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FAIRBANKS(E)WORKGROUP
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DATE:01/24/2024CONTACTPERSON: KrisDeFrain 8167838229 kdefrain@naic.orgREVIEWEDFORACCOUNTINGPRACTICESAND
PROCEDURESIMPACT Miriam Fisk Chair ActuarialOpinion(C)Workgroup
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What is actuarialopinioncworkinggroup?
The Actuarial Opinion Working Group (AOWG) is a group formed to develop and promote standards for actuarial opinions in the insurance industry. It aims to enhance the quality and reliability of actuarial work and ensure compliance with regulations.
Who is required to file actuarialopinioncworkinggroup?
Insurers and reinsurers that are subject to state regulation in the United States are generally required to file actuarial opinions as prescribed by the Actuarial Opinion Working Group. This includes companies that are required to submit annual financial statements.
How to fill out actuarialopinioncworkinggroup?
To fill out the actuarial opinion, the actuary must provide a comprehensive analysis of the company’s reserves and report on the adequacy of those reserves according to guidelines established by the Actuarial Opinion Working Group. A standardized form must be completed, and all relevant data and assumptions used in the analysis should be documented.
What is the purpose of actuarialopinioncworkinggroup?
The purpose of the Actuarial Opinion Working Group is to establish guidelines and standards for actuarial opinions required by state regulators. It aims to ensure that policyholders and stakeholders receive accurate assessments of the financial condition of insurers.
What information must be reported on actuarialopinioncworkinggroup?
The report must include the actuary's opinion on the adequacy of reserves, the methods and assumptions used in the calculation, any limitations or uncertainties affecting the reserves, and an overview of the data relied upon to arrive at the opinion.
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