The actuary follows the relevant actuarial standards applicable in the country in which he or she works or those set by the actuarial association(s) of which he or she is a member. If the actuary is a member of an actuarial association which has not set relevant standards, the social security institution ensures that the actuary follows the International Standards of Actuarial Practice (ISAPs) recommended by the International Actuarial Association (IAA) as model standards.

The purpose of actuarial standards is that intended users of actuarial work can have confidence that actuarial services are carried out professionally with due care, and produce comprehensive and understandable results relevant to users’ needs. The IAA publishes the ISAPs to provide model standards for its members associations to adopt or adapt, or to use as a guide for preparing consistent standards. ISAPs also provide guidance to actuaries when actuarial associations have not produced their own standards.

Other standards and requirements in fields related to actuarial work such as financial and statistical reporting, accounting and legal standards should also be taken into account by actuaries, as described in Guidelines 39 and 41.