European standards of actuarial practice
The AAE develops European Standards of Actuarial Practice (ESAPs) which are model standards of practice. It is important to note that ESAPs are model standards of actuarial practice and, as such, are not binding on any actuary. The AAE encourages its member associations and other actuarial standard-setters to have in place standards of practice that are substantially consistent with the ESAPs listed below, to the extent that the content of these ESAPs is appropriate for actuaries in their jurisdiction.
This page also lists related European Actuarial Notes (EANs) which have been issued by AAE, together with statements of the Due Process for developing ESAPs and EANs, their purpose and criteria.
After a revised version of an ESAP is adopted, prior versions of that ESAP would be referenced by their adoption year (e.g ESAP 1 (2014)). If the ESAP is referred to without the adoption year, the current version is implied. The same practice is applied to EANs.
- ESAP 1 (2019): General Actuarial Practice – revision issued 11 October 2019
- Previous version: ESAP 1 (2014) – issued 3 October 2014
- ESAP 2 (2021): Actuarial Function Report under Directive 2009/138/EC (Solvency II) – revision issued 1 October 2021
- Core standard (2021)
- Tabular version (includes issuer considerations and cross-reference to regulatory requirements) (2021)
- Revision of ESAP2 and Glossary – further explanation (2021)
- Previous version: ESAP 2 (2016): Actuarial Function Report under Directive 2009/138/EC (Solvency II) – issued 4 February 2016
- Glossary for ESAPs – issued 1 October 2021
- Previous version: Glossary for ESAP 1 – issued 11 October 2019
- ESAP 3 (2017): Actuarial practice in relation to the ORSA process under Solvency II – issued 2 August 2017
Purpose and Criteria
- Purpose of standards and criteria to be met – issued October 2011