Part 22 (ASOP 41) Flashcards
Pretty easy, actuarial communication
Actuarial Document definition
“An actuarial communication in any recorded form”
Requirements for Actuarial Communucations
- Form and content is appropriate for the circumstances and users
- Communication should be clear and understandable
- Clearly identify the responsible actuary
- communication should be issued within a reasonable time period
Actuarial Report
Set of documents that the actuary determines to be relevant to specific actuarial findings that is available to the intended user
When should an actuary compile an actuarial report
If it is believed that it will be relied upon by another user
What is stated in the report
Findings, methods, procedures, assumptions, and data
How should the items be disclosed
With sufficient clarity so that another qualified actuary int eh same practice area can assess the reasonableness of the report
When may it be appropriate to exclude portions of the required content of the report
due to constraints
When might it be inappropriate to exclude portions
if report receives a wide distribution
What should be done if constraints
identify the circumstances and explain why it was necessary to exclude
If later statement includes different results from prior report later needs to include
- State the earlier results no longer valid
- Why results have changed
When communicating orally include disclosures
If actuary suspects the communication may be transmitted, should try to later produce an actuarial document
If using actuarial document to influence an audience other than intended users
- There is a risk of misquotation, misinterpretation, general misuse
- Take steps to ensure report is clear
- Consider including language that will limit distribution to intended users
Disclosers
- Who is responsible for document
- Date and subject of document
- Intended users of report
- Scope and intended purpose
- More
