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

2. 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

3. 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

4. History
Presentation Title
Wednesday, September 12, 2018

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

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

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

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

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

10. 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

11. 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

12. 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

13. 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 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

14. 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

15. Presentation Title
Q & A
Wednesday, September 12, 2018