Other International Standards

In addition to the NZSA standards, the following International Standards of Actuarial Practice (ISAPs) have been issued by the International Actuarial Association. There are no legislative, regulatory or mandatory requirements for NZSA Members to comply with these standards. However, if NZSA Members would like guidance on specific areas not covered by NZSA Standards, then these are good documents to consider (albeit non-binding).

• ISAP1 – General Actuarial Practice
• ISAP1A – Governance of models
• ISAP2 – Financial Analysis of Social Security Systems
• ISAP3 – IAS 19 Employee Benefits
• ISAP5 – Insurer Enterprise Risk Models
• Glossary

There is ongoing work on ISAP4 – IFRS17

International Actuarial Notes (IANs) are educational and non-binding in nature. They show practices commonly used by actuaries and are not intended to define the practice or practices that would be adopted by all actuaries. Their purpose is to familiarize the actuary with approaches that might be taken in the practice area in question. They also serve to demonstrate to clients and other stakeholders, and to non-actuaries who carry out similar work, how the actuarial profession may approach the subject matter.

Current IANs

• Cover letter relating to IAN 2-IAN 8 – July 25, 2005
• IAN 3 – Classification of Contracts under International Financial Reporting Standards IFRS [2005]
• IAN 4 – Measurement of Investment Contracts and Service Contracts under International Financial Reporting Standards IFRS [2005]
• IAN 5 – Current Estimates under International Financial Reporting Standards IFRS [2005]
• IAN 6 – Liability Adequacy Testing, Testing for Recoverability of Deferred Transaction Costs, and Testing for Onerous Service Contracts under International Financial Reporting Standards IFRS [2005]
• IAN 7 – Recognition and Measurement of Contracts with Discretionary Participation Features under International Financial Reporting Standards IFRS [2005]
• IAN 8 – Changes in Accounting Policies under International Financial Reporting Standards IFRS [2006]
  
• IAN 9 – Accounting for Reinsurance Contracts under International Financial Reporting Standards IFRS [2007]
• IAN 10 – Embedded Derivatives and Derivatives under International Financial Reporting Standards IFRS [2007]
• IAN 11 – Business Combinations under International Financial Reporting Standards IFRS [2008]
• IAN 12 – Disclosure of Information about Insurance Contracts under International Financial Reporting Standards IFRS [2008]
• List of Definitions for IANs 3 – 12