chrisboersma
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I just noticed the official solution is actually a rate decrease: (0.7981/0.850 x 52 + 1.0088/1.000 x 36+ 1.1537/1.05 x 23) / 111 = 99.47% or -0.53% decrease or $586,000 loss (profit loss)! It didn't cross my mind until I compared my solut…
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Page 18 of Subsequent Event Paper [1820.33, 1820.35 is on the decision tree] If the omission of data is discovered on August 16, which is usually after the report date, the event is not classified as a subsequent event and the actuary would pr…
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Stat Surplus, Adjusted Equity, Collectively referred to as 'Equity': (page 2 or 10) MSA Ratios Statutory Surplus = assets - liabilities - reserves required Adjusted Equity P&C-1: Adjusted Equity (OSFI) = total equity - cap.req for cat a…
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@javid - thanks this makes more sense.
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Baer: There is an important concept from page 73 in the source reading regarding the promotion of solvency through federal and/or provincial legislation. Mcdonald Recall the discussion of federal and/or provincial legislation fro…
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As per page 70.60 the deduction (or subtraction, or reduction, or removal of etc.) we are referring to is column 44: Acceptable collateral in excess of recoverables (39-20-22-24+26) where positive And you can see it is being deduct…
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The margin is 20% of “Unearned premiums ceded to assuming insurer” and “Outstanding losses recoverable from assuming insurer” (collectively, “ceded policy liabilities”). The margin requirement for each unregistered reinsurer may be reduced to a mini…
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yes Also, you'll find these problems significantly easier when you start by calculating the "shortfall in collateral" right off the bat (no deduction required if there is a negative shortfall): [2] + [3] - [1] (Unearn + Unpaid + Rec) - …
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Yes your calculation is A deduction from the MCT guide, but it is the deduction for "Capital Available", which is actually a given in this particular question. The question does require we calculate the deduction from the "margin required for unreg…
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I'm not sure I follow specifically what you're asking, but I have the following chart which shows all the places on the balance sheet that reserves impact. Gross Capital Available is just an intermediate calculation on the Balance sheet: 30.6…
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So I reviewed the actual P&C-1 filings for several companies who are actually using catastrophe reserves. It appears the instructions are being follows as described. I think seeing how they all happen simultaneously will help some people under…
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Main point: All Fair Value options are designated as Held-for-trading (immediately book unrealized gains to net income), but not all Held-for-trading items are Fair Value Options. Financial Assets and Financial Liabilities Held-for-Trading: …
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The definition of capital available to be used for this purpose ... includes qualifying criteria for capital instruments, capital composition limits, and regulatory adjustments and deductions. The definition encompasses capital available within all …
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Short answer: Max DPAE is already accounting for all discounting. Max DPAE = Equity in Unearned Premiums = Unearned Premiums Assets - Unearned Premiums Liabilities(discounted) OR DPAE = UEP - APV(Premium Liabilities) Th…
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15th Edition:
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all it is trying to say is that: [1] 5000 = min(30% x (A+I), 8.5% x (A+I) + f(DWP,GWP,CWP)) = 8.5% x (A+I) + f(DWP,GWP,CWP) Or that 8.5% x (A+I) + f(DWP,GWP,CWP) is not capped by 30% x (A+I) so we can safely ALWAYS use and assume Opera…
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When I took that exam, I miss-read this one and thought it was just one province and I think I referred to the BC case.... oops. This is another interesting twist on the question and if it didn't specifically refer to Canada then it would be a very…
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Have you gone through? http://www.cia-ica.ca/docs/default-source/2017/217027te.xlsx?sfvrsn=0 App A Sh4 This is likely how the CAS would want to form the exam questions. They calculate both effective and modified durations. modified = (Ma…
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Thank-you that helps Adjusted Unearned Premium - yes, but would be useful to add to the BattleAct pages (and potentially BattleCards) - because it simplifies the problems (concept) substantially and is no longer part of the new materials. The …
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Optional benefits: Risk-splitting benefits, where indemnities may be based on a subset of the total farm production for a given agricultural product. Risk-splitting might split the farming operation into 4 field (not sure how this work…
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It probably best to not dig too deep... If you do you end up here: Much of the way things are broken down depend on the financial statements. It often makes more sense if you can find the lines on the P&C docs and follow along. The "Earth…
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Any references to 1.025 are incorrect (they should say, 1.0235), however if you work out the math they actually used 1.0235 (not 1.025 shown) so the answer in still correct.
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Appointed Actuary: Legal Requirements, Qualifications and Peer Review It is essential to the integrity of the peer review process that a reviewer be, and be seen to be, objective. The reviewer should, therefore, have no relationship with the …
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OFSI Interference is Defined and described in "Target Capital" Paper. It has no specific involvement in the DCAT analysis (which is a specific analysis that relates to SOP 2500). Regulator actions would be considered as part of any ripple effects …
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Question A asks: Explain whether the insurer's financial condition is currently satisfactory And the answer is always the same as the usual DCAT answer: Sample 2 Yes, it is a good financial condition since he is able to meet all …
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Thanks - glad to confirm it wasn't clear
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Covered Lines of Insurance : Commercial property/ casualty insurance, including excess insurance, workers’ compensation, and surety but excluding crop insurance, private mortgage insurance, title insurance, financial guaranty insurance, medica…
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Excess & Deficiency always require a INITIAL reserve to compare to. There can be no reserve shortfall if no reserves are set. Initial reserves for AY 2015 are set on Dec 31, 2015 and as such deficiency of said reserves = $0. CY 2015 ends …
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Not referenced on the exam. Current regulations Initial Rate Change Requirements * On an all coverages combined basis, the proposed overall rate level change must be less than or equal to 0.0%. * Any existing territorial base rate or…