What generally is a qualified actuary, i.e. one qualified to perform services for an AZ captive in the areas of feasibility studies, insurance pricing or reserving, but particularly for issuing required actuarial reports and opinions?
What generally is a qualified actuary, i.e. one qualified to perform services for an AZ captive in the areas of feasibility studies, insurance pricing or reserving, but particularly for issuing required actuarial reports and opinions?
Qualifications may vary by the line(s) of insurance business, etc. and are guided in no small part by standards set by the actuarial profession. However, generally, it means someone who is a member in good standing of the Casualty Actuarial Society or a similar professional organization who has knowledge and experience in the insurance business, including issuing actuarial opinions and related reports for captives or other insurers. See the current captive Reference Guide on our website for more information, including Appendix A. AZ insurance law is instructive, specifically A.R.S. 20-696.01 thru 20-697.01. Generally, as long as the actuary to be used is qualified and complies with applicable professional standards, he/she may be an employee of the captive’s organization.