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2013 P/C Effective Loss Reserve Opinion Seminar Agenda

American Academy of Actuaries Seminar on P/C Effective Loss Reserve Opinions:
Tools for the Appointed Actuary

AGENDA

Nov. 13 & 14, 2013
Hilton St. Louis Airport

Day 1: Wednesday, Nov. 13, 2013 MORNING SESSIONS

7:30 – 8:15 A.M.	CONTINENTAL BREAKFAST
8:15 – 8:20 A.M.	INTRODUCTION (NICOLE ELLIOTT)
8:20 – 9:00 A.M.	SESSION 1: QUALIFICATIONS AND RESOURCES (MARY D. MILLER)
	Qualification Standards for signing opinions Am I qualified?: Case studies Special circumstances: change in appointed actuary Executing the work with skill and care Resources
9:00 – 10:30 A.M.	SESSION 2: ASOP NOS. 36, 43, AND MORE (LISA SLOTZNICK)
	Applications for Actuarial Standards of Practice ASOP No. 1, possible revisions, and exposure drafts Topics in more than one ASOP Dates Disclosures around making use of the work of others Discounting disclosures Performing our work with consideration of ASOPs
10:30 – 10:45 A.M.	BREAK
10:45 – 12:15 P.M.	SESSION 3: SPECIAL TOPICS BREAKOUT SESSIONS (MARY D. MILLER WITH ALEJANDRA NOLIBOS, KATHY ODOMIROK, AND CHAP COOK) Presentation Covers general topics that must be addressed in all opinions Includes general reinsurance & collectability, IRIS ratios, changes in methods and assumptions, materiality, and other disclosures Recommended principles on how to disclose relevant comments Break-out sessions Choose 2 of 4 topics Break out into small groups to discuss Topics: Pooling, Retro/Financial Reinsurance, Extended Reporting/DDR, Premium Reserves
12:15 – 1:15 P.M.	LUNCH

Day 1: Wednesday, Nov. 13, 2013 AFTERNOON SESSIONS

1:15 – 2:45 P.M.	SESSION 4: SIGNIFICANT RISK OF MATERIAL ADVERSE DEVIATION (TOM GHEZZI)
	Basis of the risk of material adverse deviation (RMAD) disclosure Risk assessment (the “R” in RMAD) Materiality considerations (the “M” in RMAD) Sample wordings
2:45 – 3:00 P.M.	BREAK
3:00 – 4:30 P.M.	SESSION 5: OPINION WORKSHOP (JON MICHELSON, KATHY ODOMIROK) Several specific opinion-related topics and detailed scenarios are presented Interaction in small groups to discuss the scenarios and identify relevant issues Collaboration to discuss possible courses of action and to draft opinion language Whole group discussion and review
4:30 – 4:35 P.M.	WRAP UP (NICOLE ELLIOTT)

Day 2: Thursday, Nov. 14, 2013 MORNING SESSIONS

7:30 – 8:00 A.M.	CONTINENTAL BREAKFAST
8:00 – 8:05 A.M.	INTRODUCTION & BRIEF RECAP FROM DAY 1 (NICOLE ELLIOTT)
8:05 – 9:15 A.M.	SESSION 6: REGULATORY PERSPECTIVE (SUE GOZZO ANDREWS)
	Regulators and how they use opinions Who signs opinions Regulatory expectations, including the NAIC Regulatory Guidance Changes from the 2012 to the 2013 NAIC Instructions NAIC Risk Focused Exams
9:15 – 10:45 A.M.	SESSION 7: DATA, DOCUMENTATION, AND REPORT-WRITING/REPORT WORKSHOP (LISA SLOTZNICK, NICOLE ELLIOTT)
	Presentation Resources for Data & Documentation ASOP Nos. 41 and 43 and Opinion Instructions - responsibilities and disclosures Insights and considerations for an effective actuarial report Workshop Reading period for sample report Discussion of issues raised by sample report Discussion of how to improve sample report
10:45 – 11:00 A.M.	BREAK
11:00 A.M. – 12:15 P.M.	SESSION 8: RESERVE RANGES (PAUL STRUZZIERI) Purpose and use of ranges What is a range? What is reasonable? Relevant guidance Communicating what we mean Common approaches to developing a range
12:15 – 1:15 P.M.	LUNCH

Day 2: Thursday, Nov. 14, 2013 AFTERNOON SESSIONS

1:15 – 2:30 P.M.	SESSION 9: PANEL (CHAP COOK, JANET DUNCAN, NICOLE ELLIOTT, PAUL STRUZZIERI) An interactive, participant-driven discussion about any topics of interest. Some suggested topics are: Unreasonable opinions (qualified, inadequate, excessive, no opinion) Telling a client you have changed your assessment since last year Strategies and responsibilities for delivering messages to management and boards Adjustments for changes in operations Reinsurance problems Transitioning to new Appointed Actuary Retracting/reissuing an opinion
2:30 – 2:45 P.M.	BREAK
2:45 – 4:00 P.M.	SESSION 10: SAO CHALLENGE (JON MICHELSON)
	Questions, Answers, and Discussions on materials covered in earlier sessions, including: Actuarial Standards of Practice NAIC Instructions and NAIC Accounting Rules Best practices
4:00 – 4:05 P.M.	WRAP UP (NICOLE ELLIOTT)