ASOP 41: Actuarial Communications

Question 1

What does ASOP 41 apply to

Answer 1

Only applies to communications that include actuarial opinions of findings.

Question 2

Define Actuarial Document

Answer 2

Actuarial communication in any recorded form

Question 3

List the 2 requirements for Actuarial Communications

Answer 3

1. The actuary needs to ensure that the form & content of the actuarial communication is appropriate to the circumstances and users.
2. The communication should be issued within a reasonable time period.

Question 4

Define Actuarial Report:

Answer 4

“The set of actuarial documents that the actuary

determines to be relevant to specific actuarial findings that is available to the intended user”

Question 5

When is an Actuarial Report needed?

Answer 5

The actuary should compile an actuarial report if she believes that it will be relied upon by another user.

Question 6

If an actuarial document contains materially different results to a prior report from the same actuary, the later report needs to:

Answer 6

• state clearly that the earlier results are no longer valid
• explain why the results have changed

Question 7

Examples of items that should be disclosed in the actuarial report:

Answer 7

• The actuary responsible for the document
• The date & subject of the document
• The intended users of the report
• The scope& intended purpose
• Acknowledgement of qualification
• Any cautions about risk & uncertainty
• Any limitations/ constraints on the use of the actuarial findings
• Any conflict of interest

Question 8

Disclosures necessary if any of the used assumptions/ methods are prescribed by law:

Answer 8

• The applicable law
• The assumptions or methods prescribed by the law
• That the report was prepared in accordance with the law