Alf Gohdes, Chair
 During the committee meetings in Zürich in April 2015, Council unanimously adopted the International Standard of Actuarial Practice (ISAP) 3, the standard relating to IAS 19, Employee Benefits. The entire document is available on the IAA website. To facilitate understanding of its content, the ASC, together with the IAS 19 Task Force, held its first webcast on the standard in June and received positive feedback.
Five further ISAPs are in the pipeline, four of which are in various stages of progress in preparing exposure drafts. These are: standards on insurance contracts (ISAP 4), enterprise risk management (ISAPs 5 and 6) and basic capital requirement for insurers (ISAP 7). The corresponding task forces have all been busy on these. These model standards are all being developed for the use of our member associations and other actuarial standard setting bodies around the world.
In the months leading up to the committee meetings in Zürich, the ASC reached the decision to issue a further standard on the governance of models used in delivering actuarial services. This has been provisionally named ISAP [1A] due to the proximity in content to ISAP 1 on General Actuarial Practice. It is the intent of the ASC to amalgamate ISAP [1A] into ISAP 1 at a convenient time. Having been discussed with the EC, work commenced on both an appropriate amendment of the IAA’s Strategic Action Plan for ISAPs (SAP) and on the drafting of a Statement of Intent (SOI). The SAP was formally approved by electronic vote of Council in July. The ASC issued the draft SOI in May with a comment period lasting to the end of July. Fifteen comment letters were received and the task force charged with the work has revised the SOI, which has been approved by the ASC. The final SOI was approved by the EC on September 1 and the exposure draft will be published shortly. |
Table of Contents
|
