Staff-T1
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I would say they are probably valid for either question
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Hi, So let's check what the source material says: On initial recognition, the carrying amount of the liability is: (i) the premiums, if any, received at initial recognition (ii) minus any insurance acquisition cash flows at that date (iii…
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The reinsurance agreement is only effective for AY 2013 and later. You wouldn't apply the QS on AY 2012 as you have above
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Yup this seems a bit right - Although you don't have to rebase the current and proposed differentials so you can save some time there. But there is nothing wrong with what you just did
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I think it shouldn't be there in the CIA-IFRS17 paper. the CIA-IFRS17 paper does not specifically mention reinsurance recovery. In CIA IFRS17-2 it states: Reinsurance non-performance risk is reflected through a reduction in the present value of fu…
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No, I don't see it in BA or in the syllabus
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Yup they are interchangeable
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Yup but you are given the Net Loss Ratio rather than the Gross Loss Ratio so it's impossible to calculate from scratch
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I would use the BA link: https://battleactsmain.ca/FC.php?selectString=**&filter=both&sortOrder=natural&colorFlag=allFlag&colorStatus=allStatus&priority=&prefix=all&suffix=all§ion=all&subSection=all&subse…
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Tbh I think the battle card is not really clear here. It's more of saying for each of (FARM, RSP and UAF) these are the ways to determine your participation ratio. For example, I wouldn't consider "UM claims" as a class of business. I believe the 5 …
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* Guarantees benefits to injured employees * Protects employers from the risk of being sued due to negligence
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Yup you have it spot on
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We contribute less to the fund when it is in a big surplus because it is financially strong. We contribute more to the fund when it is in deficit/ low surplus because it is in a financially weak position "it sounds like we contribute more when t…
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When doing a Peer Review, the Peer Reviewer will go through the AAR and assess it for reasonability (i.e. procedures, selections, methods). They will not recalculate IBNR. For validation, they just assess the method used by the AA to verify controls…
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Yeah that is right
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Your CSM would be recalculated at the end of the coverage period. If your FCFs are coming in higher than expected then I guess your CSM on the asset side will decrease (or be 0 if you are at the end of your term). On Page 17 of the LRC note, you'…
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To be honest, I am not sure. This is not in the syllabus so while it is a nice to know, it won't actually help you to pass the exam ~ There are talks to have flood coverage available to everyone in Canada but that is not the case as of now
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So I'm not sure what you mean by this because under PAA LRC there wouldn't be a CSM. CSM is only applicable when you are under the GMM approach
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Here you go
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In the other IBC paper, it is kind of alluded that the UK model is a high risk pool. Are they Successful? Kinda I guess? It's ambiguous
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To your first point, it should be wouldn't cover unless there's new government investment. Also, I wouldn't say they are going to cover regions with a smaller than 1 in 75 year probability of a flood unconditionally - but coverage is there. Every…
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Whoops yeah it's still on the syllabus. I was looking at landmark cases. Thanks for the catch
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Insurers would only continue to cover regions with a greater than 1 in 75 year flood probability if the government improves infrastructure. Reinsurance will cover losses up to a 1 in 200 year event. For example, if a 1 in 200 year event causes 1B of…
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If you have a negative surplus it means your Technical provisions + SCR < 0. This will probably trigger regulatory action similar to how going below 150% on your MCT will trigger a review. So yes I think you can go negative
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This case is no longer on the syllabus so I wouldn't bother
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Oh yeah whoops. I've read the IFRS17 notes again and willm7 is right. Disregard my earlier comment
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It should be direct earned exposures
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The FA is not the regulatory board of the province. They are just an insurer of last resort. Consequently, I think they have to go through a rate filing and all the other bureaucracies just like regular insurers when they want to charge a different …
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BC and SK have a hybrid system with no fault and tort. No fault system just refers to the system in which claims are handled. If you are involved in an accident, your insurer will pay out compensation regardless of whether you are at fault or not. I…
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Please refer to the following discussion: https://www.battleactsmain.ca/vanillaforum/discussion/710/formula-for-fcf#latest