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

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 highlighting 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, you’ll learn about the interaction of ASOP Nos. 36 and 43 and the significant changes proposed by the ASB to ASOP No. 36.

The webcast will discuss:

  • 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 may submit questions during the webcast and the panelists will respond to as many of these questions as possible during the time allotted.

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.

Webcast resources

  • View the archived version of the webcast online (download the WebEx player if you do not already have it on your computer. You will need it to view the webcast.).
  • Download the speakers' slides in low resolution printable handout format (PDF format).
  • Download the speakers' slides in full format (PDF format).

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.

Questions?

  • For technical questions about registration, please contact Webex customer support at 1-866-229-3239 or by e-mail at support@webex.com.

  • Please contact Doreen Moaning at 202-785-7859 or by e-mail at moaning@actuary.org if you have questions or need assistance, or if you wish to pay by check.