C5 Flashcards
539
CIA.SUBSEQ: All
Qz-1 define:Calculation date
539
CIA.SUBSEQ: All
Qz-1 define:Calculation date
- Effective date of calculation (Ex: for financial statements, the calculation date would normally be the balance sheet date)
540
CIA.SUBSEQ: All
Qz-1 define:Report date
540
CIA.SUBSEQ: All
Qz-1 define:Report date
- Date on which the actuary completes the report on his/her work
541
CIA.SUBSEQ: All
Qz-1 define:Report
541
CIA.SUBSEQ: All
Qz-1 define:Report
- Actuary’s oral or written communication to users about his/her work
542
E (2018.Fall 29a.) 0.500 pts
CIA.SUBSEQ: All
Qz-1 define:Subsequent event
an event of which..
542
E (2018.Fall 29a.) 0.500 pts
CIA.SUBSEQ: All
Qz-1 define:Subsequent event
an event of which..
- An event (of which an actuary first becomes aware) AFTER the CalcDt but BEFORE the corresponding report date
543
CIA.SUBSEQ: All
Qz-1 define:Adjusting event + Ex
..provides evidence..
543
CIA.SUBSEQ: All
Qz-1 define:Adjusting event + Ex
..provides evidence..
- Event (after CalcDt) that provides evidence of conditions existing (at CalcDt): results in adjustments
- EXAMPLE: reinsurer insolvency after CalcDt that was due to gradual deterioration occurring before CalcDt
544
CIA.SUBSEQ: All
Qz-1 define:Non-adjusting event + Ex
..indicative..
544
CIA.SUBSEQ: All
Qz-1 define:Non-adjusting event + Ex
..indicative..
- Event (after CalcDt) indicative of conditions arising (after CalcDt): NO adjustments
- EXAMPLE: reinsurer insolvency due to catastrophe
545
CIA.SUBSEQ: All
Qz-2 (6.1 Catastrophic Event):FACTS: describe the timeline of events for 1998 ICE STORM
545
CIA.SUBSEQ: All
Qz-2 (6.1 Catastrophic Event):FACTS: describe the timeline of events for 1998 ICE STORM
- EVENT: Jan 5, 1998 (ice storm in Eastern Canada)
- ACTUARY BECAME AWARE: Jan 5 1998 (same day as event)
- SUBSEQUENT EVENT? yes, actuary became aware after CalcDt (12/31/97) & before report date (several weeks after Jan 5, 1998)
546
CIA.SUBSEQ: All
Qz-2 (6.1 Catastrophic Event):BRANCH: which branch of the subsequent event decision tree should the ICE STORM example follow
546
CIA.SUBSEQ: All
Qz-2 (6.1 Catastrophic Event):BRANCH: which branch of the subsequent event decision tree should the ICE STORM example follow
- BRANCH: middle
547
CIA.SUBSEQ: All
Qz-2 (6.1 Catastrophic Event):ACTION: according to the subsequent event decision tree, what action should the actuary take regarding the ICE STORM example follow
547
CIA.SUBSEQ: All
Qz-2 (6.1 Catastrophic Event):ACTION: according to the subsequent event decision tree, what action should the actuary take regarding the ICE STORM example follow
- EWDP-inform:
- Error? no –> go to next question
- When? event occurred AFTER CalcDt –> go to next question
- Different? yes, AFTER CalcDt –> go to next question
- Purpose? report on entity as it WAS
- –> FINAL ACTION: inform only
- EWDP-inform:
548
CIA.SUBSEQ: All
Qz-2 (6.1 Catastrophic Event):Relevant Comments: provide any further relevant detail(s) related to the ICE STORM subsequent event example
548
CIA.SUBSEQ: All
Qz-2 (6.1 Catastrophic Event):Relevant Comments: provide any further relevant detail(s) related to the ICE STORM subsequent event example
- The ice storm doesn’t make entity different retroactively
- The purpose of the actuary’s work was to report on the entity as it was
- But note that premium liabilities would have been understated
550
CIA.SUBSEQ: All
Qz-4 (6.2 Judicial Decision):FACTS: describe the timeline of events for the ALBERTA MINOR INJURY CAP
550
CIA.SUBSEQ: All
Qz-4 (6.2 Judicial Decision):FACTS: describe the timeline of events for the ALBERTA MINOR INJURY CAP
- EVENT: Feb 8, 2008 ($4,000 Alberta minor injury cap struck down)
- ACTUARY BECAME AWARE: Feb 8, 2008 (same day as event)
- SUBSEQUENT EVENT? depended on each insurer’s report date
551
CIA.SUBSEQ: All
Qz-4 (6.2 Judicial Decision):BRANCH: which branch of the subsequent event decision tree should the ALBERTA MINOR INJURY CAP follow
551
CIA.SUBSEQ: All
Qz-4 (6.2 Judicial Decision):BRANCH: which branch of the subsequent event decision tree should the ALBERTA MINOR INJURY CAP follow
- BRANCH: middle (if insurer’s RptDt was AFTER Feb 8, so it WAS a subsequent event)
- BRANCH: right (if insurer’s RptDt was BEFORE Feb 8, so it WASN’T a subsequent event)
552
CIA.SUBSEQ: All
Qz-4 (6.2 Judicial Decision):ACTION: according to the subsequent event decision tree, what action should the actuary take regarding ALBERTA MINOR INJURY CAP
552
CIA.SUBSEQ: All
Qz-4 (6.2 Judicial Decision):ACTION: according to the subsequent event decision tree, what action should the actuary take regarding ALBERTA MINOR INJURY CAP
- For insurers where it WAS a subsequent event (middle branch): EWD-reflect
- For insurers where it WASN’T a subsequent event (right branch):
- If material → RI-withdraw/amend
- If not material → inform (“no action” may not be enough for industry-wide events)
- (thx jaylow96!)
