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”.

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