February has the fewest days of any month, but to those involved in year-end actuarial work it can feel like the longest month. In this session, we will cover what you need to know to produce a good Actuarial Memorandum to support your year-end Actuarial Opinion. We'll cover topics like:
What is required?
What should you still do even if not explicitly required?
What is the purpose of the Actuarial Memo?
Conclusions and recommendations
Methods and procedures
Significance of findings
Documentation of analysis
What is 'sufficient detail'?
May vary with specific items/size of items
What are 'significant' items?
How do you define 'significant'?
What context should be provided?
What are financial/actuarial examiners looking for?
What guidance is available?