Risk of Material Adverse Deviation Disclosure in U.S. Statements of Actuarial Opinion

Feb. 14, 2013
Noon–1:30 p.m. Eastern

The Academy and the Casualty Actuarial Society (CAS) on Thursday, Feb. 14, hosted a webinar on key considerations related to the risk of material adverse deviation (RMAD) disclosure required of appointed actuaries providing statements of actuarial opinion on property/casualty loss and loss adjustment expense reserves in the United States. Attendees learned why RMAD disclosure exists and how to establish a materiality standard, evaluate whether there is an RMAD, and document their findings.


  • The basis of the RMAD disclosure;
  • Materiality considerations;
  • Risk assessment considerations; and
  • Hypothetical sample wordings.

Tom Ghezzi, FCAS, MAAA, specializes in loss analyses for a wide range of property/casualty insurance exposures. He has been the appointed actuary for seven U.S. insurance entities for many years. Ghezzi has been a member of and contributor to the Committee on Property and Liability Financial Reporting (COPLFR) since approximately 2003. He was one of the original developers of COPLFR’s Effective Loss Reserve Opinion Seminar for appointed actuaries. Ghezzi is a member of Towers Watson’s actuarial team, which collectively produces over 200 statements of actuarial opinion each year.

This webinar was jointly sponsored with the CAS.

The American Academy of Actuaries believes in good faith that attendance at this live webinar, Risk of Material Adverse Deviation Disclosure in U.S. Statements of Actuarial Opinion, may constitute an organized activity as defined under the current Qualification Standards for actuaries issuing statements of actuarial opinion in the United States, depending upon area of practice. Under these Qualification Standards, an hour of continuing education is defined as 50 minutes, and fractions of an hour may be counted.