Actuarial Notes

International Standard of Actuarial Practice 1: General Actuarial Practice

By International Actuarial Association · 2018 · ISAP 1

Study guide: Exam GI-201

A model standard of actuarial practice from the International Actuarial Association, adopted by the IAA Council on 18 November 2012 and revised on 1 December 2018 (minor correction 16 April 2019). It is a general standard that gives actuaries guidance when performing actuarial services, so that intended users can have confidence that the services are carried out professionally and with due care, that the results are relevant, clear and complete, and that the assumptions and methodology used are disclosed appropriately.

On the syllabus

  • Exam GI-201 — Outcomes 7b; the revision adopted December 2018.

Preface

Section 1. General

  • 1.1 Purpose
  • 1.2 Scope
  • 1.3 Compliance
  • 1.4 Applicability
  • 1.5 Reasonable Judgment
  • 1.6 Language
  • 1.7 Cross-References
  • 1.8 Effective Date

Section 2. Appropriate Practices

  • 2.1 Acceptance of Assignment
  • 2.2 Knowledge of Relevant Circumstances
  • 2.3 Reliance on Others
  • 2.4 Materiality
  • 2.5 Data Quality
  • 2.6 Assumptions and Methodology
  • 2.7 Assumptions and Methodology Set by Actuary
  • 2.8 Assumptions and Methodology Prescribed (other than by Law)
  • 2.9 Assumptions and Methodology Mandated by Law
  • 2.10 Model Governance
  • 2.11 Process Management
  • 2.12 Peer Review
  • 2.13 Treatment of Subsequent Events
  • 2.14 Retention of Documentation

Section 3. Communication

  • 3.1 General Principles
  • 3.2 Report

Sources