For purposes of the Qualification Standards, a Statement of Actuarial Opinion (SAO) is an opinion expressed by an actuary in the course of performing Actuarial Services and intended by that actuary to be relied upon by the person or organization to which the opinion is addressed.

“Actuarial Services” are defined in the Code of Professional Conduct as “Professional services provided to a Principal (client or employer) by an individual acting in the capacity of an actuary. Such services include the rendering of advice, recommendations, findings, or opinions based upon actuarial considerations.”

An appendix to the Qualification Standards describes SAOs and lists examples of commonly issued opinions and work products that are or are not SAOs.