 CASUALTY AND RETIREMENT PLANS ACTUARIAL CONSULTING SERVICES
What can a consulting actuary provide? Actuaries estimate funding levels for insurance and retirement programs. An analysis of past and future liabilities is necessary to ensure proper financial reporting and program funding. There are several standards that establish specific criteria, which an analysis from Sigma Consulting Corp. will satisfy.
To ensure governmental entities properly report and fund self-insured programs, the Governmental Accounting Standards Board (GASB) issued Statement 10. This statement establishes accounting standards which governmental entities must follow in reporting of risk financing and insurance related activities. One of these requirements includes an estimate of costs relating to incurred but not reported claims. Using actuarial techniques, Sigma regularly estimates these costs for school boards, cities and parishes/counties.
The Financial Accounting Standards Board (FASB) issued Statement 5 to address similar issues for publicly traded corporations and privately held companies. The primary purpose of this statement is to ensure that financial statements properly reflect the current financial conditions by including liabilities for all property and casualty lines of coverage.
The American Institute of Certified Public Accountants Statement of Position 87-1 applies to all health care providers. Its conclusions state that the ultimate costs of malpractice claims should be accrued when the incidents occur that give rise to the claims. A report from Sigma can provide a reasonable estimate of reported and unreported liabilities.
Sigma's Casualty Actuarial Consulting services include the following:
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