Property and Casualty Practice Note 2012
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
1 5 7 7 8 10 10 10 12 16 28 32 32 33
Exhibit A: Scope Exhibit B: Disclosures
34 35
Actuarial Opinion Summary
38
Appendices 1 Evaluation and Reconciliation of Data 2 Frequently Asked Questions 3 NAIC Guidance for Actuarial Opinions for Pools and Associations 4 2012 Title Insurance Company Annual Statement Instructions 5 Miscellaneous Illustrative Wordings in Common Use 6 Intercompany Pooling 7 CAS VIC Note on Materiality and ASOP No. 36: Considerations for the Practicing Actuary 8 Unearned Premium for Long Duration Contracts 9a Regulatory Guidance – P/C Statutory Statements of Actuarial Opinion for the Year 2012 9b Regulatory Guidance – P/C Actuarial Opinion Summary for the Year 2012 10a 2012 Statement of Actuarial Opinion Instructions (P/C) 10b Actuarial Opinion Summary Supplement 11 Data Testing Requirements 12 An Overview for Audit Committee Members of P/C Insurers: Effective Use of Actuarial Expertise Index
© 2012 American Academy of Actuaries
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