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The first property/casualty Statement of Actuarial Opinion (SAO) requirement related to loss reserving was adopted by the NAIC in 1980, which led to a surge in the demand for casualty actuaries generally and consulting actuaries in particular. The developments in the SAO affecting the actuarial profession have been astounding when viewed in retrospect.

This paper provides a retrospective history of the evolution of the SAO and solvency regulation in the United States, providing commentary and perspective on how actuaries have been challenged and contributed to that process. In addition, the value added by actuaries to the insurance industry, regulators and the general public is highlighted. We begin the journey in 1979.