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Actuaries Consultations Revised Specific TASs

Revised Specific TASs

On 5 May 2016 the FRC published a consultation package on revisions to its Technical Actuarial Standards (TASs) for areas of specified work in insurance, pensions and funeral plan trusts on matters where there is a high degree of risk to the public interest.  The consultation closed on 5 August 2016.

The consultation packages comprised a covering consultation paper outlining the risk assessment process and three annexes, one for each specific area of work and a glossary of terms used in the TASs.  The consultation included exposure drafts of TAS: 200 Insurance, TAS 300: Pensions, TAS 400: Funeral plan trusts and the Glossary of defined terms used in FRC technical actuarial standards. Links to these documents and the consultation responses are set out below.

Revised Specific TASs: covering consultation paper

Insurance

Annex 1: TAS 200: Insurance (PDF)
Exposure draft: TAS 200: Insurance (PDF)
Responses to consultation 

Pensions

Annex 2: TAS 300: Pensions (PDF)
Exposure draft: TAS  300: Pensions (PDF)
Responses to consultation

Funeral Plan Trusts

Annex 3: TAS 400: Funeral Plan Trusts (PDF)
Exposure draft: TAS 400: Funeral Plan Trusts (PDF)
Responses to consultation

Glossary of defined terms used in FRC technical actuarial standards

On 14 December 2016, the FRC published feedback statements on the questions in: 

The covering consultation (PDF)
Annex 1: TAS 200: Insurance (PDF)
Annex 2: TAS 300: Pensions (PDF)
Annex 3: TAS 400: Funeral plan trusts (PDF)

and final versions of:

TAS 200: Insurance (PDF)
TAS 300: Pensions (PDF)
TAS 400: Funeral plan trusts (PDF)
Glossary of defined terms used in FRC technical actuarial standards (PDF)

Versions of these documents showing changes from the exposure drafts can be found at:

TAS 200: Insurance showing changes from exposure draft (PDF)
TAS 300: Pensions showing changes from exposure draft (PDF)
TAS 400: Funeral plan trusts showing changes from exposure draft (PDF)

Mapping of requirements of exisiting TASs

The following tables compare the scope and boxed requirements of the original TASs with the scope, principles and provisions of the revised TASs:

Generic TASs (PDF)
Insurance TAS (PDF)
Pension TAS (PDF)
Funeral Plan Trusts TAS (PDF)
Transformations TAS (PDF)

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