Hi,
Am I the only one confused with the different statements of actuarial opinion? Different sources seem to have different definitions...
Mate Card #138 (Source Read. Think. Write. The statement of Actuarial Opinion for the Health Annual Statement)
If reserves are too high or too low, issue a qualified opinion.
Mate Card #140 (Source ASOP #28)
Unqualified Opinion - Assets, Liabilities, Reserves are sufficient and reasonable
Adverse Opinion - liabilities, aggregate amount not sufficient to provide unqualified Opinion
Qualified Opinion - Certain liabilities and assets cant reasonably be estimated so actuary unable to render opinion
Inconclusive Opinion - Deficiencies and limitions in the data, assumptions, render actuary unable to provide statement on liabilities, assets, reserves, etc...
Mate Card #192 (Source ASOP #26)
Where a qualified certification is given, any actions that are being taken to bring the carrier into compliance
I've even read in another source (Practice Note on the Revised Actuarial Statement of Opinion Instructions fore the NAIC Health Annual statement effective December 2009) that a qualified opinion says the the reserves, assets and liabilities are good and sufficient provisions.
Don't know if somebody can help me with this... Thanks !
Am I the only one confused with the different statements of actuarial opinion? Different sources seem to have different definitions...
Mate Card #138 (Source Read. Think. Write. The statement of Actuarial Opinion for the Health Annual Statement)
If reserves are too high or too low, issue a qualified opinion.
Mate Card #140 (Source ASOP #28)
Unqualified Opinion - Assets, Liabilities, Reserves are sufficient and reasonable
Adverse Opinion - liabilities, aggregate amount not sufficient to provide unqualified Opinion
Qualified Opinion - Certain liabilities and assets cant reasonably be estimated so actuary unable to render opinion
Inconclusive Opinion - Deficiencies and limitions in the data, assumptions, render actuary unable to provide statement on liabilities, assets, reserves, etc...
Mate Card #192 (Source ASOP #26)
Where a qualified certification is given, any actions that are being taken to bring the carrier into compliance
I've even read in another source (Practice Note on the Revised Actuarial Statement of Opinion Instructions fore the NAIC Health Annual statement effective December 2009) that a qualified opinion says the the reserves, assets and liabilities are good and sufficient provisions.
Don't know if somebody can help me with this... Thanks !
Statements of actuarial opinion - Question
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