Current Standards (ASOPs)

Actuarial Standards of Practice
As of February 24, 2018

There are three types of professional standards: the Code of Professional Conduct, which provides ethical guidance; the Qualification Standards, which provide guidance regarding the necessary education and experience to do work; and Actuarial Standards of Practice to guide actuaries in how to do work.

Generally, the guidance presents a range of procedures for performing day-to-day work and establishes a baseline to judge deviations from generally accepted actuarial principles and practices. The Actuarial Standards Board, an independent entity managed with American Academy of Actuaries staff support, is responsible for developing actuarial standards of practice through its operating committees in all areas of actuarial practice.


Below is is list of ASOPs, including their adoption date.  Current ASOPs in Exposure Draft Form can be found at the bottom of this page.

For the most current updates, please visit the Actuarial Standards Board website.

ASOP 
N
o.
 
Title
    Category   Date Adopted
 1   Introductory Actuarial Standard of Practice
Effective Date:  All actuarial services performed on or after June 1, 2013
  General   March 2013
 2   Nonguaranteed Charges or Benefits for Life Insurance Policies and Annuity Contracts
Effective Date:  All actuarial work performed within the scope of this standard on or after September 30, 2004
  Life   March 2004
 3   Continuing Care Retirement Communities
Effective Date:  Professional services performed in connection with a CCRC on or after March 1, 2008
  Health   Sept 2007
 4   Measuring Pension Obligations and Determining Pension Plan Costs or Contributions 
Effective Date:  Any actuarial work product with a measurement date on or after December 31, 2014
  Pension    Dec 2013
5   Incurred Health and Disability Claims
Date Effective:  Any actuarial work product covered by this standard’s scope issued on or after September 1, 2017
  Health   March 2017
6   Measuring Retiree Group Benefits Obligations and Determining Retiree Group Benefits Program Periodic Costs or Actuarially Determined Contributions
Effective Date:  Effective  for  any  actuarial  work  product  with a measurement date on or after March 31, 2015; however, if roll-forward techniques are used in the measurement, the standard is not effective until three years after the last full measurement before March 31, 2015. Earlier adoption of this standard is permitted. 
   Pension    May 2014
7   Analysis of Life, Health, or Property/Casualty Insurer Cash Flows
Effective Date:  Actuarial work performed after July 15, 2002
  Life
Health
Casualty
  June 2002
8   Regulatory Filings for Health Benefits, Accident and Health Insurance, and Entities Providing Health Benefits (Revised)
Effective Date:  Any  actuarial  work  product  covered by this standard’s scope issued on or after September 1, 2014
  Health    March 2014
 9
Repeal
  Repeal of Actuarial Standard of Practice No. 9 
Documentation and Disclosure in Property and Casualty Insurance Ratemaking, Loss Reserving, and Valuations 
Effective Date:  Repeal ASOP No. 9 effective for actuarial communications issued on or after May 1, 2011
  Casualty    March 2011 
10   Methods and Assumptions for Use in Life Insurance Company Financial Statements Prepared in Accordance with U.S. GAAP
Effective Date:  Financial statements applicable to fiscal periods ending on or after October 15, 2011
  Life     March 2011
 11   Financial Statement Treatment of Reinsurance Transactions Involving Life or Health Insurance
Effective Date:  Actuarial services performed in connection with financial statements for periods beginning on or after January 1, 2006
  Life
Health
  June 2005
12   Risk Classification (for All Practice Areas)
Effective Date:  Effective for any professional service commenced on or after May 1, 2006.  
  General   Dec 2005
13   Trending Procedures in Property/Casualty Insurance 
Effective Date:  Effective  for  actuarial  services  performed on or after November 1, 2009
  Casualty    June 2009
14 Repeal   Repeal of Actuarial Standard of Practice No. 14 - When to Do Cash Flow Testing for Life and Health Insurance Companies 
Effective Date:  Repealed for any work performed on or after April 15, 2002
  Life
Health
  Sept 2001
