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The Actuary The magazine of the Institute & Faculty of Actuaries
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Standard query over next year’s model

The current proposal is that the BAS Standard on Modelling will apply to all models used in preparing advice to clients after 1 January 2011. The application of the standard depends upon the date of the report and not the development date of the model, which means that the new standard could apply to current models and work being done now for reports due after 1 January 2011.

Hazell Carr sees significant challenge in the reporting and documentation of existing models. It cautions that actuaries should not leave it too late to try to document modelling they have developed in the past but continue to use.