Atypical Circumstances in Statements of Actuarial Opinion on P&C Loss Reserves: Professional Considerations and Sample Wordings

Topics:
Insurance
Tags:
Business Operations,
Casualty Actuarial Society,
Corporate Insurance,
Insurance,
Reinsurance
Source:
Casualty Actuarial Society

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Overview: While the majority of statements of actuarial opinion regarding loss reserves are relatively straightforward, occasionally the actuary is confronted with atypical situations. These situations may include financially distressed or insolvent companies, ceded reinsurance collectibility issues, significant influence of a small group of claims, items requiring the disclosure of a significant risk of material adverse deviation, exceptional values on IRIS tests, and other unusual circumstances. The paper discusses the professional considerations and judgments applicable to such situations, and provides sample wordings.

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Format: PDF | Size: 627KB | Date: Aug 2004 | Pages: 16

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