| 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. |
- Froogled By:
- Elias Makere, FSA, MAAA
- Last Froogled:
ASOP 1 | §4.3 | COMMENT ON SECTION 4.3
Feel free to use it throughout your financial/insurance life.
Sincerely,
www.FroogleMe.com
