STANDARDS OF PRACTICE AND INFORMATION NOTES
Standards of Practice builds on the principles of professionalism.
Standards of Actuarial Practice (SAPs), Advisory Practice Notes (APNs) and Information Notes (INs) are practice area specific standards, advisory notes and information notes. These are issued by Council to assist members in carrying out their professional responsibilities.
Distinction between SAP’s, APN’s and IN’s
Standards of Actuarial Practice (SAP’s)
SAPs are standards that all members must adhere to. A material breach of the SAP will in itself be ground for a complaint under the disciplinary procedures and will amount to strong prima facie evidence of unprofessional conduct. A member choosing to depart from a strict interpretation of a SAP is strongly advised to disclose and justify any such departure in his report.
Advisory Practice Notes (APN’s)
APNs provide advice to members to guide them in their relevant area of practice. Failure to comply with an APN will not in itself constitute grounds for complaint under the disciplinary procedures. However, the Committee investigating an allegation of unprofessional conduct will take into account the extent to which a member complied with an APN in this category. It is recommended that any departure from an APN be disclosed.
Information Notes (IN’s)
An Information Note (IN) is an educational document that provides information on current or emerging practices in relation to a practice area. It is not intended to prescribe requirements or provide formal actuarial guidance. It serves to familiarise actuaries with approaches that might be taken and to demonstrate how the actuarial profession might approach the topic.
An Information Note does not impose any obligation on any actuary to promote or apply the practices described. It is not a definitive statement as to what constitutes generally accepted practice in the area under discussion and the language used is not directive.