 60-day agenda, Cape Town

Final Review Consultation

Proposed final ISAP 1A package sent to member associations and commenters for final review

(Consultation period 18 August 2016 to 18 September 2016)

Proposed final ISAP 1A

Glossary for Proposed Final ISAP 1A

ASC report on comments received on the exposure draft of ISAP 1A

Presentation of Exposure Draft

Exposure Draft and comments received

NOTE

The ASC originally planned to extend ISAP 1 rather than drafting a separate ISAP (and discussed this approach with the Executive Committee).  Model governance crosses all actuarial practice areas so it would naturally fit into ISAP 1.  However we heard from several member associations (both before and during the IAA Zurich meetings) that modifying ISAP 1 would cause problems with their work on adopting ISAP 1 (which is ongoing).  Accordingly, we propose to write a new ISAP (ISAP 1A) that will cover model governance and be referenced by most other ISAPs.  We also expect (but do not commit) to look for a graceful way to combine ISAP 1 and ISAP 1A at some future date.  We would propose doing this only if it would not create problems for member associations and other standard-setters.

Comments received

Transmittal Memo (1 October 2015)

Exposure Draft of ISAP 1A (1 October 2015)

comment deadline 31 March 2016

Amendments to glossary for ISAP 1A Exposure Draft (1 October 2015)

Comment Template

(Please use only this MS Word template to submit comments)

SOI Process

Final SOI for ISAP 4 (Approved by EC 8 July 2014, Ratified by Council on 13 September 2014)

Draft SOI

Comments received

Draft SOI for ISAP [1A] Governance of Models, Published for Consultation (27 May 2015)

comment deadline Friday, 31 July 2015

Transmittal Memorandum (27 May 2015)

Comment Template

(Please use this MSWord template to submit comments)

ISAP 2 – Financial Analysis of Social Security Programs

Current Version - adopted on 1 December 2018

Previous Versions

Development and Review History

ASC Review of ISAP 2 – 19 November 2019

Conformance Changes – Adopted 1 December 2018

Final package submitted to Council

Conformance Changes – Adopted 23 April 2017

Consultation Documents - Proposed Conformance Changes

Adoption of ISAP 2 – 13 October 2013

Proposed final package sent to commenters for limited consultation (6 June 2013) and comments received

Comments received

Transmittal memo

Proposed final ISAP 2

Proposed Glossary of Defined Terms – Draft (6 June 2013)

Reformatted ISAP 1 – Draft (6 June 2013)

ASC report on comments received on Exposure Draft

Exposure Draft and comments received

Comments received

Transmittal memo (12 October 2012)

Exposure Draft of ISAP 2 (12 October 2012)

SOI Process

Translations (unofficial)

Translations of ISAPs have been made by local member associations or members. The IAA has neither reviewed nor endorsed them.  However, we are providing them on our website as a service to members. The cover page indicates whether the local member association has approved the translation and what (if any) action the local member association has taken with respect to the relevant ISAP.

It should be noted that the local member association may have also made some adjustment (for example, adding an additional point), so the “translated” version might not be a precise translation in all respects.
The ASC recommends that an actuary who assets compliance with an ISAP use the following language:

  • When asserting compliance with the ISAP adopted by Council (i.e. the English version):

“In performing this work I have complied with ISAP[s] x[, y] etc.”

  • When asserting compliance with a translation:

“In performing this work I have complied with the language translation[s] of ISAP x dated date[, IASP y dated date] etc.”
Where the actuary’s member association has adopted an ISAP in any form, the actuary would not assert compliance with the ISAP, but rather would follow local custom as to whether to identify the applicable local (adopted) standard.

ISAP 3 – IAS 19 Employee Benefits

Current Version - 1 December 2018

Previous Versions

Development and Review History

Final ISAP 3 package submitted to Council for adoption in Zurich on 11 April 2015

Final ISAP 3 package submitted to EC 2 February 2015

Final ISAP 3 package submitted to EC (19 January 2015)

Conformance Changes – Adopted 1 December 2018

Final package submitted to Council

Conformance Changes – Adopted 23 April 2017

Consultation Documents - Proposed Conformance Changes

Proposed final ISAP 3 package sent to member associations and commenters for final review (30 September 2014)

Comments received

Transmittal Memo

Proposed final ISAP 3

Glossary for Proposed Final ISAP 3

ASC report on comments received on Exposure Draft

Exposure Draft and comments received

Comments received

Transmittal memo (23 October 2013)

Exposure Draft of ISAP 3 (23 October 2013)

comment deadline 14 March 2014
  • Download MSWord

Amendments to glossary for ISAP 3 Exposure Draft (23 October 2013)

Comment Template

(Please use this MSWord template to submit comments)

SOI Process

Final SOI (Approved by EC 15 January 2013, Ratified by Council March 2013)

Package sent to the Executive Committee (7 January 2013)

Draft SOI and responses received

Translations (unofficial)

Translations of ISAPs have been made by local member associations or members. The IAA has neither reviewed nor endorsed them.  However, we are providing them on our website as a service to members. The cover page indicates whether the local member association has approved the translation and what (if any) action the local member association has taken with respect to the relevant ISAP.

It should be noted that the local member association may have also made some adjustment (for example, adding an additional point), so the “translated” version might not be a precise translation in all respects.
The ASC recommends that an actuary who assets compliance with an ISAP use the following language:

  • When asserting compliance with the ISAP adopted by Council (i.e. the English version):

“In performing this work I have complied with ISAP[s] x[, y] etc.”

  • When asserting compliance with a translation:

“In performing this work I have complied with the language translation[s] of ISAP x dated date[, IASP y dated date] etc.”
Where the actuary’s member association has adopted an ISAP in any form, the actuary would not assert compliance with the ISAP, but rather would follow local custom as to whether to identify the applicable local (adopted) standard.

ISAP 4 – IFRS 17 Insurance Contracts

Current Version - 21 November 2019

Development and Review History

Final ISAP 4 package to EC prior to 30-day agenda, Tokyo (EC meeting 15 Oct 2019)

Final ISAP 4 package submitted to EC before the 60-day Council agenda, Tokyo (Approved by EC on 17 September 2019)

Final Review Consultation - Consultation period 17 July 2019 to 16 August 2019

Comments Received on Final Review Consultation

Transmittal Memo

Proposed final ISAP 4

Glossary for Proposed Final ISAP 1

ASC report on comments received on the 2nd exposure draft of ISAP 4

Second Exposure Draft for ISAP 4 - Consultation period 28 February to 30 April 2019

Comments received on 2nd Exposure Draft

Transmittal Memo

28 February 2019

Second Exposure Draft for ISAP 4

Amendments to Glossary for ISAP 4 Second Exposure Draft

Comment Template

(Please use only this MS Word template to submit comments)

ASC report on the first Exposure Draft consultation for ISAP 4

First Exposure Draft for ISAP 4 - Consultation period 27 February to 30 June 2018

Comments received on Exposure Draft

Transmittal Memo

27 February 2018

Exposure Draft for ISAP 4 - Clean Version

(Comment Deadline 30 June 2018)

Amendments to Glossary for ISAP 4 Exposure Draft

Comment Template

(Please use only this MS Word template to submit comments)

SOI Process

Final SOI for ISAP 4 (Approved by EC 8 July 2014, Ratified by Council on 13 September 2014)

Package sent to the Executive Committee (8 July 2014)

Draft SOI

Responses to Consultation

Draft SOI Published for Consultation

(comment deadline 28 February 2014)

Transmittal Letter

18 November 2013

Comment Template

(to submit comments)

ISAP 5 – Insurer Enterprise Risk Models

Current Version - 1 December 2018

Previous Versions

Development and Review History

Conformance Changes – Adopted 1 December 2018

Final package submitted to Council

Final ISAP 5 package submitted to Council for adoption in Cape Town - November 2016

