The CAS Statements of Principles were originally published in 1988 to provide a conceptual foundation for common actuarial applications, prior to the development of Actuarial Standards of Practice by the Actuarial Standards Board. While they were not intended to provide practice guidance, the Principles contained several instances of standards-type concepts and language. The adoption of the 50+ Actuarial Standards of Practice in the United States over the past 30 years, as well as the adoption of standards in many other jurisdictions, resulted in considerable overlap between certain standards and the Principles. Therefore, in 2020, the CAS Board of Directors determined that the Principles were no longer necessary and announced they were rescinded, to eliminate any confusion that may have existed between actuarial principles and actuarial standards. Further details on the Board’s rescindment were shared in April 2021.
The CAS Statements of Principles remain available as a historical and educational artifact of actuarial literature.
- Statement of Principles regarding Property and Casualty Insurance Ratemaking (May 1988)
- Statement of Principles regarding Property and Casualty Valuations (September 1989)
- Statement of Principles regarding Property and Casualty Unpaid Claims Estimates (November 2014); this version replaced the original Statement of Principles regarding Property and Casualty Loss and Loss Adjustment Expense Reserves from May 1988