Froogle | ASOP 1 | Commentary 1.1

Comment	Response
Some commentators believed that the sentence “Each of these organizations requires its members, through its Code of Professional Conduct⁴ (Code), to observe ASOPs when rendering actuarial services in the United States,” contradicts the Code because it is incomplete (i.e. the sentence doesn’t mention that actuaries must also under the Code satisfy standards of practice in a non-U.S. jurisdiction where they render services).	The reviewers disagree and made no change. The reviewers believe the statement is accurate as written, and is not inaccurate merely because it does not also describe Code requirements that relate to actuarial standards of practice that exist in other jurisdictions in which the actuary may render actuarial services.
One commentator suggested revising the sentence “Each of these organizations requires its members, through its Code⁵, to observe ASOPs when rendering actuarial services in the United States,” to match the wording in the Code by replacing “observe” with “satisfy applicable.”	The reviewers made the suggested change but note that the Code uses both terms in the discussion of this topic.
One commentator indicated that the sentence “The ASOPs provide a basic framework that will typically accommodate these additional considerations.” should be revised to read “The ASOPs provide a basic framework that should accommodate these additional considerations.”	The reviewers agree and made the following change: “The ASOPs provide a basic framework that is intended to accommodate these additional considerations.”

Comment

Response

Some commentators believed that the sentence

“Each of these organizations requires its members, through its Code of Professional Conduct⁴ (Code), to observe ASOPs when rendering actuarial services in the United States,”

contradicts the Code because it is incomplete (i.e. the sentence doesn’t mention that actuaries must also under the Code satisfy standards of practice in a non-U.S. jurisdiction where they render services).

The reviewers disagree and made no change.

The reviewers believe the statement is accurate as written, and is not inaccurate merely because it does not also describe Code requirements that relate to actuarial standards of practice that exist in other jurisdictions in which the actuary may render actuarial services.

One commentator suggested revising the sentence

“Each of these organizations requires its members, through its Code⁵, to observe ASOPs when rendering actuarial services in the United States,”

to match the wording in the Code by replacing “observe” with “satisfy applicable.”

The reviewers made the suggested change but note that the Code uses both terms in the discussion of this topic.

One commentator indicated that the sentence

“The ASOPs provide a basic framework that will typically accommodate these additional considerations.”

should be revised to read

“The ASOPs provide a basic framework that should accommodate these additional considerations.”

The reviewers agree and made the following change:

“The ASOPs provide a basic framework that is intended to accommodate these additional considerations.”

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Froogle 1.1.1.7

ASOP 1 | §1.1 | COMMENT ON SECTION 1.1

Notes

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