The FRC’s Board for Actuarial Standards (BAS) has today published a further exposure draft of its standard for actuarial modelling following the many helpful comments it received on the first draft.

The exposure draft is part of the BAS’s project to develop new actuarial standards, and follows the recent issue of standards for data and reporting actuarial information. The proposed standard will be the third of the BAS’s proposed three generic standards, applying across many areas of actuarial work, and is expected to come into force in January 2011.

Jim Sutcliffe, Chairman of the BAS, commented:

“The quality of actuarial modelling is essential to key business decisions and of great importance to policyholders and others affected by actuarial work. We received a great deal of feedback on our first exposure of this draft which has helped us to substantially clarify the intent in this second draft.”

The consultation period for the exposure draft ends on 1 February 2010. Copies can be downloaded from the BAS’s website at http://www.frc.org.uk/bas/publications/pub2202.html.

1. The Financial Reporting Council (FRC) is the UK’s independent regulator responsible for promoting confidence in corporate reporting and governance. Its functions are exercised principally by its operating bodies (the Accounting Standards Board, the Auditing Practices Board, the Board for Actuarial Standards, the Financial Reporting Review Panel, the Professional Oversight Board and the Accountancy and Actuarial Discipline Board) and by the FRC Board. The Committee on Corporate Governance assists the Board in its work on corporate governance.
2. The Board for Actuarial Standards has a primary objective of promoting competence and transparency of actuarial practice by establishing and improving actuarial technical standards and ensuring that they are coherent, consistent and comprehensive.
3. All media enquiries should be addressed to Louise Pryor, Director of the Board for Actuarial Standards, 020 7492 2328 or email at l.pryor@frc.org.uk.