For ACAS, a bill of rights

It’s not a Bill of Rights (note the caps) because it hasn’t been passed by the membership. In the Casualty Actuarial Society, career associates hold a weird second-class status. A career associate is one who reaches ACAS, then stops taking exams. They can sign a company’s Statement of Actuarial Opinion, but they can’t vote in [...]

Canadian regulator: Actuaries must explain reserve changes

Canadian Underwriter has the story: “Whenever significant differences in ultimate estimates occur for any accident year, the actuary should provide commentary explaining such changes in ultimate estimates for each accident year,” OSFI says in a memorandum explaining the change, posted online on Oct. 26. “In addition, the actuary should discuss any actions taken to reduce [...]

Facts on opinions

Ohio regulator Mary Miller offered these facts about 2009 Statements of Actuarial Opinion at the Casualty Loss Reserving Seminar: 2,600 opinions were signed by 500 actuaries. Nineteen actuaries signed a total of 579 opinions. (That’s 4% of signers generating 22% of opinions.) These busy guys signed between 21 and 52 apiece. 37 actuaries signed 1/3 [...]