Statement of Opinion Question
Holmes Gwynn ( Holmes_Gwynn@TDI.STATE.TX.US )
Wed, 08 Apr 1998 11:51:24 -0500
You obviously have no intention to couch your opinion so as to mislead the untrained eye. You really can't in this case because you
need to address the failed IRIS tests. In Texas your reporting of those failed tests will "qualify" your opinion. The more
explanation in the opinion letter the better. Because the opinion letter is a public document, understandably, you may not want to
discuss sensitive issues in the opinion itself. Your workpapers are not public, however, so you should provide more detailed
insights into the situation - particularly as to the impact of negative surplus on case reserves and your reserve estimate.
Don't forget the burden is not just yours, an audit opinion will also be done. Most importantly don't get so caught up in the
"letter" of opinion language that you face the possibility of sacrificing your own credibility.
Holmes Gwynn, Sr. Actuary, TX Dept. of Insurance
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