15   Dividends for Individual Participating Life Insurance, Annuities, and Disability Insurance
Effective Date:  Actuarial  services performed on or after August 1, 2006
  Life   March 2006
16 Repeal   Repeal of ASOP No. 16 – Actuarial Practice Concerning Health Maintenance Organizations and Other Managed-Care Health Plans
Effective Date:  Repealed for any work performed on or after April 26, 2007
  Health   April 2007
17   Expert Testimony by Actuaries
Effective Date:  Effective for all expert testimony provided on or after July 15, 2002
  General   March 2002 
18   Long-Term Care Insurance
Effective Date:  Effective for work performed on or after June 1, 1999
  Health    Jan 1999
19   Appraisals of Casualty, Health, and Life Insurance Businesses
Effective Date:  Effective for all appraisals of casualty, health, and life insurance businesses initiated on or after November 1, 2005
  Life
Health
Casualty 
  June 2005 
20   Discounting of Property/Casualty Unpaid Claim Estimate
Effective Date: Any actuarial work product covered by this standard’s scope issued on or after January 1, 2012
  Casualty    Sept 2011
21   Responding to or Assisting Auditors or Examiners in Connection with Financial Audits, Financial Reviews, and Financial Examinations 
Effective Date:  Effective for any actuarial work in connection with a financial audit, financial review, or financial examination for fiscal periods beginning on or after December 15, 2016
   General    Sept 2016
22   Statements of Opinion Based on Asset Adequacy Analysis by Actuaries for Life or Health Insurers
Effective Date:  Effective for all statements of actuarial opinion issued on or after April 15, 2002
  Life
Health
  Sept 2001 
23   Data Quality
Effective Date:  Effective for any actuarial work product for which data were provided to or developed by the actuary on or after April 30, 2017
  General   Dec 2016
24   Compliance with the NAIC Life Insurance Illustrations Model Regulation
Date Effective:  Effective for any actuarial work product for which data were provided to or developed by the actuary on or after April 30, 2017
   Life    Dec 2016
25   Credibility Procedures
Effective Date:  Effective for any professional services with respect to credibility procedures performed on or after May 1, 2014
   General   Dec 2013
26   Compliance with Statutory and Regulatory Requirements for the Actuarial Certification of Small Employer Health Benefit Plans
Effective Date:  Effective for all certifications rendered on or after January 1, 1997, regardless of the time period covered
  Health    Oct 1996
27   Selection of Economic Assumptions for Measuring Pension Obligations 
Effective Date:  Effective for any actuarial work product with a measurement date on or after September 30, 2014
  Pension    Sept 2013
28   Statements of Actuarial Opinion Regarding Health Insurance Liabilities and Assets 
Effective Date:  Effective for all statements of actuarial opinion regarding health insurance liabilities rendered on or after December 31, 2011
  Health    June 2011
29   Expense Provisions in Property/Casualty Insurance Ratemaking  
Effective Date:  Effective with respect to work performed after December 1, 1997
  Casualty    July 1997
30   Treatment of Profit and Contingency Provisions and the Cost of Capital in Property/Casualty Insurance Ratemaking 
Effective Date:  Effective with respect to work performed after December 1, 1997
   Casualty   July 1997
31 Repeal   Documentation in Health Benefit Plan Ratemaking 
Effective Date:  Repealed for any work performed after June 30, 2009
  Health   June 2009
32   Social Insurance
Effective Date:  Effective for the first valuation period beginning on or after July 1, 1998
  General    Jan 1998
33   Actuarial Responsibilities with Respect to Closed Blocks in Mutual Life Insurance Company Conversions 
Effective Date:  Applies to any actuarial  work performed or opinions issued on or after June 1, 1999
  Life    Jan 1999
34   Actuarial Practice Concerning Retirement Plan Benefits in Domestic Relations Actions
Effective Date:  Effective for relevant assignments for which the actuary is first engaged on or after December 1, 2015
   Pension   June 2015
35   Selection of Demographic and Other Noneconomic Assumptions for Measuring Pension Obligations 
