Identification Section - Contents

adielsanchezadielsanchez
in Odomirok.16-17-SAO

For "who made the appointment" I saw in 2019 Spring Q20, "board of directors" was listed as an example, but are there any others?

Also, are there any examples for "affirmation of qualifications"? Are examples the same as an Accepted Actuarial Designation (FCAS, ACAS, FSA)?

Comments

  • grahamgraham

    The end of the intro to section 2.1 in COPLFR (just before the start of section 2.1.1) states:

    • The term “Board of Directors” is used broadly throughout the 2021 NAIC SAO Instructions and specifically defined as “Board of Directors can include the designated Board of Directors, its equivalent or an appropriate committee directly reporting to the Board of Directors.”19 For example, an actuary may be appointed by the Audit Committee of the Board of Directors.

    So, technically, the appointment doesn't have to be made by the board of directors specifically, but the appointment is ultimately under the control of the board.

    Regarding affirmation of qualifications, the example provided in Chapter 16 of Odomirok just states:

    • I, William H. Smith, am a Fellow of the Casualty Actuarial Society, member of the American Academy of Actuaries, and am associated with the firm of WS Actuarial Consulting. I meet the qualification standards of the American Academy of Actuaries for Statements of Actuarial Opinion for the Property and Casualty
      (“P&C”) Annual Statement.

    The statement in bold font is the affirmation, which doesn't seem very substantial. The COPLFR text, under bullet point c in the intro to section 2.1 states:

    • A statement that the person meets the requirements of a Qualified Actuary (or was approved by the domiciliary commissioner) and that documentation was provided to the Board of Directors.

    So it seems all that's required is for the AA to affirm their qualifications in a simple statement but also that the required documentation has actually been provided to the board of directors.

  • adielsanchezadielsanchez

    thank you! it's nice to know that there shouldn't be any other tricks they can pull on those two points.

  • grahamgraham

    One can only hope!

Sign In or Register to comment.