Property and Casualty Practice Note, Statements of Actuarial Opinion on P&C Loss Reserves as of December 31, 2008

This practice note was prepared by the Committee on Property and Liability Financial Reporting (COPLFR) of the American Academy of Actuaries. It is not an Actuarial Standard of Practice. It has not been promulgated by the Actuarial Standards Board (ASB), nor is it binding on any actuary.

This practice note is intended to assist actuaries by describing practices that COPLFR believes will be commonly employed in issuing statements of actuarial opinion on loss and loss expense reserves in compliance with the Property and Casualty Annual Statement Instructions for 2008 issued by the National Association of Insurance Commissioners (NAIC). Actuaries may also find this information useful in preparing statements of actuarial opinion for other audiences or regulators. However, approaches other than the ones described within this practice note may also be in common use. The information contained herein is not binding on any actuary and is not a definitive statement of what constitutes generally accepted practice in this area. All boldface materials preceding each discussion section are NAIC materials and are reproduced with its permission. Further replication or distribution of NAIC materials without the written consent of the NAIC is strictly prohibited.