2019 S 25 d/2014 S 31/2014 F 34: I guess this is a trick question, bc they are not giving full details of the FCIA - but you'd have to see if the specific condition listed is broken?
Here are the extra ?ns I had:
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1) Does consulting experience count? (Other thread says no)
2) Is 1 yr val experience required for peer reviewer (like AA)?
3) 2+ unrelated companies for PR (if you had worked for same company >3yrs, does that count as 1?)
PeerRev/Auditor/AA conflict of interest: there are only a handful of consulting companies in Canada. All three have to be different companies? (I understand AA/PR not allowed - there are only a handful of consulting companies...)
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The peer reviewer is expected to meet the same qualification standards as the AA.
1) When looking at the AA qualifications outlined in the document, it does not explicitly exclude consulting experience, so if the consulting role included relevant valuation work, it might be considered. However, some interpretations may exclude consulting if it does not involve direct valuation responsibility. I don't have a definitive answer to this right now.
2) Yes, peer reviewers must meet the same qualification standards as the AA, which includes at least one year of valuation experience in Canada.
3) OSFI expects a peer reviewer to have experience with two or more unrelated insurance companies to ensure familiarity with different actuarial practices. If someone worked at the same company for more than three years, it would count as one company, so they would need experience at another unrelated company to qualify.
4) The guideline emphasizes independence. It states that:
The AA and the peer reviewer cannot be from the same consulting firm.
The peer reviewer can work for the external audit firm, but large/complex companies should hire an independent reviewer.
The AA and peer reviewer must be different individuals, and an actuary involved in the company’s valuation work cannot serve as the peer reviewer.
Since there are only a few consulting firms in Canada, this may limit available options, but the independence rules must still be followed.
Comments
1) Yes
2) Yes there needs to be reserving experience in there. The peer reviewer should meet the same qualifications required of the AA
2019 S 25 d/2014 S 31/2014 F 34: I guess this is a trick question, bc they are not giving full details of the FCIA - but you'd have to see if the specific condition listed is broken?
Here are the extra ?ns I had:
**
1) Does consulting experience count? (Other thread says no)
2) Is 1 yr val experience required for peer reviewer (like AA)?
3) 2+ unrelated companies for PR (if you had worked for same company >3yrs, does that count as 1?)
PeerRev/Auditor/AA conflict of interest: there are only a handful of consulting companies in Canada. All three have to be different companies? (I understand AA/PR not allowed - there are only a handful of consulting companies...)
**
The peer reviewer is expected to meet the same qualification standards as the AA.
1) When looking at the AA qualifications outlined in the document, it does not explicitly exclude consulting experience, so if the consulting role included relevant valuation work, it might be considered. However, some interpretations may exclude consulting if it does not involve direct valuation responsibility. I don't have a definitive answer to this right now.
2) Yes, peer reviewers must meet the same qualification standards as the AA, which includes at least one year of valuation experience in Canada.
3) OSFI expects a peer reviewer to have experience with two or more unrelated insurance companies to ensure familiarity with different actuarial practices. If someone worked at the same company for more than three years, it would count as one company, so they would need experience at another unrelated company to qualify.
4) The guideline emphasizes independence. It states that:
Since there are only a few consulting firms in Canada, this may limit available options, but the independence rules must still be followed.