The Actuarial Standards of Practice (ASOP) are important for identifying what actuaries should consider, document and disclose when performing actuarial services. The presenters at this session will discuss two of the ASOPs pertaining to the areas of health and disability financial reporting. Specifically, we will focus on ASOP 5: Incurred Health and Disability Claims and ASOP 42: Health and Disability Actuarial Assets and Liabilities Other Than Liabilities for Incurred Claims. Both of these ASOPs have undergone revisions recently, and we will review the main concepts in these standards, as well any notable changes from the current revisions. At the conclusion of this session, attendees will gain a better understanding of these standards of practice, including: Any significant revisions made to these standards recently, including: