ASOP 45

Question 1

What should actuary communicate in actuarial report DAM-P

Answer 1

Data

Assumptions

Methods

Procedures

Question 2

Disclosures when assumptions/methods are required by law (3)

Answer 2

state law name

assumptions/methods required by law

say report was prepared according to law

Question 3

Disclosures in actuarial report CRISIS-LQ

Answer 3

Conflict of interest

Risks

Intended user

Scope

Info used but not responsible for

Subsequent events

Limitations of findings

Qualifications of actuary

Question 4

When are disclosures required (when relying on someone else’s work)

vs

When are disclosures NOT required (when relying on someone else’s work)

Answer 4

material but DON’T agree

vs

material but DO agree OR not material

Question 5

Define Clarity needed in actuarial communication

Answer 5

so qualified actuary in same area could assess reasonableness

Question 6

Use ASOP 41 about communications if other ASOP is applicable too?

Answer 6

No, use other ASOP

Question 7

List disclosures if there is deviation form ASOP (3)

Answer 7

State the deviation

deviation’s impact

rationale

Question 8

Practices when an actuarial communication

a) produces different results from prior analysis
b) may be passed to other party
c) may influence non-intended users

Answer 8

a) disclose why prior results are not valid
b) follow up w/ actuarial document
c) keep distribution of communication from non-intended users