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Define Statement of Actuarial Opinion
- Formal statement of the actuary's professional opinion on a defined subject.
- It outlines the scope of the workbut normally does not include descriptive details
Statement of Actuarial Review
Formally communicated appraisal of actuarial work done by another person
Availability of Documentation
- Documentation should be available to the actuary's client or employer,
- Should be made available to others when client or employer requests it,
- assuming appropriate compensation, & provided availability is not improper
- The actuary does not normally have an obligation to communicate with any person other than the client or employer.
- If acutary is aware of conflict of use, should be disclosured in related actuarial communication
Reliance on Another
- Actuary who makes an actuarial communication assumes responsibility for it,
- except if they disclaims responsibility by stating reliance on another person
Waiver of Fee
waiving of a fee for professional services, either partially or totally, does not relieve the actuary of the need to observe professional standards
An actuarial report is customarily considered to be presented fairly if it describes what with sufficient clarity that another actuary practicing in the same field could make an appraisal of the reasonableness and validity of the report?
- sources of data
- material assumptions
- material changes of the above from last analysis
- explain reasons for and describe the impact of changes
If the services requested by a client produces a results that conflicts materially with actuary's professional judgment, what should acutary do?
- 1. Advise client of employer of the conflict
- 2. Include appropriate qualifications of disclosures in any related actuarial communication