NEWS RELEASE

September 30, 2025

IAA Releases International Actuarial Note 300 on Professional Judgment

The International Actuarial Association (IAA) has released a new International Actuarial Note (IAN) on professional judgment in actuarial practice (IAN 300) as an educational resource for actuaries and professionals with an actuarial background.

The actuarial profession’s expansion across diverse practice areas and transition from a rules-based to a principles-based approach has made professional judgment increasingly critical.

The IAN differentiates between professional judgment and expert judgment, emphasizing that professional judgment integrates not only technical expertise but also ethical principles, professional standards, regulatory frameworks, public accountability, and contextual awareness.

The IAN illustrates how actuaries may apply professional judgment in activities such as selecting data, addressing data limitations, choosing methodologies, setting assumptions, interpreting results, and communicating outcomes.

In time, it is intended that Appendices will be added to IAN 300 to assist in the application of the Note to specific fields of actuarial practice. This IAN was developed by the Professionalism Committee of the IAA, fully complying with the requirements of IAA due process.

After its release, the IAA will host a webinar to discuss this IAN in detail. Information about the webinar will be announced at a later date.

This publication aligns with the IAA’s mission to support the development of the actuarial profession worldwide and promote appropriate professional and education standards through Member Associations.

The IAN is available on the IAA website under Knowledge / Publications / International Actuarial Notes.

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