Staff-TS
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This is still in scope, and can be read about in chapter 19 (Employment Insurance) of the source text, under the section: Employment Insurance Premium Reduction Program. First/Second payer refer to the order in which different sources of income or b…
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I think point number 3 is more focused on the idea that competition can lead to more innovation, which usually occurs in a private market assuming there is more than one insurer for the product. Point 5 is stating that a public program prevents or s…
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The definition of social inflation can be found in 2017.Fall #22 b), 2015.Spring #29 c). One of the accepted solutions in the 2017 exam was: Social inflation is the increase in costs because of change in the likelihood of claimants bringing suit,…
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The FA will perform an actuarial analysis, and file rate proposals with provincial regulators (where applicable) like any other private insurer. These filings will need to be approved. They have access to the data for policies in the FARM, which …
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At the time of this paper, the RSP specifically excluded the catastrophic claim fund established to facilitate the payment of Ontario statutory accident benefits claims due from a specified insolvent insurer. Think of this as a fund for claims where…
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Good callout for this new update. You'll notice there are several readings on the syllabus where the source paper/notice is out-of-date (for example, Chev.Agric Growing Forward 2 plan). I hope CAS updates their syllabus to include new developments, …
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The page has been uploaded!
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Yes, that's all correct! As for CGAAP, you can consider the main purpose as adhering to GAAP principles but incorporating specific Canadian regulatory requirements. It provided a standardized financial reporting framework, similar to what IFRS does …
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This case has a lot of legal details that I think might be too involved for this exam. I understand that the BattleCard keeps it brief, so here are some key points behind the ruling: * BC's primary intent was to regulate automobile insurance wi…
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You can check out 2014.Fall #13c (and the associated battle card in BattleQuiz 4) for a prior question that discusses the application of RSP concepts to overland flood coverage. The question discusses how participation ratios should be structured…
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You are correct, it is located in the math section of the wiki. You can check out section 4a for types of plans, and section 4b talks about indemnity and premium formulae and calculations. You can check out the prior question 2016.Spring #8c which h…
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A care-first model is not the same as a no-fault system, although they complement each other. * No-fault system: Primarily about how compensation is delivered, removing fault determination and litigation from the equation. This system eliminate…
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I like this one a lot!
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The question asks: "Discuss the treatment of mental and behavioural impairment for the purpose of determining catastrophic impairment under SABS in Ontario citing any relevant precedents to support the conclusion drawn". The issue of the case was…
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You do not have to know the guidelines or requirements for a simplified filing. However, the existence of a simplified filing is still mentioned on page 1 of FSCO.TechNotes and page 2 of FSCO.PPA, which are included in the syllabus. So just be aware…
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There is a $1 million cap on medical, rehabilitation, and attendant care benefits in Ontario for catastrophic injuries under the Accident Benefits coverage. However, I am not familiar with a $100K cap on medical, rehabilitation, and attendant car…
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Hi Anila11, I am working on it and I will have it posted by the end of the month, possibly even a little earlier. I will put a comment in this thread when its posted!
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The paper uses "actuary" in a general sense as professional role with respect to solvency monitoring and valuation. "Actuary" in this paper does include appointed actuaries, which is why I think there is some overlap and it is easy to get confused. …
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Before I get directly to your question, I would like to point out that the source describes some consequences of the Trilogy ruling, which include: * More intensified focus on the pursuit of pecuniary loss claims of traffic injured in the tort …
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The battle card (2017 Fall c.i) in question states that "a new rating variable alone should not increase aggregate premium". If an insurance company with 100 policyholders is already charging an average premium of $1,000, then their aggregate pre…
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This case has a lot of details that were left out in the battle cards to maintain brevity, but my understanding is as follows. That is correct, for ruling 2 (British Columbia Court of Appeal) the amount was capped at $100K + inflation. However, t…
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I think you hit the nail on the head with what you said. If a reinsurer commutes a claim/portfolio, it eliminates the potential for earning additional premiums tied to the contract. This could have an effect on the reinsurers profitability or invest…
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In regards to 1): @Staff-T1 I originally interpreted this as adjusting the "Reinsurance Contract Held Assets" on the balance sheet (20.10). Is this somehow linked to ARC / AIC? Edit: I now see the link in the CCIR statements, its pulling fr…
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I have limited accounting knowledge, but it was my understanding that reinsurance payable is what we owe the reinsurer, and reinsurance receivable is what we are expecting to get back shortly. So if payable > receivable, wouldn't it be a net i…
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@Staff-T1 For onerous contracts, if GMA LRC = LRC(ex LC) + LC, and PAA LRC = GMA LRC as you noted, how does it work in the appendice example such that LC = GMA LRC - PAA LRC? I am also curious about the equation "PAA LRC = UEP - Prem Receivabl…
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Awesome, that makes sense. Thank you so much.
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Just saw the answer in the excel file now, CapAv = max(A+B+C+D - (E+F+G+H+I), 0). Please ignore the first question.
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Thanks @graham and @Staff-T1. This is extremely useful. It may be a good idea to have a list of the definitions or the above examples in the wiki, as this has helped my understanding immensely, both for this reading as well as the IFRS 17 readings.
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Piggybacking off this post to not create a new one with a similar name and questions. Definition of A: Amount of premiums associated with unexpired coverage on reins contracts held. Q: Do you have an example of what ARC and AIC (Assets for Rem…
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Thanks for the help. Wouldn't that be incentive to hold no EPR then, since EPR will only decrease the MCT?