SAO Changes Then and Now

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Presentation transcript:

SAO Changes Then and Now Presentation Title SAO Changes Then and Now Casualty Loss Reserve Seminar September 2006 Wednesday, September 12, 2018

OUTLINE OF PRESENTATION Presentation Title Background on Herbers History Lesson Changes for 2006 Qualification Standard (2nd Exposure Draft) Peculiar Issues Q&A Wednesday, September 12, 2018

Faculty for AAA Seminar on Effective P/C Loss Reserve Opinions BACKGROUND ON HERBERS Presentation Title COPLFR Member since 1998 Faculty for AAA Seminar on Effective P/C Loss Reserve Opinions Practice Note Subcommittee Appointed Actuary for 21 companies in 2005 CAS Forum paper on Materiality and SAOs (2004) Wednesday, September 12, 2018

History Presentation Title Wednesday, September 12, 2018

History (cont.) Presentation Title Wednesday, September 12, 2018

History (cont.) Presentation Title Wednesday, September 12, 2018

History (cont.) Presentation Title Wednesday, September 12, 2018

History (cont.) Presentation Title Wednesday, September 12, 2018

History (cont.) Presentation Title Wednesday, September 12, 2018

Changes for 2006 Title Opinion Instructions Presentation Title Title Opinion Instructions Clarification that AOS is a separate document from SAO New CATF Guidance Wednesday, September 12, 2018

Qualification Standards Presentation Title Qualifications Standards for Prescribed Statements of Actuarial Opinion, including: Specific Qualifications Standards for the Statement of Opinion, NAIC Property Casualty Annual Statement Code of Professional Conduct Wednesday, September 12, 2018

Qualification Standards for Prescribed Statements of Actuarial Opinion Presentation Title Basic Education – Successful completion of applicable exams Alternative basic education Responsible program of work and study Supported by a written statement of an actuary qualified to issue a PSAO Continuing Education – Enough to remain current. At a minimum average of 12 hours/year relevant to the PSAO At least half in organized activities Recordkeeping Experience Requirements – at least 3 years of experience under the review of an actuary qualified to issue the PSAO Acknowledgment of Qualifications Wednesday, September 12, 2018

Released January 2006 - comment deadline 7/1/06 Presentation Title 2nd Exposure Draft Qualifications Standards for Actuaries Issuing Statements of Actuarial Opinion in the U.S. Released January 2006 - comment deadline 7/1/06 General Qualification Standard – Committee on Qualifications recommends increasing the current Continuing Education requirement of 24 hours over 2 years to an annual 30-hour requirement that is “relevant to the subject of the SAOs that they issue.” Specific Qualification Standards – Committee recommends increase from 12 to 15 hours annually. At least 6 of 15 hours must involve interaction with outside actuaries or other professionals. Wednesday, September 12, 2018

Peculiar Issues CA WC Schedule P (2004) Colorado (2006) Presentation Title CA WC Schedule P (2004) Colorado (2006) RRG in District of Columbia Extended reporting reserves When to follow NAIC format? What’s coming next? Wednesday, September 12, 2018

Presentation Title Q & A Wednesday, September 12, 2018