- Froogled By:
- Elias Makere, FSA, MAAA
- Last Froogled:
ASOP 1 | §4.3 | APPLICATION
However, not all ASOPs will apply. An ASOP should not be interpreted as having applicability beyond its stated scope and purpose. Actuaries are responsible for determining which ASOPs apply to the task at hand. If no ASOPs specific to the task are applicable, the actuary may, but is not required to, consider the guidance in related ASOPs. Most, but not all, ASOPs are task-specific, dealing with particular kinds of actuarial services. A few ASOPs, however, deal more broadly with particular aspects of many types of actuarial services (such as ASOP Nos. 23 and 41, and this Introductory ASOP).
ASOP 1 | Commentary Section | COMMENT ON SECTION 4.3
| Comment | Response |
|---|---|
| A commentator questioned whether the actuary has unfettered discretion to come to a conclusion about which ASOPs apply, even though the ASOPs may seem to suggest otherwise, and whether the actuary’s determination was open to challenge. | The reviewers do not agree that the section suggests that the actuary has unfettered discretion and, therefore, made no change. |
A commentator suggested that the following sentence be deleted:
“An ASOP should not be interpreted as having applicability beyond its stated scope and purpose”because the commentator believes it discourages an actuary from looking at ASOPs applicable to similar issues when there is no ASOP directly applicable, which the commentator believes to be a good practice that should not be discouraged. |
The reviewers believe that clearly defined applicability is important and does not discourage other uses. Therefore, the sentence was not deleted. |
| A commentator suggested that the word “relevant” be replaced with “applicable” in the sentence “Actuaries should comply with those ASOPs that are relevant to the task at hand; not all ASOPs will apply.” because the Code doesn’t use the word “relevant,” it uses “applicable.” | The reviewers agree with replacing “relevant” with “applicable” and made that change. |
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