Please enable JavaScript.
Coggle requires JavaScript to display documents.
ASOP- Actuarial Of Practice - Coggle Diagram
ASOP- Actuarial Of Practice
OVERVIEW (SECTION 1)
ASOP- Used by actuaries when rendering actuarial services
Introductory ASOP
Offer actuaries guidance on ASB's operation, the content and format of standards
ASOPs identify what actuary should consider, document and disclose
ASOPs not the only other consideration
Legal and regulatory
Professional requirement
Evolving actuarial practice
Actuary's professional judgement
PURPOSE OF ASOPs
What should be considered, done, documented and disclosed when rendering actuarial services
ASOPs is intended to provide guidance for dealing with frequently situation. In all situation, professional judgement should be exercised
Provide analytical framework, factors that should be considered
ASOPs allow actuary to use own professional judgement and recognize it could be differ even the facts are the same
In situations where the law require to deviate from guidance, law shall govern
COMPLIANCE WITH ASOP
Failure to comply- Breach of the code can subject to counselling and disciplinary action
Actuaries should comply to those ASOPs that applicable to situation
Also need to determine which ASOPs apply to the task at hand
If multiple ASOPs have conflicting, professional judgment should be done.
Could contact ABCD for guidance
DEFINITIONS, DISCUSSION AND RELATED GUIDANCE
Each ASOP includes a list of definitions of certain terms used within it.
Can differ among ASOPs
Terms defined only used in the particular ASOPs
ex: ASOP NO 23, 41
If not defined, interpret in straightforward manner
Consult ABCD for guidance
Actuarial services
Professional service to a principal by actuary
Professional judgement
Highly specialised training
Broad knowledge
Experience