ASOP 41 Acturial Communicatons

Question 1

Define actuarial communications, documents, and reports

Answer 1

1. Actuarial communication: written, electronic, or oral by actuary with respect to actuarial services
2. Actuarial document: actuarial communication in any recorded form (paper, email, spreadsheet, presentation)
3. Actuarial report: actuarial documents available to an intended user that the actuary determines relevant to specify actuarial findings

Question 2

Requirements for actuarial communications and reports

Answer 2

1. Disclosure below
2. Form and content: appropriate to circumstances and intended audience
3. Clarity: language appropriate to circumstances and users
4. Timing of communication: within reasonable period
5. Complete an actuarial report if intend for actuarial findings to be relied upon by any intended user
6. Sufficient clarity that another actuary qualified in same practice area could appraise reasonableness
7. Specific circumstances: be prepared to justify limiting the content
8. Explanation of material differences from earlier results

Question 3

ASOP 41 disclosures

Answer 3

1. Scope of assignment
2. Methods, assumptions, and data used
3. Actuarial findings
4. Identification of responsibility actuary
5. Identification of actuarial document comprising report
6. Acknowledgement of actuary’ qualification
7. Cautions about risk and uncertainty
8. Limitations
9. Conflict of interest
10. The information date
11. Subsequence events
    13 deviation from ASOP
12. Assumptions or methods prescribed by law
    15 when rely on other resources and disclaim responsibility
    15.1 the assumption or method that was set by another party
    15.2 party who set the assumption or method
    15.3 reason that this party set he assumption or method
    15.4 either (the assumption conflicts with professional judgement) or (actuary was not qualified to judge reasonableness or unable to judge without substantial additional work)