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.

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