Moving the Profession Forward Internationally


Powered by Coveo Enterprise Search


International Standards of Actuarial Practice (ISAPs)

ISAP 1A — Governance of Models (Adopted 21November 2016)

Development of ISAP

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; approved by EC 18 October 2016

Final ISAP 1A package submitted to EC before 60-day agenda, Cape Town; approved by EC 13 September 2016

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)

Presentation of Exposure Draft

Webcast on ISAP 1A and ISAP 5 Exposure Drafts (27 January 2016) – Moderated by: Alf Gohdes, Tom Karp, Panelists were: Al Beer, Godfrey Perrott

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.

SOI Process

Draft SOI