Actuarial Statement Of Recommended Practice 1 (ASORP 1)
ASORP 1 Actuarial Statement Of Recommended Practice 1
Introduction
ASORP 1 is a statement of recommended practice for technical actuarial work where actuaries are performing a financial analysis (or analyses) of Social Security Programmes (SSPs), or reviewing, advising on, or opining on such analyses.
ASORP 1 must be applied by all members of the Institute and Faculty of Actuaries (IFoA) for technical actuarial work in its scope. Wider adoption is encouraged and other relevant regulators and contracting parties may require entities and individuals who are not members of the IFoA to comply with ASORP 1.
Current version
| Name | Actuarial Statement Of Recommended Practice 1 (ASORP 1) |
|---|---|
| Publication date | 23 May 2019 |
| Effective from | 1 September 2019 |
| Type | SORP |
| Format | PDF, 323.0 KB |
| Name | Glossary of defined terms used in FRC technical actuarial standards |
| Publication date | 14 December 2016 |
| Notes | This glossary applies to all technical actuarial work completed prior to 1 July 2023. For technical actuarial work completed on or after 1 July 2023, this glossary continues to apply with the proviso that definitions contained within TAS 100 version 2.0 supersede the corresponding definitions in this glossary. This glossary will cease to apply following the next update to ASORP 1. |
| Format | PDF, 286.2 KB |
Latest consultation on ASORP 1
The FRC launched a consultation regarding setting a standard for technical actuarial work supporting UK Social Security Programmes. This led to the creation of ASORP 1.
On 1 August 2022, the FRC issued a call for feedback on the sector specific TASs, including the Actuarial Statement Of Recommended Practice 1 (ASORP 1), and published a position paper on 1 February 2023 summarising the responses to the call for feedback.