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Elias Makere, FSA, MAAA
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ASOP 3 | §4.2 | ASSIGNMENTS INVOLVING AN OPINION ON SATISFACTORY ACTUARIAL BALANCE

The actuarial report should disclose the actuarial balance sheet, the cohort pricing analysis, and the cash and investment balances at the beginning and end of each projection year, which were prepared to test the three conditions, in accordance with sections 3.3, 3.4, and 3.5 and state whether or not each condition is met.

If one or more of the three conditions is not met, the actuary should disclose the implications of the deficiency and, if known, a description of management’s plans to address the deficiency for each unmet condition.

If the actuary is unable to form the needed opinion regarding whether the organization is in satisfactory actuarial balance, or if the opinion is adverse (due to failing one or more of the conditions) or otherwise qualified, then the actuary should disclose why the actuary is unable to form an unqualified favorable opinion.
ASOP 3 | Commentary Section 4.2 | COMMENT ON SECTION 4.2
Section 4.2, Assignments Involving an Opinion on Satisfactory Actuarial Balance
CommentResponse
One commentator suggested that the actuary may not know management's plan to address deficiencies for each unmet condition. Therefore, the actuary would be unable to disclose such information.The reviewers agree and modified section 4.2.
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