Technical standard to give “clear and reliable information”

The Financial Reporting Council’s (FRC) Board for Actuarial Standards (BAS) has published proposals for a technical actuarial standard (TAS) on insurance.

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
  • how to promote the reliability and usefulness of actuarial methods in insurance
  • whether a single TAS for insurance or separate TASs for general insurance and life insurance should be issued

Jim Sutcliffe, chairman of the BAS, said: “We have issued exposure drafts of our Generic Standards on data, modelling and reporting. The insurance consultation builds on the solid foundation being laid down by the Generic Standards and will help to ensure that governing bodies of insurers and others receive clear and reliable actuarial information to enable them to make informed decisions in relation to insurance.”

The consultation period ends on 20 November 2009.