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The Actuary The magazine of the Institute & Faculty of Actuaries

BAS consults on new insurance standard

The Board for Actuarial Standards (the BAS) has published a consultation paper setting out proposals for a technical actuarial standard on insurance. A key objective of the proposed standard is to ensure that actuarial information provides the best possible support to the management, governing bodies, policyholders and shareholders of insurers and others who use the information to make decisions.

The issues covered by the paper include the scope of actuarial work to which the standard should apply, how best to present the variability inherent in actuarial work in a comprehensible and usable way, how to promote the reliability and usefulness of actuarial methods in insurance. and whether a single TAS for insurance or separate TASs for general insurance and life insurance should be issued.

Following the consultation, the BAS will issue an exposure draft of a principles-based standard that will apply to actuarial work in insurance. Chairman of the BAS, Jim Sutcliffe, commented: “We have issued exposure drafts of our Generic Standards on data, modelling and reporting. The insurance consultation builds on the solid foundation being laid down by the Generic Standards and will help to ensure that governing bodies of insurers and others receive clear and reliable actuarial information to enable them to make informed decisions in relation to insurance.”

The consultation period ends on 20 November 2009 and copies of the paper can be downloaded at http://bit.ly/4oXiwU.