Summarized below are the significant issues and questions contained in the comment letters and the responses.
The term “reviewers” in appendix 2 includes the General Committee and the ASB. Also, unless otherwise noted, the section numbers and titles used in appendix 2 refer to those in the exposure draft.
GENERAL COMMENTS
| Comment | Response |
|---|---|
| A number of commentators indicated that the Introductory ASOP needs a number (for example, ASOP No. 0 or ASOP No. 1) so that actuaries understand that it is an ASOP that contains guidance. | The reviewers agree and numbered the Introductory ASOP as ASOP No. 1. The previous ASOP No. 1, Nonguaranteed Charges or Benefits for Life Insurance Policies and Annuity Contracts, has been renumbered as No. 2, since ASOP No. 2, Recommendations for Actuarial Communications Related to Statements of Financial Accounting Standards Nos. 87 and 88, was repealed in March 2011. |
| One commentator suggested moving the general deviation language from ASOP No. 41, Actuarial Communications, to the Introductory ASOP, and having ASOP No. 41 deal only with deviations related to communication of results. | The reviewers believe ASOP No. 41 is an appropriate vehicle for guidance on communicating deviation from any ASOP, because ASOP No. 41 applies to actuaries issuing actuarial communications within any practice area. As a result, no change was made. |
