This Professional Standard 90: General Actuarial Practice (PS90) is intended to be the New Zealand Society of Actuaries’ (NZSA) adaptation of International Standard of Actuarial Practice 1: General Actuarial Practice (“ISAP 1”) as approved by the International Actuarial Association (“IAA”) Council on 18 November 2012 and reformatted in October 2013.
The intention of ISAP 1 is to promote a greater consistency of approach to actuarial practice internationally 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.
The IAA encourages relevant actuarial standard-setting bodies to consider taking one of the following courses of action, if it has been determined that ISAP 1 is relevant for actuaries in their jurisdiction:
- Adopting ISAP 1 as a standard with appropriate modification, where items covered in ISAP 1 are not currently contained in existing actuarial standards, or where such portions of existing actuarial standards are to be withdrawn;
- Endorsing ISAP 1 as a standard as an alternative to existing standards;
- Modifying existing standards to obtain substantial consistency with ISAP 1; or
- Confirming that existing standards are already substantially consistent with ISAP 1.
The NZSA has determined that ISAP 1 is relevant to actuaries in New Zealand. ISAP 1 overlaps with parts of the Code of Conduct, Professional Standard 90: Communicating Actuarial Advice and Professional Standard 91: Actuarial Valuations. This new standard is to replace both PS 90 and PS 91.
ISAP 1 has been modified to take into account New Zealand conditions. Consequently, there are variances between the proposed PS 90 and ISAP 1, so where a Member is required to perform work in conformity with ISAP 1, (eg because the work is performed in an overseas jurisdiction), the Member should refer to the specific requirements of ISAP 1.