chrisboersma
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discounting the loss ratio means we account for time-value of $'s Premium are paid in advance: $ unearned --> paid later --> Premiums [revenue] PLUS investment income from premium reserves [revenue] Claims are paid later: $ unpaid --> dis…
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You are correct. That is not a incorrect reference here. While Somersall discusses some subrogation issues it's only in the context of the insurer's ABILITY (or loss thereof) to recover rather than the insrued's ability to DOUBLE recover. By stat…
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There are only about two companies who acquired any significant deficiency in the last 10-years: Note: Page 20.30 is reported as YTD. Also, line 20 on page 20.30 is deducted from income. Company codes come from OSFI https://www.canadianund…
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What about? Line 20 (Page 20.30): Premium Deficiency Adjustments Part of Underwriting Income (Loss) Line 20 – Premium Deficiency Adjustments Adjustments to any premium deficiency liability reported on page 20.20, line 15 must be reporte…
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In Question 17: Financial Resources = 55,000 55,000 = EPR + 10% E + ReIns 55,000 = 29,600 + 10% E + ReIns However, we don't really care what 10% E and ReIns is because all we need is EPR + ERC: ERC = PML - FinRes EPR = Given Earthqua…
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EPR is part of reserves and is optional ERC is part of reserves and is mandatory (or calculated as per regulation - see 4.5.1) The calculation for ERC deducts EPR because it is a financial resource. ERC is not (it is a earthquake adjustment). Thu…
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BTW, I think t would've been more clear if the three criteria to assess a government insurance program were listed as * Does the program make the public's life better? [Necessary?] * Is is actually insurance? * Did it work? …
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To be clear 4.3.3.3 included and includes: Step 1: Computation of excess collateral (reference P&C unregistered reinsurance exhibit of the P&C Returns) Step 2: Reduction in capital required for excess collateral (The capital require…
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undiscounted so we can ignore the discounting and PfAD adjustments.
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Some optional - light reading There's some interesting content that the courts commented on, but isn't picked up by our reading. It actually helps contextualize the reason/purpose for the cap. It also explains why it is unlikely to go away. …
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Tort Reform: Some legal groups agree with this approach. Jamie Chipman, a partner with Stewart McKelvey Stirling Scales and president of the Canadian Defence Lawyers Association, says there is a need for clarity. It’s necessary to finally be…
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mfAD paper: Actuaries are reminded that the purpose of margins for adverse deviations in an analysis of policy liabilities is to reflect the degree of uncertainty of the best estimate assumptions. Thus, the margins for adverse deviations are n…
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you want to calculate the risk (or PfADs) in relation to expected claims from the premium not the premiums themselves. Claims are calculated as: (Premiums - Future.Re) x [Loss Ratio]. The exam confuses this particular question by using such a la…
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g. subject to subsections (2) and (3), an impairment or combination of impairments that, ... results in 55 per cent or more impairment of the whole person; or f. subject to subsections (2) and (3), an impairment that... results in a class 4 impai…
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Total Incurred Losses = Total Paid + Total Unpaid Losses. Delta Incurred (Income Statement) = Delta Paid + Delta Unpaid Delta Paid <==> Paid Delta Unpaid <==> CY Unpaid - PY Unpaid Incurred = Paid + Delta Unpaid Incurred = Paid …
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My main point: memorize the respective provinces regulatory regime based on materials provided. Learning the following is far too time consuming and providing a text-book answer is a lot easier then trying to explain a "good answer". In the end, a…
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intuition says its wrong, but policy wordings say ok In these cases it's important to consider the policy wordings and contractual rights. Subrogation is merely a legal agreement to transfer recovery rights from one party (injured) to anoth…
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The challenge relates to the wording of the MSA ratios vs. P&C-1. MSA refers to "Investment Income less Gains" and P&C refers to "Net Investment Income". So depending on the section the wording might be different. (For a technical paper, t…
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That is correct, but unless someone filed a appeal we don't know how they would've scores a "perfectly worded" financial negligence clause. The reference to negligence was an "eg", which suggests it may have been clear, but I suspect the answers he…
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It's important to realize most of this sort of content is based off off of the P&C-1, which you should be very familiar with. The names are often common: "Capital Available:" with colon. [Header not a Line #] "Subtotal: capital available gro…
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arg - Thanks - missed that typo 3x
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I made it based on "BCAR = 1 - 1.5/MCT" adding in the BCAR cutoffs: 0 = strong, 10 = very strong and 25 = strongest
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Young v Bella the Director of the School of Social Work, who, without seeking an explanation from the appellant, sent a “suspected ill‑treatment” report to the Child Protection Services (“CPS”). Consequently, unbeknownst to the appellant, the…
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It would help if we were provided what Invested Assets are: Invested Assets means cash, Cash Equivalents, short term investments, investments held for sale and any other assets which are treated as investments under GAAP. Note: this se…
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In general for MSA the answer will always be the same: Because MSA said so. Don't obsess over the logic here, MSA is a Canadian company that decides how they do things - they've excluded gains from most of the "income" based ratios (NPE and Revenue)
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Market value is a type of book value If the book value of the investment portfolio is insufficient to support the net policy liabilities, then the expected yield on other (non-investment) assets would be considered. A blended rate would be est…
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The page before the flow-chart has a nice detailed explanation about materiality and disclosure. From an auditor’s perspective, an adjusting event that is not material does not have to be reflected and a non-adjusting event that is not materia…
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Question 19E: After the report is completed, but before the presentation to the Board is made. Ok that makes more sense: The report date is defined as the “date on which the actuary completes the report on his or her work. It usu…
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It's worth pointing out this is very similar to answer as 6US Fall 2015 - 16B [Which is based on NAIC] NAIC is very clear that: * Information that becomes available prior to the issuance of the financial statements relating to a mat…
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@graham - are you able to explain the CAS solution/logic here. I have no clue how I could've gotten to the CAS solution given the materials provided? Or is there anyone who can explain this to me? I unsuccessfully appealed this question: …