suomi
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From examiner's report: I also saw the unearned premium used to get the maintenance expenses on other problems as well, see Spring #14, 2018. Is there a reason this was used? Or is this another case of CAS inconsistency Good thing they acc…
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For Spring 2018 Q15, based on this conversation, the proper wording should be: Calculate the excess (deficiency) amount for CY 2016 as it was on Dec 31, 2016 using data available as of year-end 2017. Please confirm
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I got it from the BattleTable from the wiki. Maybe the examiner report has been updated? Edit: looks like they do update examiner reports The one on CAS website is different than the one from the link in the wiki, they also use the correct …
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There is an error in sample solution 2: I think the factor for PV(@2.5%) should be 1.025^(0.5-1/3) correct? That's how it's taught in the wiki.
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so in otherwords... * Review Annual Return * Review parts of the Quarterly Return that OSFI may specify Please confirm that's the correct interpretation?
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The reason I ask is because of the Duties of the Audit Committee. 1. Review the Annual Statement 2. Review company returns as OSFI will specify I thought company returns meant the Annual Return. Is "company returns" the same as Income Statement?
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yes, street-hailed passengers are excluded so it doesn't matter what coverage period they are in I believe
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Just to confirm, the current reading for PACICC still contains the old limits? We won't be penalized if we use the new limits correct? 400K Auto and 500K Homeowners and 2500 Unearned Premium.
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4K is Alberta 3.5K is Ontario
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You haven't earned the commission yet, so it's a liability. Once it's earned I think you can recognize it as ceded commission income
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Does the Peer reviewer review OSRA?
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I guess it's just strange to me that non-pec awards even though they are capped would still be driving the cost. I guess if there wasn't a cap, then Auto insurance would virtually be unaffordable if it's this bad already with a cap?
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Ahh sorry my brain is tired, I think I meant to ask doesn't AB already have a private sector model? I thought only BC, MB, SK, and QC have public auto?
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So one of the goals of Alberta Auto Reform is that they want to transition to a private sector delivery model, and currently they have a hybrid model. They also want to transition from their hybrid model to a pure no-fault model. Is pure no-fault…
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I see so when we are calculating for DPAE, we are actually calculating the Max DPAE. The actual DPAE is some random number the accountants book right? and that number can't exceed the Max DPAE that the actuaries calculate?
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If you have a PDR, then your DPAE is 0 and vise versa. You might be referring to Premium Liabilities where DPAE/PDR is a component.
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@Staff-T1 So for a non-onerous contract under PAA, can we front-load the profit? Ex. If our PAA LRC = -500 means we have a profit of $500 on the remaining portion of our contract, are we allowed to book it as profit immediately since there is no c…
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@graham does the ceded loss ratio have anything to do with the reinsurance premium swings? The insurer's loss ratio being bad doesn't necessarily mean the ceded loss ratio will be bad. Ex. they can have an XOL policy and they accumulate losses that …
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I think this is getting a bit confusing. I was hoping we can break this down... For onerous contracts: 1. GMA LRC = LRC(ex LC) + LC 2. PAA LRC = LRC(ex LC) For non-onerous contracts: 1. GMA LRC = FCF + CSM 2. PAA LRC = UEP - Prem Receivabl…
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For Group A-2, since it is onerous, we have LC = GMA LRC - PAA LRC, does this imply if a group is onerous, the GMA estimate of LRC will always be > PAA estimate of LRC?
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Trying to understand the Formula. Let's say we have commissions = $100 (and we recognize $20 as an expense immediately and defer the rest of the amount) and Premium = $200. Under PAA, LRC (at initial recognition) = 200 - 80 = 120. What are e…
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can someone share their answer for assuming maint expenses has the same duration as premium liabilities? I get 1038 is this correct?
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Ahh yes sorry, suppose this was using GMA, would we book the CSM as 400?
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Since we know the LRC = 400, and the group of policies are profitable, how does the CSM component fit into all of this? Is CSM booked as an asset = 400 at inception for the group of contracts, so at the end of year 1, CSM = 0 since it's been amor…
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I understand that, but I always thought CI = Net Income + OCI and AOCI is just used to keep track of the potential for OCI. Thoughts?
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if I include there are also no risk limiting features in the ceded portion of the contract, would that cover the remaining 0.25?
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ahhh makes sense, thank you for the explanation!
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is AOCI the same as OCI?
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"Briefly describe two reasons for a reinsurer to commute a claim and two reasons for an insurer to commute a claim" So in my head, I went to list the reasons why a reinsurer would give back the claim, and also the reasons why an insurer would give …
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Hi @Staff-T1 in Fall 2016 Q20 d), It says to describe the responsibilities of Sr Mgmt in a stress testing program. There is a question in the battlecards that distinguishes BoD (Sr Mgmt) v Mgmt (regular mgmt) responsibilities in stress-testing progr…