Less than 25 next steps, if you do them properly. Decent, meaningful next steps will get two marks, while shorter, simpler ones will get one.
Example:
1 mark: Validate data provided by the client.
2 marks: Validate data provided by the client, in particular, the mortality table used. Investigate whether an alternative source can be found to verify mortality rates.
Or,
1 mark: Consider including an inflation assumption in the model
2 marks: Consider including an inflation assumption in the model. Specifically, regular fixed expenses could be inflated, while the premium paid could also have an escalation rate built in.
You get the idea. Short, standard, checklist type items (peer review, backtest, sensitivity test, etc) don't score well unless they're expanded on a bit to show that a little bit of thought has gone into it.
For drafting, the examiners are looking for style, clarity, ordering, presentation, and stuff like that. Waffling, unnecessary graphs, poor grammar, bad spelling, and not covering expected ground will all lose marks.
