Description: In this paper, Chapter VII of the 1987 Valuation Actuary Handbook, the author, an attorney with the American Academy of Actuaries, discusses the valuation actuary concept, starting with the current regulatory system. The potential legal implications, including personal liability, are explored. The author notes that “perhaps most significant is the fact that by increasing the scope of the valuation actuary’s duties, the nature and scope of potential professional liability also increase.”

Description: Written from a regulatory perspective, the article covers the purpose of regulation and some regulatory expectations. The topics include the appointed actuary's involvement in corporate governance, reasonability of results when compared to prior results, data quality, familiarity with the company's annual statement and applicable statutes, and areas where appointed actuaries can add value though services provided to smaller life insurance companies.

Description: Reflections of a Regulatory Actuary by Larry Gorski