KPMG.PACICC
This paper should have been called: "Are Actuaries Useless?". Seriously. PACICC commissioned KPMG to study whether P&C insurers that use actuaries are more likely to succeed. Um...I hope so! (Apparently there are insurers out there that do not use actuaries. Go figure.)
This paper has not been tested since 2012. The syllabus excludes chapter 7, which is the longest chapter. That leaves only about 26 pages in Chapters 1-6, plus chapter 8, which is only 1 page. The Fall.2018 syllabus removed the appendices. I couldn't find anything that seemed like a good exam question.
The overall idea seems to be that actuaries play a positive role in preventing insurer failures, especially with respect to reserving practices. Also, changes in regulation in the 1990s and 2000s had demonstrably positive effects on limiting insurer failures.
Recommendation: Do the BattleCards (there are only 3 that are still relvant) and call it a day. (Of course, if the CAS reads this wiki article, they'll probably then ask a 5.0 point question to punish people for following my advice!)
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