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Elias Makere, FSA, MAAA
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ASOP 5 | §4.2 | ADDITIONAL DISCLOSURES

The actuary should also include the following, as applicable, in an actuarial communication:
a. the disclosure in ASOP No. 41, section 4.2, if any material assumption or method was prescribed by applicable law;

b. the disclosure in ASOP No. 41, section 4.3, if the actuary states reliance on other sources and thereby disclaims responsibility for any material assumption or method selected by a party other than the actuary; and

c. the disclosure in ASOP No. 41, section 4.4, if, in the actuary’s professional judgment, the actuary has otherwise deviated materially from the guidance of this ASOP.
ASOP 5 | Commentary Section 4.2 | COMMENT ON SECTION 4.2
Section 4.2, Changes in Assumptions, Procedures, Methods, or Models (now section 4.1(g))
CommentResponse
One commentator suggested defining “material impact.”The reviewers note that materiality is defined in ASOP No. 1 and made no change.
One commentator suggested changing the structure of the sentences in this paragraph to improve clarity.The reviewers agree, moved the section into 4.1(g), and made clarifying changes.
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