Standards of Practice builds on the principles of professionalism.

Standards of Actuarial Practice (SAPs), Advisory Practice Notes (APNs) and Information Notes (INs)  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 grounds for a complaint under the applicable ASSA 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 their 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 a complaint under the applicable ASSA disciplinary procedures. However, the Disciplinary Committee investigating an allegation of unacceptable or 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 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 members with approaches that might be taken and to demonstrate how the actuarial profession might approach the topic. An IN does not impose any obligation on any member 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.

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