Effective Date:  Effective for any actuarial work product with a measurement date on or after June 30, 2015. Earlier adoption of this standard is encouraged.  
   Pension   Sept 2014
36   Statements of Actuarial Opinion Regarding  Property/Casualty Loss and Loss Adjustment Expense Reserves
Effective Date:  Effective for all  statements of actuarial opinion regarding loss and loss adjustment expense reserves issued on or after May 1, 2011  
   Casualty   Dec 2010
37   Allocation of Policyholder Consideration in Mutual Life Insurance Company Demutualizations 
Effective Date:  Applies to any actuarial work performed or opinions issued on or after December 15, 2000
  Life    June 2000
38   Using Models Outside the Actuary’s Area of Expertise (Property and Casualty)
Effective Date:  Effective for work performed on or after December 15, 2000
   Casualty   June 2000
39   Treatment of Catastrophe Losses in Property/Casualty Insurance Ratemaking
Effective Date:  Effective for work performed on or after December 15, 2000
  Casualty   June 2000
40   Compliance with the NAIC Valuation of Life Insurance Policies  Model Regulation with Respect to Deficiency Reserve Mortality 
Effective Date:  Effective for all statements of actuarial opinion provided for reserves with a valuation date on or after May 1, 2001
  Life   Dec 2000
41   Actuarial Communications
Effective Date:  Effective for actuarial communications issued on or after May 1, 2011
  General   Dec 2010
42   Determining Health and Disability Liabilities Other Than Liabilities for Incurred Claims
Effective Date:  Effective for all actuarial work involving health and disability liabilities, other than liabilities for incurred claims, performed on or after September 30, 2004
   Health   March 2004
43   Property/Casualty Unpaid Claim Estimates
Effective Date:  Effective for any actuarial work product covered by this standard’s scope produced on or after September 1, 2007
   Casualty   June 2007
44   Selection and Use of Asset Valuation Methods for Pension Valuations 
Effective Date:  Effective for any actuarial valuation with a measurement date on or after March 15, 2008
   Pension   Sept 2007
45   The Use of Health Status Based Risk Adjustment Methodologies
Effective Date:  Effective for any professional services using health status based risk adjustment methodologies performed on or after July 1, 2012
  Health    Jan 2012
46   Risk Evaluation in Enterprise Risk Management
Effective Date:  Effective for any professional services with respect to risk evaluation in enterprise risk management performed on or after May 1, 2013
  ERM   Sept 2012
47   Risk Treatment in Enterprise Risk Management
Effective Date:  Effective for any professional services with respect to risk treatment in enterprise risk management performed on or after May 1, 2013
  ERM   Dec 2012 
48   Life Settlements Mortality
Effective Date:  Effective for work performed on or after April 30, 2014
  Life   Dec 2013
49   Medicaid Managed Care Capitation Rate Development and Certification 
Effective Date:  Effective for actuarial communications issued on or after August 1, 2015
   Health   March 2015
50   Determining Minimum Value and Actuarial Value under the Affordable Care Act 
Effective Date:  Effective  for any actuarial work product covered by this standard’s scope issued on or after January 31, 2016
  Health   Sept 2015
51   Assessment and Disclosure of Risk Associated with Measuring Pension Obligations and Determining Pension Plan Contributions 
Effective Date:  Effective for any actuarial work product with a measurement date on or after November 1, 2018
   Pension Soon-To-Be-Effective-ASOPs   Sept 2017 
52   Principle-Based Reserves for Life Products  under the NAIC Valuation Manual
Effective Date:  Effective for valuation dates on or after December 31, 2017
  Life   Sept 2017
53   Estimating Future Costs for Prospective Property/Casualty Risk Transfer and Risk Retention 
Effective Date:  Effective for work performed on or after August 1, 2018
  Casualty Soon-To-Be-Effective-ASOP    Dec 2017




Exposure Drafts
The following Actuarial Standards of Practice are currently in Exposure Draft. 

 Title Category Status Date Approved
Date Exposed
Deadline for Comments
 Capital Adequacy Assessment for Insurers  ERM Current September 2017
September 1, 2017
March 1, 2018