Final ISAP 5 package submitted to EC before 30-day agenda, Cape Town

Final ISAP 5 package submitted to EC before 60-day agenda, Cape Town

Final Review Consultation

Proposed final ISAP 5 package sent to member associations and commenters for final review

Exposure Draft for ISAP 5

Comments received

Transmittal memo (8 October 2015)

Exposure Draft of ISAP 5 (8 October 2015)

comment deadline 31 March 2016

Amendments to glossary for ISAP 5 Exposure Draft (8 October 2015)

Comment Template

(Please use this MSWord template to submit comments)

SOI Process: 11 April 2014 onwards

Final SOI for ISAP 5 (Approved by EC 8 July 2014, Ratified by Council 13 September 2014)

Package sent to the Executive Committee (8 July 2014)

Draft SOI

Responses to Consultation

Draft SOI for ISAP 5 - Insurer Enterprise Risk Models, Published for Consultation (11 April 2014)

(comment deadline 13 June 2014)

Transmittal Letter

11 April 2014

Comment Template

(to submit comments)

SOI Process: 16 March 2012 — 16 May 2012

Draft SOI

ISAP 6 – Enterprise Risk Management Programs and IAIS Insurance Core Principles

Current Version - 1 December 2018

Development and Review History

Final ISAP 1 and ISAP 6 package for 30-day agenda, Mexico City

Final ISAP 1 and ISAP 6 package submitted to EC before 60-day agenda, Mexico City

Final Review Consultation - Consultation Period: 31 July 2018 to 30 August 2018

Comments Received

Transmittal Memo

Proposed final ISAP 6

Glossary for Proposed Final ISAP 6

ASC report on comments received on exposure draft of ISAP 6

Exposure Draft Process

Comments Received on Exposure Draft

Exposure Draft for ISAP 6 - Consultation period 17 October 2017 to 28 February 2018

SOI Process

Final SOI for ISAP 6 (Approved by EC 8 July 2014, Ratified by Council 13 September 2014)

Package sent to the Executive Committee (8 July 2014)

Draft SOI

Responses to Consultation

Draft SOI for ISAP 6 - ERM Programs and IAIS Insurance Core Principles

Published for Consultation (11 April 2014) - comment deadline 13 June 2014

Transmittal Letter

(11 April 2014)

Comment Template

(to submit comments)

ISAP 7 – "Current estimates" and other matters in relation to the IAIS capital standards (Temporarily suspended)

Final SOI for ISAP 7

Development and Review History

SOI Process

  • Final SOI for ISAP 7(Approved by EC 11 November 2014, Ratified by Council through electronic voting ballot on 8 February 2015)

Package sent to the Executive Committee (27 October 2014)

Draft SOI

Responses to Consultation

Draft SOI Published for Consultation

comment deadline 5 September 2014

Transmittal Letter

(3 July 2014)

Comment Template

(Please use this MSWord template to submit comments)

Glossary

Final Version - 21 November 2019

Translations (unofficial)

Translations of ISAPs have been made by local member associations or members. The IAA has neither reviewed nor endorsed them.  However, we are providing them on our website as a service to members. The cover page indicates whether the local member association has approved the translation and what (if any) action the local member association has taken with respect to the relevant ISAP.

It should be noted that the local member association may have also made some adjustment (for example, adding an additional point), so the “translated” version might not be a precise translation in all respects.
The ASC recommends that an actuary who assets compliance with an ISAP use the following language:

  • When asserting compliance with the ISAP adopted by Council (i.e. the English version):

“In performing this work I have complied with ISAP[s] x[, y] etc.”

  • When asserting compliance with a translation:

“In performing this work I have complied with the language translation[s] of ISAP x dated date[, IASP y dated date] etc.”
Where the actuary’s member association has adopted an ISAP in any form, the actuary would not assert compliance with the ISAP, but rather would follow local custom as to whether to identify the applicable local (adopted) standard.