American Academy of Actuaries Committee on Property and Liability Financial Reporting Property and Casualty Practice Note December 2008
Practice Note on Statements of Actuarial Opinion on P&C Loss Reserves as of Dec. 31, 2008 Table of Contents Introduction #1 Appointment of Appointed Actuary #1A Definitions #1B Exemptions #1C Special Requirements for Pooled Companies #2 Content #3 Identification Paragraph #4 Scope Paragraph, Exhibits A and B, and Reliances #5 Opinion Paragraph #6 Relevant Comment Paragraphs #7 Actuarial Report and Underlying Work Papers #8 Signature of Actuary #9 Errors in Statement of Opinion #10 Data in Exhibits A & B in Both Print and Data Capture Format
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Exhibit A: Scope Exhibit B: Disclosures
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Actuarial Opinion Summary
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Appendices 1 Evaluation and Reconciliation of Data 2 Frequently Asked Questions 3 NAIC Guidance for Actuarial Opinion for Pools/Associations 4 Statements of Actuarial Opinion on Title Loss Reserves 5 Miscellaneous Illustrative Wordings in Common Use 6 Intercompany Pooling 7 Materiality (Provided by CAS VFIC) 8 Unearned Premium for Long Duration Contracts 9a Regulatory Guidance Brief – Statements of Actuarial Opinion for year-end 2008 9b Regulatory Guidance Brief – Actuarial Opinion Summary for year-end 2008 10a 2008 Statement of Actuarial Opinion Instructions 10b 2008 Actuarial Opinion Summary Instructions 11 Guidance Regarding Data Testing Requirement
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PN08
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