considerations regarding materiality and range of reserves in connection with actuarial standard of practice #36（考虑关于物质和范围的储备与保险精算的标准实践# 36）.pdfVIP

Considerations Regarding Materiality and Range of Reserves in Connection With Actuarial Standard of Practice #36 GeorgeM. Levine,FCAS,MAAA 259 C o n s i d e r a t i o n s R e g a r d i n g M a t e r i a l i t y a n d R a n g e o f R e s e r v e s I n C o n n e c t i o n W i t h A c t u a r i a l S t a n d a r d o f P r a c t i c e # 36 Abstract The Actuarial Standard of Practice No. 36 has highlighted several issues which have been implicitly cons/dared by property/casualty actuaries for years. For the first time, the types of statements of actuarial opinion have been standardized and listed for categorization by property/casualty actuaries. However, many other areas which the actuary needs to be familiar with are not documented in standard actuarial literature. This paper examines the interrelationship of materiality and range of reasonable reserves. Some common rules of thumb are formulated in regards to the range of reasonable reserve estimates. Accounting literature, such as The American Institute of Certified Public Accountants (AICPA) Protessional Standards and the Security Exchange Commis~/on StaffAccounting Bulletins, are referenced in order to provide the actuary some reference materials while issuing opinions. In addition, some practical considerationsregarding necessary work steps needed to issue a statement of actuarial opinion are outlined. 260 Introduction The Actuarial Standard of Practice No. 36 has highlighted several issues which have been implicitly considered by property/casualty actuaries for years. For tbe first time, the types of statements of actuarial opinion (SAO) have been standardized and listed for categorization by property/casualty actuaries. Howev