CAS Board Discontinues Development of Foundational Statements
Based on membership feedback on the Exposure Draft of the CAS Foundational Statements, the CAS Board of Directors passed a motion during its March 2011 meeting to discontinue development of the Foundational Statements. The Foundational Statements will not be released as written nor revised and exposed again for comment.
The Foundational Statements had been developed as a potential replacement for the CAS Statements of Principles. Rather than continue with the development of a new set of statements, the Board agreed to form a new task force to review the sections of the current Statements of Principles that need to be updated, and revise those Statements accordingly. Several members of the Board are developing detailed directives for the new task force, and the Board is expected to review and approve the charge for the new group during its meeting in May 2011.
The Board also passed a motion to disband the Foundational Statements Task Force with thanks. Vice President-Research and Development Louise Francis commented, “Having observed the Task Force’s work over the years, I know the significant time and effort that was invested in the development of the Foundational Statements. Although the Foundational Statements were not adopted, the Task Force’s contribution to the debate and dialogue around the essence of actuarial practice was extraordinary. On behalf of the CAS, I thank Chairperson Rich Fein and the other members of the Task Force for their contributions.”
The Exposure Draft of the CAS Foundational Statements was published in August 2010. Members and other interested parties were invited to submit comments on the Exposure Draft, and more than two dozen letters of comment were submitted. Additional background along with comments is available through the CAS Web Site.