ASB Approves Proposed ASOP No. 36 Revision
The Actuarial Standards Board (ASB) of the American Academy of Actuaries approved an exposure draft of a proposed revision of Actuarial Standard of Practice (ASOP) No. 36, now titled Statements of Actuarial Opinion Regarding Property/Casualty Loss, Loss Adjustment Expense, or Other Reserves. The ASOP applies to actuaries when performing actuarial services with respect to a written statement of actuarial opinion regarding property/casualty loss, loss adjustment expense, or other reserves of an insurance company or other property/casualty risk financing system when 1) the statement of actuarial opinion is prepared to comply with the NAIC Property/Casualty Annual Statement Instructions; or 2) the statement of actuarial opinion is otherwise prescribed by applicable law (statutes, regulations, and other legally binding authority); or 3) the statement of actuarial opinion is represented by the actuary as complying with the standard. “Other reserves” include such items as retrospective reinsurance premium reserves, unearned premium reserves for property/casualty long duration contracts, unearned premium reserves for extended reporting endorsements, or other reserve items for which the actuary is providing a statement of actuarial opinion.
The comment deadline is Sept. 30, 2022. Information on how to submit comments can be found in the drafts.