The UK's Board of Actuarial Standards (BAS) has opted to take a principles-based approach to setting standards for life expectancy projection in its discussion paper on mortality - a stance that has been well received by the industry.
The BAS was set-up in order to provide a framework for actuarial standards in the UK following criticism of the industry in the 2005 Morris report, but Harold Clarke, director of the body, said that it was not in the business of setting arbitrary standards and
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