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Schedule of P/C Effective Loss Reserve Opinion Seminar: Tools for the Appointed Actuary

P/C Effective Loss Reserve Opinion Seminar: Tools for the Appointed Actuary

Nov. 7 & 8, 2012
Hilton Baltimore BWI

Day 1: Wednesday, Nov. 7, 2012 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 (ALEJANDRA NOLIBOS)
	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 Background 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 – 12:05 P.M.	SESSION 3: SPECIAL TOPICS BREAKOUT SESSIONS (MARY D. MILLER WITH CHAP COOK, PAT TEUFEL, AND LISA SLOTZNICK) 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
12:05 – 1:05 P.M.	LUNCH

Day 1: Wednesday, Nov. 7, 2012 AFTERNOON SESSIONS

1:05 – 2:35 P.M.	SESSION 4: SIGNIFICANT RISK OF MATERIAL ADVERSE DEVIATION (PAUL STRUZZIERI)
	Asessment & disclosure What is a “significant risk?” Sources of risk and risk assessment Materiality considerations Sample wordings
2:35 – 2:50 P.M.	BREAK
2:50 – 4:20 P.M.	SESSION 5: OPINION WORKSHOP (JON MICHELSON, NICOLE ELLIOTT) 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
4:20 – 4:25 P.M.	WRAP UP (NICOLE ELLIOTT)

Day 2: Thursday, Nov. 8, 2012 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 (NICOLE ELLIOTT)
	Regulators and how they use opinions Who signs opinions Regulator expectations including the NAIC Regulatory Guidance Interesting opinion and summary statistics Changes to the 2011 and 2012 NAIC Instructions NAIC Risk Focused Exams
9:15 – 10:45 A.M.	SESSION 7: DATA, DOCUMENTATION, AND REPORT-WRITING/REPORT WORKSHOP (PAT TEUFEL)
	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 with the sample report Discussion regarding what could make the sample report better
10:45 A.M. – 11:00 A.M.	BREAK
11:00 A.M. – 12:15 P.M.	SESSION 8: RESERVE RANGES (JUSTIN BRENDEN)
	Purpose and use of ranges What is a range? What is reasonable? Relevant guidance Communicating what we mean
12:15 P.M. – 1:15 P.M.	LUNCH

Day 2: Thursday, Nov. 8, 2012 AFTERNOON SESSIONS

1:15 – 2:30 P.M.	SESSION 9: PANEL (CHAP COOK, RON SWANSTROM, PAT TEUFEL) 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 The new Appointed Actuary and the prior actuary Retracting/reissuing an opinion
2:30 P.M. – 2:45P.M.	BREAK
2:45 P.M. – 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 P.M. – 4:05 P.M.	WRAP UP (NICOLE ELLIOTT)