ASOP 41 Flashcards Preview

Exam 6 > ASOP 41 > Flashcards

Flashcards in ASOP 41 Deck (4)
Loading flashcards...

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

-state clearly that the earlier results are no longer valid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


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

-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


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

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


Disclosures necessary if the actuary states reliance on other sources and does not accept responsibility:

-The assumption or method set by the other source
-The other source
-The reason that the other source set the assumption or method
-Either (if applicable): the assumption or method significantly conflicts with that which the actuary believes to be reasonable for the purpose of the report/ the actuary was unable to judge the reasonableness of the assumption or method without performing a substantial amount of additional work; or that the actuary was unqualified to assess
the reasonableness