The Actuarial Association of Europe (AAE) has published a new European Standard of Actuarial Practice (ESAP 3) on “Actuarial practice in relation to the ORSA process under Solvency II”.
This is a model standard, suitable for adoption or adaptation by Full Member Associations of the AAE and other actuarial standard-setting organisations. It is the AAE’s intent that, by publishing model standards, it will encourage the creation and convergence of national actuarial standards.
The Society will in due course consider whether to incorporate ESAP 3 or a variation on it into the Society’s suite of ASPs. In the meantime, actuaries might find it beneficial to review the model standard and consider whether to apply it to relevant work.
ESAP 3 is available on the AAE website here.