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 the likelihood of similar differences in the future.”

The standard also will also require a comparison of actual experience with expected experience.

Details here.

Advertisements
Tagged ,

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: