Property and Casualty Practice Note December 2009
Appendix 3 The Casualty Actuarial and Statistical Task Force (formerly the Casualty Actuarial Task Force) of the NAIC has provided guidance to be used by pools and associations that are required by regulators to supply an actuarial opinion. This guidance document is reproduced for the convenience of the reader. June 12, 2005
NAIC Guidance for Actuarial Opinions for Pools and Associations Prepared by the Casualty Actuarial Task Force A “Statement of Actuarial Opinion” for Pools and Associations should be written in accordance with the NAIC Annual Statement Instructions Property and Casualty. The Casualty Actuarial Task Force of the NAIC provides the following guidance to aid in writing a “Statement of Actuarial Opinion” for pools and associations. The numbering on the following guidance corresponds to the numbering on the NAIC Annual Statement Instructions Property and Casualty. 1.
The Board of Directors of the pool shall appoint the Qualified Actuary to write the “Statement of Actuarial Opinion” for the pool. The “Statement of Actuarial Opinion shall be forwarded by the pool administrator to each pool member by January 31st of the succeeding year or as otherwise agreed by voluntary pool members. The Actuarial Opinion Summary (AOS) does not apply to Pools and Associations.
1.A. Definitions Pool member means an insurer authorized to write property and/or casualty insurance under the laws of any state, unless otherwise defined in state law, and includes but is not limited to fire and marine companies, general casualty companies, local mutual aid societies, statewide mutual assessment companies, mutual insurance companies other than farm mutual insurance companies and county mutual insurance companies, Lloyd’s plans, reciprocal and interinsurance exchanges, captive insurance companies, risk retention groups, stipulated premium insurance companies, and nonprofit legal services corporations.
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