Both theÌýÌý²¹²Ô»åÌýÌýproduce model actuarial standards:Ìýthe 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. TheÌýÌý²¹²Ô»åÌýÌýdo, 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.Ìý
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 ofÌýAPS X2 Review of Actuarial WorkÌýin July 2015 and on the introduction ofÌýAPS X1 Applying Standards to Actuarial WorkÌýand the FRC’s TAS 100 in July 2017, the framework of standards applying to its members is substantially consistent with ISAP 1.
