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.
ESAPs
- 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 6 October 2023
- Previous version: Glossary for ESAPs – issued 1 October 2021
- Previous version: Glossary for ESAP 1 – issued 11 October 2019
- ESAP 3 (2023): Actuarial practice in relation to the ORSA process under Solvency II – revision issued 6 October 2023
- Previous version: ESAP 3 (2017) – issued 2 August 2017
EANs
- EAN 1 (2020): EAN on ESAP 3 and ORSA – issued 25 May 2020
Any reference to ESAP 3 in this document refers to ESAP 3 (2017)
- EAN 2 (2021): EAN on Actuarial Function under IORPII – issued 19 June 2021
- EAN 3 (2022): EAN on Professional Judgement – issued 7 October 2022
- EAN 4 (2023): EAN on IFRS 17 – issued 3 January 2023
Due Process
- European Actuarial Standards of Practice (ESAPs) – revision issued 21 September 2018
- European Actuarial Notes (EANs) – revision issued 14 October 2019
- Style Guide ESAPs and EANs – issued 11 May 2020
Purpose and Criteria
- Purpose of standards and criteria to be met – issued October 2011