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  #21  
Old 04-18-2020, 03:24 PM
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Lucy Lucy is offline
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Originally Posted by General Apathy View Post
To answer the OP I have seen an appointed actuary fired because he would not sign an opinion. The actuary was right at the end of the day.
How surprising.
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  #22  
Old 04-19-2020, 12:55 PM
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Originally Posted by General Apathy View Post
To answer the OP I have seen an appointed actuary fired because he would not sign an opinion. The actuary was right at the end of the day.
One of my co-workers, exasperated because management never liked her estimates on a particularly volatile line of business, told me, "I just tell management, 'you can pay me now or you can pay me later'". "Later" came when the company was acquired and the acquiring company, after a detailed reserve analysis, reduced the purchase price significantly.

I do know one who was fired for "not being a team player" and a Chief Actuary who was getting phone calls at home, to the point of harassment, form execs at the parent company. All of the actuaries in the company banded together and agreed that none of them would sign off on reserves they believed to be inadequate.

Fun times. Glad I'm retired and I never was a Chief Reserving Actuary.
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  #23  
Old 04-20-2020, 08:02 AM
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I have to say that I have never seen a case of auditors "deciding to lower the reserves". They might challenge reserving that appears to be overly stringent compared previous year(s) if they suspect that the company is squirreling away profits in a good year but the auditors never decided anything.
I think he means: when the auditors ask who decided to lower the reserves, he will be able to tell them.
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  #24  
Old 04-20-2020, 10:39 AM
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therealsylvos therealsylvos is offline
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I have seen auditors refuse to sign off on reserves because they were too high on two separate occasions.
What were the LOBs that were causing the redundancies?
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i like laying in the tube and pretending that i'm dead.
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  #25  
Old 04-28-2020, 03:10 PM
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There was a rumor that the Chief Actuary at my old company was fired for refusing to sign off on reserves. Of course at that point I already left the company so its all hearsay.
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