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International Standards of Actuarial Practice (ISAPs) and European Standards of Actuarial Practice (ESAPs)

The Institute and Faculty of Actuaries (IFoA) is a Full Member Association of the International Actuarial Association (IAA) and of the Actuarial Association of Europe (AAE)

Both the IAA and AAE produce model actuarial standards: the IAA produces International Standards of Actuarial Practice (known as ISAPs) and the AAE produces European Standards of Actuarial Practice (known as ESAPs).

Those are model standards and, as such, are not binding on individual members of the IFoA. The IAA and AAE do, however, encourage Full Member Associations to take steps in relation to those standards in terms of adopting, adapting, modifying or declaring their existing standards as being substantially consistent. 

Substantial consistency with ISAP 1 and ESAP 1

The IAA approved the model standard ISAP 1 General Actuarial Practice on 18 November 2012 (with a reformatted version issued on 13 October 2013). The AAE approved the model standard ESAP 1 General Actuarial Practice on 3 October 2014. The latter almost entirely replicates ISAP 1.

The IFoA has, in conjunction with the FRC, considered the requirements of ISAP 1 (and, accordingly, of ESAP 1) and concludes that, following the introduction of APS X2 Review of Actuarial Work in July 2015 and on the introduction of APS X1 Applying Standards to Actuarial Work and the FRC’s TAS 100 in July 2017, the framework of standards applying to its members is substantially consistent with ISAP 1.

Contact Details

If you have any enquiries about our Actuarial Profession Standards (APSs) please email

regulation@actuaries.org.uk

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E.g., 28/09/2020
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Events calendar

  • Autumn Lecture 2020: Professor Elroy Dimson

    Online webinar
    14 October 2020

    Spaces available

    Many individuals and institutions have a long-term focus, and invest funds for the benefit of future generations. Their strategy should reflect their long horizon. University endowments are one of the oldest classes of institutional investor, and I will present the first study of the management of these endowments over the very long term.

  • GIRO Conference 2020 Webinar Series

    Available to watch globally in November.
    02-13 November 2020
    Spaces available

    This year's GIRO has been re-designed as a virtual conference to offer members and non-members the opportunity to get up to date content from leading experts in the general insurance field via online webinars. All sessions will be recorded and made available to purchase and re-watch post-event on the IFoA's GI Online Learning Resource area.

  • Life Conference 2020 Webinar Series

    Online
    16 November 2020 - 27 November 2020

    Spaces available

    This year's Life Conference has been re-designed as a virtual conference to offer members and non-members the opportunity to get up to date content from leading experts in the life insurance field via online webinars. All sessions will be recorded and made available to purchase and re-watch post-event on the IFoA's website.

  • Spaces available

    The webinar will discuss the challenges and opportunities schemes face in evaluating end game options, choosing a target state and understanding the impact this strategic decision could have on member outcomes long after the “end state” is reached. Adolfo, Kevin and Rhian bring over 60 years of experience in the industry and a variety of perspectives as scheme actuary, covenant adviser, trustee, de-risking adviser and insurer.

  • Spaces available

    Cash-flow driven investing is a game-changer for DB pension funds navigating their end-game. Suitable for sponsors who want to reduce risks on their balance sheets. And for trustees, it shifts the focus to providing greater certainty of returns, managing funding level volatility and ensuring they have enough income to pay cash-flow requirements.

  • Spaces available

    The talk will provide an understanding of the priorities and relationships between deficit reduction contributions, in the context of wider scheme funding, and different types of value outflow from the employer based on the working party’s recently published report.