Many questions arise when preparing the formal Statement of Actuarial Opinion and Report. While the Practice Note provides valuable guidance, unusual issues inevitably surface for which specific guidance is lacking. For example:
• When should one issue a qualified opinion or no opinion?
• How should one handle reserves that are reasonable on a net basis but inadequate on a direct and assumed basis?
• How does one determine the best materiality threshold?
• How much should be disclosed if/when the company fails one of the IRIS tests involving loss development?
• Should disclosures be made if the company has extended reporting reserves for lines other than medical malpractice?
This panel will draw from their practical experience and describe numerous problem situations that have arisen over the years and describe the process used for dealing with such in the Statement of Actuarial Opinion and the Report supporting that opinion.