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Froogle 1.1.1.7
Froogled By:
Elias Makere, FSA, MAAA
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ASOP 3 | §3.14 | DOCUMENTATION

The actuary should consider preparing and retaining documentation to support compliance with the requirements of section 3 and the disclosure requirements of section 4. When preparing documentation, the actuary should prepare documentation in a form such that another actuary qualified in the same practice area could assess the reasonableness of the actuary’s work. The degree of such documentation should be based on the professional judgment of the actuary and may vary with the complexity and purpose of the actuarial services. In addition, the actuary should refer to ASOP No. 41 for guidance related to the retention of file material other than that which is to be disclosed under section 4.
ASOP 3 | Commentary Section 3.14 | COMMENT ON SECTION 3.14
Section 3.14, Documentation
CommentResponse
One commentator suggested more specific guidance regarding documentation of assumptions and methodology, as well as retention of documentation.The reviewers disagree and note the language is consistent with standard language found in current ASOPs. Therefore, the reviewers made no change.
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