Program Description

Actuarial Standards of Practice with the most direct impact on Statement of Actuarial Opinion (SAO) assignments are ASOP No. 43 Unpaid Claim Estimates and ASOP No. 36 Statements of Actuarial Opinion Regarding Property Casualty Loss Reserves. The introduction of ASOP No. 43 provided guidance to actuaries on preparing the analysis and report that underlies an SAO. ASOP No. 36 (revision pending) provides guidance for preparing the actual SAO document. This session will review the contents of ASOP No. 43, discussing practical consideration of its application to an SAO assignment. A brief refresher on the contents of ASOP No. 36 will be followed by a discussion of the pending revisions incorporated into the second exposure draft.

Session Outline

ASOP No. 43
• History
• Structure
• Purpose & Scope
• Issues & Recommended Practices
• Disclosures

ASOP No. 36
• Refresher
• Exposure Draft