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ACTUARIES THAT HAVE YOUR BACK: You’re an independent auditor, and intimately familiar with professional accounting standards. But do you speak “actuarial”? L&E’s actuaries can support your audit projects in several different areas:
- Property & Casualty Insurance
- Pensions
- Other Post-Retirement Benefits
- Life Insurance
- Health Insurance
L&E has over 25 credentialed actuaries to assist in the review of these types of liabilities, and we have experienced and trained staff to support our practice. More specific information regarding our proficiency in each area of practice is provided below.
Property & Casualty Insurance: We will review the loss and loss adjustment reserves established by the audited entity. L&E actuaries have provided similar audit support as part of our state regulatory practice, where we assist state insurance departments in their financial examinations. L&E actuaries also estimate the loss reserves for several insurance companies and self-insured corporations.
Pensions: We will help you render an opinion on the reasonableness of your client’s determination of its contingent benefit liabilities. L&E actuaries have intimate knowledge of FASB Statements 87, 88, 112, 132(R) and 158. Depending on the scope of your review, we can do as little as reviewing the plan actuary’s methods and assumptions, or as much as a complete replication of the valuation.
Other Post-Retirement Benefits: L&E actuaries have significant experience with assessing the liability associated with post-retirement medical, dental or vision benefits, as well as post-employment salary continuation, severance, and other supplemental benefits. We are very familiar with the requirements of FAS 106 as well as GASB 43 and GASB 45.
Life Insurance: If the audited client has life insurance in force, L&E actuaries will verify that the reserves carried are sufficient to meet the future obligations when they are needed. L&E has significant knowledge of various life insurance products, ranging from final expense / pre-need coverages to high face amount level term insurance and universal life contracts. L&E has assisted in the financial examination of over 50 life insurance companies during the last 10 years.
Health Insurance: L&E actuaries have assisted in the financial examination of numerous companies with health insurance exposure. We have helped design and establish liabilities for several types of accident and health (A&H) product, including hospital-surgical, managed care, major medical, disability (short term and long term), Medicare supplement, long term care, and critical illness.
ACTUARIAL ADVANTAGE: L&E consultants provide high quality, low cost work products. One of our greatest strengths is our ability to communicate technical and complex concepts in a clear, concise manner. We look forward to working with you in your role as an auditor.
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