Guidance Note GN12: General insurance business: actuarial reports

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This Guidance Note was issued in August 1987 with a requirement for it to be reviewed at the end of 12 months in the light of the experience of members using it. Specific submissions on GN12 have been received from the London Market Group, the Faculty of Actuaries and the Institute of Chartered Accountants. There have also been some comments made by individuals including the reportage of the discussion at Harrogate.New guidance (Advice on Professional Conduct - APC3) to clarify the linkage between the Memorandum on Professional Conduct, Bye-Law 66 and the Guidance Notes (GN Series) has been drafted and, it is believed, may be issued in the not too distant future. In the light of the discussion which preceded GN12 (when the initial concept was one of "Notes of Recognised Practice") and those which took place subsequently, APC3 is an important development which might have influenced some of the submissions made if it had been previously promulgated. Section 2 outlines the contents of this draft advice.This report has been prepared by the author at the request of the General Insurance Committee and its recommendations will be considered, alongside any comments made at the Brighton Convention, at the next meeting of that Committee.