553
CIA.SUBSEQ: All
Qz-4 (6.2 Judicial Decision):Relevant Comments: provide any further relevant detail(s) related to the ALBERTA MINOR INJURY CAP
553
CIA.SUBSEQ: All
Qz-4 (6.2 Judicial Decision):Relevant Comments: provide any further relevant detail(s) related to the ALBERTA MINOR INJURY CAP
- This example was complicated by the fact that some insurers would have completed their report by Feb 8, while others would not have
554
CIA.SUBSEQ: All
Qz-5 (6.3 Reinsurer Failure):FACTS: describe the timeline of events for the REINSURER FAILURE example
554
CIA.SUBSEQ: All
Qz-5 (6.3 Reinsurer Failure):FACTS: describe the timeline of events for the REINSURER FAILURE example
- EVENT: Jan 15
- ACTUARY BECAME AWARE: Jan 15 (same as event)
- SUBSEQUENT EVENT? yes, actuary became aware after CalcDt (12/31) & before report date (several weeks after Jan 15)
555
CIA.SUBSEQ: All
Qz-5 (6.3 Reinsurer Failure):BRANCH: which branch of the subsequent event decision tree should the REINSURER FAILURE example follow
555
CIA.SUBSEQ: All
Qz-5 (6.3 Reinsurer Failure):BRANCH: which branch of the subsequent event decision tree should the REINSURER FAILURE example follow
- BRANCH: middle
556
CIA.SUBSEQ: All
Qz-5 (6.3 Reinsurer Failure):ACTION: according to the subsequent event decision tree, what action should the actuary take regarding the REINSURER FAILURE example
556
CIA.SUBSEQ: All
Qz-5 (6.3 Reinsurer Failure):ACTION: according to the subsequent event decision tree, what action should the actuary take regarding the REINSURER FAILURE example
- EWD-reflect
- Error? no –> go to next question
- When? event occurred AFTER CalcDt –> go to next question
- Different? yes, BEFORE CalcDt (failure provided evidence of prior deteriorating conditions)
- –> FINAL ACTION: reflect
557
CIA.SUBSEQ: All
Qz-5 (6.3 Reinsurer Failure):Relevant Comments: provide any further relevant detail(s) related to the REINSURER FAILURE example
557
CIA.SUBSEQ: All
Qz-5 (6.3 Reinsurer Failure):Relevant Comments: provide any further relevant detail(s) related to the REINSURER FAILURE example
- Action depends on cause of failure: here reinsurer failure had been buidling prior to CalcDt
- Failure AFTER CalcDt simply provided further evidence of conditions existing prior to CalcDt
- If failure was due to a catstrophe, path through decision tree would be: EWDP
- In other words, final action would be to inform only.
