Cirdan’s client did not have an in-house actuary with the qualifications to serve as their Appointed Actuary.
- Cirdan’s staff filled the role of the Appointed Actuary for the health plan and prepared the required documents including:
- Actuarial Statement of Opinion
- Acutarial Memorandum
- Required Report to the Board
- Cirdan prepared the estimates of actuarial liabilities recorded by the client. This analysis included evaluation of:
- The liability for incurred but not reported claims
- Risk adjustment settlements
- Provider Value Based Contract settlements
- Medicare Part C and Part D settlements
- The need for a Premium Deficiency Reserve
- Cirdan supported the client through the review of the actuarial items by it’s external auditors, and review by the state insurance department
By retaining Cirdan, our client had seasoned actuaries with many years of experience working with the valuation of health liabilities and statutory reporting , and experience working with auditors. The costs related to the consulting project were a fraction of the the cost of hiring an in-house actuary with the appropriate qualifications.