ACTUARIAL EVIDENCE SEMINAR SESSION 4
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1 ACTUARIAL EVIDENCE SEMINAR SESSION 4 REVIEW OF THE ACTUARIAL EVIDENCE STANDARDS Brian FitzGerald, Normand Gendron, Ian Karp, Nancy Yake September 9,
2 AGENDA Goals for review Process and status Summary of Notice of Intent and feedback Discussion of key issues Comments from practitioners 2
3 WHY? Part of ASB s mandate to continuously review all Standards to ensure that they remain appropriate. No significant changes to AE Standards (except 4300) since CSOP adopted and ASB established. (All other Standards have been/are being reviewed by the ASB). Review suggested by Committee on Professional Conduct, following CIA Disciplinary Tribunal decision in Need to improve for broader scope of AE work. Increasing judicial and legislative focus on role of expert witness. 3
4 GOALS FOR ALL STANDARDS Advance public interest. Provide for professional judgment within a reasonable range. Enhance consistency with General Standards and other Practice-Specific Standards. 4
5 DUE PROCESS FOR ALL STANDARDS Step 1 - Notice of Intent (NOI) Step 2 - Exposure Draft (ED) draft wording for proposed Standard Step 3 - Final Standard (or revised Exposure Draft) 5
6 DUE PROCESS DESIGNATED GROUP (DG) Role of DG identifies issues, drafts NOI, ED and final Standard for ASB approval, consults with stakeholders and reviews input received DG for AE Standards Brian FitzGerald, Normand Gendron, Jay Jeffery, Ian Karp, John Tarrel, David Wolgelerenter, Nancy Yake (chair). Additional resources Chris Fievoli. 6
7 DUE PROCESS FOR AE STANDARDS Step 1 - NOI prepared by DG and published by ASB on May 11, Eight submissions received (one from the CIA Actuarial Evidence Practice Committee, four from individual FCIAs and three from external groups) - Input also received from CIA s legal counsel. 7
8 Step 2 - Exposure Draft currently being prepared by DG (taking into account input received on NOI) to be distributed to CIA members and other interested parties once approved by ASB. Step 3 Revised Exposure Draft or Final Standards to be prepared by DG. 8
9 NOI Proposal Overview - No significant expansion of Standards or narrowing of range of practice. - Continue to recognize significant differences by jurisdiction. Feedback General agreement. More principle-based and less detailed Standards, similar to ASOP 17. Proposal complies with ON rules of civil procedures. Clarify qualifications needed for AE work (e.g. professional negligence), and who to contact for guidance 9
10 NOI Proposal Scope - Define as work as independent expert in dispute resolution proceedings or in certain situations with two or more parties with diverse interests. - Examples included (some involving other practice areas). Feedback Scope is much too broad and will cover significant insurance and pension work. Clarify definition and narrow scope to adversarial situations. Add examples of what is not AE work. AE Standards should be independent of practice area and product. 10
11 NOI Proposal Scope continued Feedback Valuation of contingent interest in estate and life insurance policies should not be included as AE work. Include wrongful dismissal suits as AE work. Consider concept of litigation privilege as it applies to lawyers. 11
12 NOI Proposal Scope - Add links to General Standards (1120 and 1440). - Distinguish between factual versus opinion evidence. Feedback Add definition of AE Work to Actuary will almost always be an advocate. Recognize some advocacy. 12
13 NOI Proposal General Considerations - add guidance re circumstances of the work, role of the actuary and reliance on others. Feedback Clarify implications of 1320 for AE work (conflict with law). Review re unusual situations and appropriate disclosures. Guidance re terms of an appropriate engagement should be in an Educational Note. 13
14 NOI Proposal Assumptions - Clarify guidance where assumptions prescribed by law, engagement, etc. - Add guidance re application of 1720 (best estimate, consistent and independently reasonable assumptions) Feedback No prescription of assumptions and no prescription of approaches for application of Permit reliance on others for assumptions. 14
15 NOI Proposal Testimony - Expand definition of testimony to include oral evidence in any setting where possible cross examination. - Broaden references to courts. Feedback Testimony should include arbitration situations, and concept expanded to include all written expert reports and preparatory work. Focus on written reports. Should not disadvantage actuary versus other experts. 15
16 NOI Proposal Court Practices - Add a definition of court practices, referencing rules of civil procedures and other requirements in various jurisdictions. Feedback Ensure definition is broad to include all relevant settings and proceedings. Do not define. 16
17 NOI Proposal Reporting - More clearly define external user report. - Possibly expand list of disclosure requirements (dates, wording for multiple scenarios, summary of key terms of engagement). Feedback Add requirement to describe any conflict of interest. 17
18 Other Feedback Remove English and French inconsistencies, improve French translation, and change name of Standards in French. Move definition of capitalized value to General Standards. Make wording changes to several sections of part
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