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Actuarial Standards of Practice(ASOPs) - Coggle Diagram
Actuarial Standards of Practice
(ASOPs)
PURPOSE
Set of professional standards for actuaries.
ESTABLISHED BY
Actuarial Standards Board (ASB)
GUIDELINES
Provide guidance on actuarial practices.
OBJECTIVES
Ensure Consistency
Promote uniformity in actuarial practices.
Professionalism
Uphold ethical behavior and integrity.
Transparency
Foster clear and transparent communication.
TYPE OF SOP
ERM
LIFE
HEALTH
GENERAL
CASUALTY
PENSION
REPEALED
no longer apply to actuaries under the Code of Professional Conduct
KEY PRINCIPLES
Ethical Conduct
Adherence to ethical standards in actuarial work.
Documentation
Thorough record-keeping of methods and procedures.
Clear Communication
Transparent communication of results and assumptions.