Completing and Using Schedule P

This paper explains data required for Schedule P and how the exhibits should be completed. It describes how Schedule P data allows prospective analyses of loss reserve adequacy, using both paid and incurred loss development. Moreover, it discusses uses of Schedule P information such as the risk-based capital formula, the Statement of Actuarial Opinion, and the IRS loss reserve discounting procedure. KEY WORDS: Accounting, Exams - Part 7, Exams - Part 7C, Financial Reporting, Statutory, Reserving, Schedule P Reserve Tests.