ASOPs Nos. 36 and 43: Clearer Guidance to Actuaries Performing Services Related to Developing Unpaid Claim Estimates and Issuing SAOs

December 18, 2009

Actuaries who provide statements of actuarial opinion covered by the current version of ASOP No. 36 are guided by both ASOP Nos. 36 and 43. Two years after it went into effect, many actuaries may still be somewhat unfamiliar with the requirements and scope of ASOP No. 43 and how it relates to the actuarial opinion process. Furthermore, the ASB issued an exposure draft of revisions to ASOP No. 36 in March 2009 and is in the process of revising it further in response to comments received. Given the changes in requirements due to ASOP No. 43 and the proposed revisions to ASOP No. 36, this webinar which highlighted the provisions of these two ASOPs, is important to actuaries who issue SAOs with respect to loss and loss adjustment expense reserves of insurance or reinsurance companies (and other property/casualty risk financing systems) to comply with NAIC requirements.

In this interactive educational* webinar, hosted by the Academy’s Council on Professionalism, co-sponsored by the ASPPA, CAS, CCA and SOA, attendees learned about the interaction of ASOP Nos. 36 and 43 and the significant changes proposed by the ASB to ASOP No. 36.

The webcast discussed:

• The main provisions of ASOP Nos. 36 and 43 and how they interact and apply to the opinion process.
• The changes proposed by the ASB in the exposure draft of ASOP No. 36, with direction on the areas actuaries will want to pay closest attention to.
• The comments received on the exposure draft and thoughts on possible changes.

Webcast participants submitted questions during the webcast and the panelists responded during the time allotted.

NOTE ON JBEA CE CERTIFICATE OF ATTENDANCE: You will not be able to receive a certificate of attendance for listening to any recorded webinars. In order to receive a JBEA CE Certificate of Attendance you must attend the live event, follow the instructions provided during the live event, and you must request your certificate by completing the online form within 30 days of attending the live event.

Webcast resources

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Speakers

The speakers included:

• Ralph Blanchard, president-elect of the Casualty Actuarial Society, member of the Actuarial Standards Board’s Subcommittee on Reserving, the American Academy of Actuaries’ Solvency Committee, and the IAA’s Insurance Accounting Committee. He is a member of the American Academy of Actuaries and a Vice President & Actuary of The Travelers Companies, Inc.
• Mary Frances Miller, president-elect of the American Academy of Actuaries, chairperson of the IAA Education Committee and member of its Accreditation Committee. She is also a fellow and former president of the Casualty Actuarial Society, a fellow of the Conference of Consulting Actuaries, a Chartered Property and Casualty Underwriter, and founder and the senior consulting actuary with Select Actuarial Services.
• Moderator: Sheila Kalkunte, the Academy assistant general counsel and staff liaison to the Council on Professionalism and its related committees.

CE credit

The American Academy of Actuaries believes in good faith that this professionalism webcast, ” ASOPs Nos. 36 and 43: Clearer Guidance to Actuaries Performing Services Related to Developing Unpaid Claim Estimates and Issuing SAOs,” constitutes an “organized activity” under the current U.S. Qualification Standards.