Revised Technical Actuarial Standards

Revised Technical Actuarial Standards

The Financial Reporting Council published a revised set of Technical Actuarial Standards (TASs) on 15 December 2016. This follows almost three years of work, which included a review of the existing technical actuarial standards, two consultations on the FRC’s TASs and a risk assessment of actuarial work to determine the scope of the Specific TASs.
 
The new TASs are:

• TAS 100: Principles for technical actuarial work, which will apply to all technical actuarial work; and
• Three Specific TASs - TAS 200: Insurance, TAS 300: Pensions and TAS 400: Funeral plan trusts, which will apply to areas of technical actuarial work where there is a high degree of risk to the public interest.

The revised standards will come into force on 1 July 2017 and will replace the existing standards. The current standards only apply to specific areas of work and work reserved to actuaries.

The sessions provide an overview of the content of the TASs, the approach taken to updating them and brings out some of the key feedback that influenced the final versions, as well as providing an opportunity for asking questions about the revised TAS.