Battlecard questions
My question came from the follow battlecards:
#1:
"Examples of areas where Actuarial Certifications are required (4)"
Agricultural Insurance Production Programs
Risk Transfer Analysis
Valuation of Reserves
Rate Filings (certain aspects)
Could you please explain where in the wiki is the actuarial certifications for [Risk Transfer Analysis, Valuation of Reserves, and Rate Filing] is being discussed?
#2:
"Examples of areas where stochastic models are used"
Agricultural Insurance
- for adverse scenarios in self-sustainability model
DCAT scenarios
- when risk distribution is easily inferred
MfADs
- where the cost distribution is skewed, and deterministic methods may not work well
Is MfAD answer still valid under IFRS17?
Comments
Sometimes I put new factual information in the BattleCards that isn't in the wiki. This is to avoid cluttering up the wiki. I know that sometimes people don't like that. I tend to do it less in the newer articles. That agriculture article was from a long time ago.
About the second BattleCard:
It's sometimes hard to know what to do because the given answer is from the reading. The problem is that the agriculture reading is out of date. Technically, DCAT should be FCT, and MfADs should be replaced with the IFRS 17 equivalent.
But that's more an issue for the CAS in terms of updating the readings so they are consistent with each other. (The agriculture reading is from 2014.) I'd rather not start trying to guess what the updated answers should be - especially since the agricultural programs discussed in that reading are out of date themselves. In particular, the program Growing Forward 2 doesn't even exist anymore. It ended in 2018 and was been replaced by the Canadian Agricultural Partnership. This reading should have been removed from the syllabus in 2018. I've let the CAS know but I they did not respond.
1) These are just examples of where actuarial certifications are required. The wiki doesn't go into specific details since they are covered in other sections.
2) No, but MfADs should just be replaced with Risk Adjustments (MfADs under IFRS 17) @graham
thanks both, but I still am unable to find other sections that discussed the use of actuarial certifications, even using the search bar.
Actuarial certifications are any reports in which an actuary provides an opinion -> I don't think Graham explicitly states it in other sections. For example, AA reports and filings require a certified opinion from an FCIA