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Statement of Actuarial Opinion Changes for 2007

This presentation by Joseph A. Herbers from Pinnacle Actuarial Resources covers pivotal changes in casualty loss reserve standards for 2007. With a background in loss reserve opinions and extensive experience as an appointed actuary, Herbers provides a detailed overview of updates including electronic submission requirements, new disclosure norms for appointed actuaries, and clarifications around existing guidelines. The session also addresses peculiar issues faced in various jurisdictions and concludes with a Q&A to clarify the new standards.

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Statement of Actuarial Opinion Changes for 2007

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Presentation Transcript

  1. Statement of Actuarial OpinionChanges for 2007 Casualty Loss Reserve Seminar September 2007 By: Joseph A. Herbers Pinnacle Actuarial Resources, Inc.

  2. OUTLINE OF PRESENTATION • Background on Herbers • History Lesson • Changes for 2007 • Other Changes • Peculiar Issues • Q&A

  3. Background on Herbers • COPLFR Member since 1998 • Faculty for AAA Seminar on Effective P/C Loss Reserve Opinions • Practice Note Subcommittee • Appointed Actuary for 24 domestic P/C companies / RRG’s in 2007 • Loss Reserve Specialist / AA for dozens of captives • CAS paper on Materiality and SAOs (2004)

  4. History

  5. History (cont.)

  6. History (cont.)

  7. History (cont.)

  8. History (cont.)

  9. History (cont.)

  10. History (cont.)

  11. History (cont.) 2006 Title Opinion Instructions Clarification that AOS is a separate document from SAO New CATF Guidance on Risk Transfer, Prepaid LAE

  12. Changes for 2007 • New Requirement that Exh A & Exh B be submitted electronically • New Instruction that items in Exh B be net unless otherwise indicated • New Disclosures in Exh B • Name of Appointed Actuary (AA) • Relationship of AA to Company • Credentials of AA • Specific Citation of Type of SAO (of 5 types) • Declaration (yes/no) of whether RMAD exists • New CATF Guidance

  13. Exh B: Disclosures (cont.) Items 11-13 unchanged

  14. Other Changes for 2007 • AAA Qualifications Standards • ASOP 43 • Note conflict with current ASOP 9, Section 5.2 regarding need to “describe the impact of changes” when material change made to methods and/or assumptions

  15. Peculiar Issues • CA WC Schedule P (2004) • Colorado (2006) • RRG in District of Columbia • Bermuda, Captives, Self-Insured Groups - when to follow NAIC format? • What’s coming next?

  16. Q & A

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