AndrewL
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Hello @Staff-T1, I am not very convinced why the MAX Loss=3 milion. Can you please explain? Suppose we reinsure 10,000 risks. The aggregate losses on the 10,000 policies could equal say 10 millions. The first minion goes to deductible. WE have…
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Thanks @graham But in the screenshot above, it is written the stressed score measures impact of second catastrophe. Can you please clarify?
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Hello, I had the same question as @evammmmai Why does the solution calculates (100-200) Thanks!
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Hi @graham, you said above that BCAR does not test second CAT longer. I understand that second catastrophe on BCAT is no longer on syllabus. But does it still exists and is just not within syllabus or does not exist at all? Thanks!
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Particularly, in the similarity: Both test for multiple events. I agree how FCT still does this. Where did we do that on BCAR?
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Thanks @Staff-T1 * So to reiterate, suppose RA for Non-financial is $1000 and expected loss =$3000 If we cede 50% of losses, we would cede $1500 of losses and ALSO cede $500 of Risk Adjustment? * Can you also please explain that sentence ag…
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Hi @Staff-T1, Thanks for your response. How does point 3) holds for territorial relativities. From FSCO PPA We say that territorial changes cannot exceed +/- 10% current rates.
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Hello, I went to the Fall2023 syllabus and could not find a link for the excel files. Could you please indicate where to get it?
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Hi, What is "Major" filing? Is it a subgroup of either Prior approval or use and file? The battlecard card says "always" Is certificate of officer always required for all filing [Prior approval, use and file] or for Major only?
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Also, is it mandatory in ON? What is the difference between OPCS44R and uninsured Automobile coverage?
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Hello, What is the difference between MOTORIST and AUTO?
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Thank you very much for your response @Staff-T1. I think I do not truly understand what AIC/ARC stands for and how RA work. * From my understanding, AIC and ARC are for reinsurance held. Insurance contracts issued always have LIC and LRC (No…
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We either record it as part of LRC in the SOFP or as expense in the Statement of Financial performance (This is Income Statement?) right? It would not make sense to expense it and add it as liability.
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The wiki also mention something in the same line as well. Is my understanding incorrect?
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Thanks for your response @Staff-T1. Could you please elaborate on how the above 3 points(As mentioned in the wiki) make the insurance revenue and EP different? Thanks, Andrew
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Thank you @Staff-T1 . Could you please explain why the concept of onerous does not exist for reinsurance contract held? This confuse me for the following reason: * It implies all reinsurance contracts held would be profitable. * Does…
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Hello, I am refering to this comment: I do not understand why we would need to add net expenses FROM reinsurance held and how "FOR" would change the nuance. Thanks!
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Hello @graham, To reiterate, the PAA LRC formula for non-onerous = UEP - DAC. Is that correct? If this is the case, could you please update the formula in CIA.IFRS17? Might prevent other students getting confused. Thank, Andrew
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Thank you! And probability weighted Cash flow=estimates of future cash flow that are undiscounted?
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Hello @graham, I believe the pop-quiz in the CCIR Instructions should be update to MCT Ratio=100% instead. Please let me know! Thanks, Andrew
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Hello, Can you please explain the difference between new and updated model validation? This is my take on it: * New model: We have a new model at time t. Run the model with data up to t-1. Compare the actual and projections of result at t…
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Hello, * How do we know that 20.12 and 20.14 related to LRC and not LIC?] * Since both 20.12 and 20.14 related to LRC, where are the corresponding sheets for LIC? * Is LRC under 20.14 using PAA or GMM? Thanks, Andrew
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Hello @Staff-T1 and @graham, Thanks for the insightful conversation. I agree that ROR should exclude capital gain. Please let me clear summarize the whole conversation: * Aug 2018, Graham Said that when we see Net Investment Income, capit…
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Hello @Staff-T1, you said above that assessment fee is used to replenish compensation funds. According to Wiki, fundings are AC-3. It seems to me you imply that Assessment Fee and Contribution Fund are the same. Can you please clarify?
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Hello, @chrisboersma mentioned above that Primary Insurer can commute NEW Claim to reinsurer. Could you please explain further what this mean? Also, graham mentioned that reinsurer pays commutation price to insurer, which makes sense In the…
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Hello, could you please clarify the CAS solution "GAAP has recognized certain assets such as deferred policy acquisition costs, while SAP treats it as expense when incurred" My understanding is that if we acquire a policy, we incur a cost. Instea…
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Hello, where can I find Appendix A-D?
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Hello @graham, Could you please explain why the storm event made the entity different after calculation, but the Judicial one made the entity different before calculation? If I use your above statement "Does the event imply the entity was diff…
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Hello, We have that reinsurer expenses should not be included in the analysis for risk transfer. We are told that the reinsurer expenses are 20% of the premium. How can the CAS solution say that the reinsurer expenses are not included in the ris…
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Hello, After reading the above discussion, my takeaway is that commutation removes the reinsurer liability. I am a bit confused on how @olidude3121 second point being valid. I though the reinsurer no more has liability and would not need to pa…