AA memo

Question 1

what disclosures are required by new AA in next AAR

Answer 1

• Dates:
  
  • outgoing AA exit date
  • incoming AA start date
  • OSFI notification date
• Communication
  
  • between incoming & outgoing AA
• Qualications of new AA

Question 2

Unquailfied Opinion

Answer 2

Unqualified opinion (good)

• policy liabilites on the B/S make appropriate provision for all policy obligations
• Annual Return fairly represents the results of the valuation

Qualified opinion means AA believes policy liabilities are under - estimated

Question 3

AAR Contents

Answer 3

Must content:

• Opinions: on if policy liabilities are determined by AA are fairly represented in insurer’s F/S
• also, detailed commentary, data and calculations

Filling ddl of AAR is within 60 days of fiscal year-end