What one person writes and another person reads are often two different things!

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Presentation transcript:

What one person writes and another person reads are often two different things!

Is there, or isn’t there? Only your actuary knows for sure. The data supporting this opinion may produce a wide range of potential outcomes. This variability which is inherent in any reserve estimate could result in material adverse deviation from the carried net reserve amounts….I am considering a material adverse deviation to be …an amount which is 8.1% of surplus. … … Other than the stated question of inherent variability, I do not believe that there are significant risks and uncertainties that could result in material adverse deviation.

Be careful what you ask for, you just might get it “In my opinion there is a risk of material adverse deviation…including uncertainties associated with the company’s changing mix of business and operations,…liabilities relating to the Company’s discontinued operations, potential reinsurance collectibility issues and estimates of liability for the Company’s A&E exposure.”

Peer Review How often does it occur? What should be the focus? Should it be mandatory?

Language Barriers “Clean” Opinions Good and sufficient vs. reasonable vs. adequate “Best Estimate”

Other Barriers? Actuarial Liability Management pressures Confidence