Learn the roles and responsibilities of a valuation actuary to help health actuaries learn best practices, technical considerations, and professionalism issues surrounding the calculation and reporting of health liabilities and reserves. Focus on key actuarial liability and reserve provisions, including Claims Unpaid and Premium Deficiency Reserves. Explore new ideas about calculation methods and the importance of the underlying assumptions. Examples will be provided to present best practices and practical applications concerning reserve calculation.
A discussion of best practices regarding the preparation of an actuarial memorandum supporting a Health Annual Statement will be included to focus on key considerations from the American Academy of Actuaries’ Practice Note about documenting and supporting the actuarial calculations. The discussion will feature views and considerations from both the insurer’s and the regulator’s perspectives.
By attending this session, you will be able to:
• Understand the roles and responsibilities of the appointed actuary.
• Identify what’s in scope for the actuarial opinion.
• Understand actuarial qualification requirements.
• Learn the statutory rules for establishing key actuarial liability provisions.
• Understand the general purpose of financial reporting.
• Understand best practices with reserve calculations and resources available, including relevant practice notes and Actuarial Standards of Practice.
• Understand the sufficient documentation needed to support valuation work.
• Understand the critical elements sought by regulators, auditors and other users of an actuarial memorandum.