The Actuarial Standards Board sets actuarial standards for the entire US-based actuarial profession. The ASB was created by an amendment to the Academy bylaws approved by its members, and the ASB is a separate entity within the American Academy of Actuaries. The Academy is legally responsible for the ASB, but the ASB sets its own policies and procedures. The ASB promulgates actuarial standards without oversight from the Academy board of directors.
The ASB is made up of nine members appointed by the Selection Committee (the presidents and presidents-elect of the five US based actuarial organizations). ASB members can serve two three-year terms. The members of the ASB are generally representative of the actuarial profession. The Selection Committee also selects the chair of the ASB.
Until recently, the ASB had an open meeting policy for itself and its committees. The ASB Boxscore frequently stated that “All ASB meetings are open to the public, and interested parties may attend.” Now, the ASB Procedure Manual says that ASB meetings are subject to the Academy’s new Board and Committee Meetings Policy. Thus, the starting point is that the ASB meetings are closed to non-members, but observers may be admitted if approved by the chair.