CLRS—Importance of Fundamental Issues
Rob Walling

CLRS—Importance of Fundamental Issues

Rob Walling September 17, 2014 Posted in: Blog Posts, Insurance / Insurers, Loss Reserving
The 2014 Casualty Actuarial Society Loss Reserve Seminar (CLRS) was held this week in San Diego. I was impressed with the quality of the speakers and session content of the seminar in total.

The number of non-actuaries speaking at the conference, such as Magali Welch of Johnson Lambert and Derek Martisus of Marsh, was also notable.

Several of the professionalism sessions, particularly the mock trial, the IRS Acuity case session, the 831(b) captive session, and the statement of actuarial opinion Writers’ Coffee Klatsch were all first-rate.

Several of these sessions reinforced the importance of fundamental issues such as:

  • The importance of effective communication with third parties
  • The need for appropriate disclosures in actuarial reports and other work products
  • Documentation of data, methods and assumptions
  • Compliance with actuarial standards, regulatory (NAIC and state insurance department) guidelines, and applicable accounting standards

The CLRS is always a great opportunity to not only see the latest and greatest in reserving research, but also get refreshing perspectives of actuarial and professional fundamentals.

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