FRC issues revised Technical Actuarial Guidance on Proportionality
The Financial Reporting Council (FRC) has issued revised Technical Actuarial Guidance on Proportionality to support actuaries in applying principles-based Technical Actuarial Standards (TASs) proportionately. The updated guidance includes additional material with new examples focused on general insurance pricing, illustrating the use of streamlined documentation and communication to support efficient delivery of quality work within tight time constraints. The update follows feedback received during the FRC's TAS 200 consultation, where stakeholders indicated the value of further proportionality guidance in relation to general insurance pricing. The principles-based TASs are designed to enable actuaries to tailor their approach based on the nature, scale, and complexity of work while focusing on core rationale behind the standards and supporting quality outcomes.