The actuarial opinion for Property Casualty annual statements is meant to evaluate the loss reserves, not the solvency of the company. Even if the company is insolvent (i.e., negative surplus) it is worth it to the reader to know if the reserves part of the balance sheet is reasonable. A reasonable reserve number gives an indication of what an insolvency fund would be faced with, or a buyer would have to fund. The statement that the reader would be misled by such an opinion, and think that the company is solvent despite the negative surplus, is probably not well thought out.
As Mary Frances Miller said, it is still advisable to state that the company has negative surplus, despite the fact that reserves are reasonably stated. If this fact was omitted, however, I would still argue that the actuary met all legal requirements and misled nobody.
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