In order to serve as an Appointed Actuary, the actuary must be a “Qualified Actuary” as defined by the American Academy of Actuaries. Huggins consultants meet these requirements and, therefore, are able to provide all the services necessary in order to satisfy regulatory requirements for your firm. In our role as the Appointed Actuary for your Company, we provide the following documents as required by the domiciliary jurisdiction:
- The Statement of Actuarial Opinion (SAO) for Loss and Loss Adjustment Expenses to be filed as part of the Annual Statement;
- The Actuarial Opinion Summary (AOS); and
- A formal Actuarial Report to support the conclusions in the SAO.
In the United States these documents are required in conjunction with Annual Statement filings with state regulators each year. Therefore, insurance companies, risk retention groups, self-insureds and captives will likely need the services of an Appointed Actuary. In most cases, offshore domiciles require a Statement of Actuarial Opinion as well, although the format may vary by jurisdiction.