D5. ASOP 41 Flashcards Preview

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Flashcards in D5. ASOP 41 Deck (4):

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-state clearly that the earlier results are no longer valid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 change


Examples of items that should be disclosed in the actuarial report

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


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


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