An Analysis of the Legal Implications of the Valuation Actuary Concept

I will offer a brief review of the development of the valuation actuary concept, various aspects of current regulation, and major features of the valuation actuary concept as proposed to date. Following that extended introduction, I plan on discussing the nature of professional liability and the specific legal liability of the valuation actuary. I will attempt to point out some methods of limiting that liability. The remarks and views I express today, while thoroughly accurate, are not necessarily those of the American Academy of Actuaries or of any other organization.