The purpose of this RFP is for the City to retain actuarial services to conduct an independent actuarial review of the loss reserve
requirements in accordance with Generally Accepted Accounting Principles (GAAP) for its self-insured Workers Compensation program.
The depth and range of ISO's industry-wide aggregate loss data provide a solid foundation for insurers to augment their own loss experience and develop credible loss reserve
projections," Kollar added.
The loss reserve
is a material account for which there is a good proxy for its unmanaged amount.
Marie Desmarais-Santi, a policy and planning officer with FedNor, says the loan loss reserve
agreement is FedNor's latest initiative aimed at generating new business in Northern Ontario, and that a similar arrangement has been made with Caisse Populaire, another Northern Ontario banking group.
property/casualty industry loss reserve
position remains within a range of adequacy.
Finally, the CAS and the academy co-sponsor the Casualty Loss Reserve
Seminar, an annual seminar dedicated to loss reserving.
It applies, however, if the auditor uses that appraiser's work in connection with substantive tests to evaluate the adequacy of the loan loss reserve
If AEGIS' operating performance or risk-adjusted capital levels (as measured by net written premiums-to-surplus and loss reserve
-to-GAAP surplus ratios) fail to stabilize at improved levels, or if the company's loss reserves
develop unfavorably to a material degree, the rating may be downgraded.
Prolonged soft market conditions have eroded loss reserve
As a result, loss reserve
coverage for the banking system improved.
Somewhat offsetting these strengths are continued exposure to adverse loss reserve
development from prior accident years and reporting issues whereby Odyssey Re Holdings twice delayed the filing of financial statements in 2006 and was cited by independent auditors as having material weaknesses in accounting for various reinsurance contracts and investments.
Strong underwriting results for the 2002-2006 accident years have more than offset persistent prior year loss reserve
strengthening that could reflect management creating some reserve cushion prior to the next soft market.