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Daily Insurance Industry News
Monday 19th of February 2018
September 8, 2009

Insurers invited to consult on actuarial standards

by Gill Montia

Story link: Insurers invited to consult on actuarial standards

The Board for Actuarial Standards (BAS) has published a consultation paper setting out proposals for a technical actuarial standard (TAS) on insurance.

The body, which forms part of the Financial Reporting Council, says the move is aimed at ensuring that actuarial information provides the best possible support to management, governing bodies, policyholders, shareholders 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 and how to promote the reliability and usefulness of actuarial methods in insurance.

It also examines whether a single TAS for insurance, or separate TASs for general insurance and life insurance should be issued.

The consultation period ends on 20th November, following which the BAS will issue a draft of a principles-based standard that will apply to actuarial work in insurance.

The Financial Reporting Council (FRC) is the UK’s independent regulator responsible for promoting confidence in corporate reporting and governance and its Board for Actuarial Standards is tasked with promoting competence and transparency of actuarial practice.

 

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