General Insurance Article - Actuarial Association of Europe adopts ESAP2


The Actuarial Association of Europe (“AAE”) announced today that it has adopted its second European Standard of Actuarial Practice, ESAP2, on “Actuarial Report under Solvency II”. This follows approval by the General Assembly on the 31st January 2016.

 The adoption of the second model standard represents another important step forward in the development of the actuarial profession in Europe. ESAP2 is a model standard intended to be suitable for adoption or adaptation by Full Member Associations of the AAE, and other actuarial standard-setting organizations who wish to adopt it. It is the AAE’s intent that, by publishing model standards, it will encourage the creation and convergence of national actuarial standards in Europe.
  
 The intention of a standard of actuarial practice is to promote a greater consistency of approach to actuarial practice in a given situation, so as to increase the confidence of clients and the public in the actuarial work product, but without unnecessarily constraining the exercise of actuarial judgment or creativity. ESAP2 is a standard intended to apply to all actuaries when issuing an Actuarial Function Report (“AFR”) in connection with the reporting requirements in Article 48 (1) of the Solvency II Directive and in paragraph 8 of Article 272 of the Commission delegated regulation (EU) 2015/35.
  
 The purpose of ESAP2 is to provide guidance to actuaries so that the intended users of the AFR, in particular the administrative, management or supervisory body of insurers, should be able to place a high degree of reliance on the report, the judgments made by actuaries, its relevance, transparency of assumptions, completeness and comprehensibility, including the communication of any uncertainty inherent in the results stated in the report. ESAP2 is available on the AAE website and under this link. ESAP2 relies heavily on the first European Standard of Actuarial Practice, ESAP1, on “General Actuarial Practice”.

Back to Index


Similar News to this Story

Comprehensive car insurance falls by 16 percent in 12 months
Comprehensive car insurance premiums have fallen by 16% (£136) during the last 12 months, with UK motorists now paying £735 on average, according to t
5m of us leave sheds and outbuildings vulnerable to theft
Nearly three in 10 (29%) UK residents have experienced an attempted or actual break-in to their shed or outbuilding. Just over two thirds (67%) of tho
Inside the rise of cargo theft
Cargo theft is surging worldwide, posing a growing threat to supply chains and consumer confidence. As eCommerce accelerates and global distribution n

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.