ASB Headlines
- ASB Releases Exposure Draft of ASOP No. 10 Revision for Comment
- ASB Releases Exposure Draft of ASOP No. 28 Revision for Comment
- ASB Receives Member Survey Results Survey
- ASB to Meet September 16-17 in Washington
ASB Releases Exposure Draft of ASOP No. 10 Revision for Comment
The ASB has released for comment an exposure draft of a revision to ASOP No. 10, now titled Methods and Assumptions for Use in Life Insurance Company Financial Statements Prepared in Accordance with GAAP. ASOP No. 10 was revised in 2000 to reflect GAAP developments. Since 2000, several AICPA Statements of Position pertinent to insurance contract accounting have been issued. In addition, certain features of insurance contracts are now considered under GAAP to be embedded derivatives. As a result of these developments, the ASB authorized another update to ASOP No. 10. In this update, interpretations of various SFAS, SOP and other forms of GAAP literature have been removed and the standard is now focused on those activities for which actuaries are most directly responsible.
The comment deadline is September 30, 2010.
ASB Releases Exposure Draft of ASOP No. 28 Revision for Comment
The ASB has also released for comment an exposure draft of a revision to ASOP No. 28, now titled Statements of Actuarial Opinion Regarding Health Insurance Liabilities. The revisions were made in consideration of the development of the Health Annual Financial Statement Blank (successor to both the Health Service Company Blank and the Health Maintenance Organization Blank) and the revised health actuarial opinion instructions approved by the NAIC Blanks (E) Working Group in June 2009. The revision now encompasses all statements of actuarial opinion regarding health plan liabilities.
The comment deadline is October 30, 2010.
ASB Receives Member Survey Results
The results of the ASB Member Survey were recently presented to the ASB. The response rate of approximately 25% was considered exceptionally high by the The Haefer Group Ltd., the independent research firm that conducted the survey. The final results of the survey are available on the ASB website. A summary of the results and the ASB’s initial reactions will be reported in an upcoming issue of the Actuarial Update.
ASB to Meet September 16-17 in Washington
The next regularly scheduled meeting of the ASB will be held September 16-17, 2010, at the Academy offices in Washington, D.C.