558
CIA.SUBSEQ: All
Qz-5 (6.4 Change in Markets):FACTS: describe the timeline of events for the STOCK MARKET DROP example
558
CIA.SUBSEQ: All
Qz-5 (6.4 Change in Markets):FACTS: describe the timeline of events for the STOCK MARKET DROP example
- EVENT: 1st week of Jan (big drop in stock market)
- ACTUARY BECAME AWARE: 1st week of Jan
- SUBSEQUENT EVENT? yes, actuary became aware after CalcDt (12/31) & before report date (several weeks after 1st week of Jan)
559
CIA.SUBSEQ: All
Qz-5 (6.4 Change in Markets):BRANCH: which branch of the subsequent event decision tree should the STOCK MARKET DROP example follow
559
CIA.SUBSEQ: All
Qz-5 (6.4 Change in Markets):BRANCH: which branch of the subsequent event decision tree should the STOCK MARKET DROP example follow
- BRANCH: middle
560
CIA.SUBSEQ: All
Qz-5 (6.4 Change in Markets):ACTION: according to the subsequent event decision tree, what action should the actuary take regarding the STOCK MARKET DROP example
560
CIA.SUBSEQ: All
Qz-5 (6.4 Change in Markets):ACTION: according to the subsequent event decision tree, what action should the actuary take regarding the STOCK MARKET DROP example
- EWDP-inform:
- Error? no –> go to next question
- When? event occurred AFTER CalcDt –> go to next question
- Different? yes, AFTER CalcDt –> go to next question
- Purpose? report on entity as it WAS
- –> FINAL ACTION: inform only
- EWDP-inform:
561
CIA.SUBSEQ: All
Qz-5 (6.4 Change in Markets):Relevant Comments: provide any further relevant detail(s) related to the STOCK MARKET DROP example
561
CIA.SUBSEQ: All
Qz-5 (6.4 Change in Markets):Relevant Comments: provide any further relevant detail(s) related to the STOCK MARKET DROP example
- Main issue is whether the market drop provided evidence of conditions in existence PRIOR to CalcDt or not
- It was decided was that it did NOT (different from the ‘reinsurer failure’ example)
562
CIA.SUBSEQ: All
Qz-6 (6.5 Missing Claims):FACTS: describe the timeline of events for the MISSING CLAIMS example
562
CIA.SUBSEQ: All
Qz-6 (6.5 Missing Claims):FACTS: describe the timeline of events for the MISSING CLAIMS example
- EVENT: before Jun 30 (claims database was missing claims)
- ACTUARY BECAME AWARE: Aug 5
- SUBSEQUENT EVENT? yes, actuary became aware after CalcDt (Jun 30) & before RptDt (RptDt is after Aug 5)
563
CIA.SUBSEQ: All
Qz-6 (6.5 Missing Claims):BRANCH: which branch of the subsequent event decision tree should the MISSING CLAIMS example follow
563
CIA.SUBSEQ: All
Qz-6 (6.5 Missing Claims):BRANCH: which branch of the subsequent event decision tree should the MISSING CLAIMS example follow
- BRANCH: middle
564
CIA.SUBSEQ: All
Qz-6 (6.5 Missing Claims):ACTION: according to the subsequent event decision tree, what action should the actuary take regarding the MISSING CLAIMS example
564
CIA.SUBSEQ: All
Qz-6 (6.5 Missing Claims):ACTION: according to the subsequent event decision tree, what action should the actuary take regarding the MISSING CLAIMS example
- E-reflect
Error? yes ~–> FINAL ACTION: reflect (in other words, correct the error!)
565
CIA.SUBSEQ: All
Qz-6 (6.5 Missing Claims):Relevant Comments: provide any further relevant detail(s) related to the MISSING CLAIMS example
565
CIA.SUBSEQ: All
Qz-6 (6.5 Missing Claims):Relevant Comments: provide any further relevant detail(s) related to the MISSING CLAIMS example
- If actuary had become aware AFTER the report date, this wouldn’t be a subsequent event
- We would then be on the RIGHT BRANCH of the decision tree and ask these questions instead: (see wiki)
- Would the event be reflected IF it had been a subsequent event? yes –> go to next question
- Does the event invalidate the report? yes –> FINAL ACTION: withdraw or amend report
566
CIA.SUBSEQ: All
Qz-3 (6.6 Late Reported Claims):FACTS: describe the timeline of events for the LATE-REPORTED CLAIMS example
566
CIA.SUBSEQ: All
Qz-3 (6.6 Late Reported Claims):FACTS: describe the timeline of events for the LATE-REPORTED CLAIMS example
- EVENT: Nov 20 (case reserve increase by ceding insurer)
- ACTUARY BECAME AWARE: Jan 12
- SUBSEQUENT EVENT? yes, actuary became aware after CalcDt (12/31) & before RptDt (several weeks after Jan 12, 1998)
567
CIA.SUBSEQ: All
Qz-3 (6.6 Late Reported Claims):BRANCH: which branch of the subsequent event decision tree should the LATE-REPORTED CLAIMS example folow
567
CIA.SUBSEQ: All
Qz-3 (6.6 Late Reported Claims):BRANCH: which branch of the subsequent event decision tree should the LATE-REPORTED CLAIMS example folow
- BRANCH: middle
568
CIA.SUBSEQ: All
Qz-3 (6.6 Late Reported Claims):ACTION: according to the subsequent event decision tree, what action should the actuary take regarding the LATE-REPORTED CLAIMS example
568
CIA.SUBSEQ: All
Qz-3 (6.6 Late Reported Claims):ACTION: according to the subsequent event decision tree, what action should the actuary take regarding the LATE-REPORTED CLAIMS example
- EW-reflect:
- Error? no –> go to next question
- When? event occurred BEFORE CalcDt –>
- FINAL ACTION: reflect
569
CIA.SUBSEQ: All
Qz-3 (6.6 Late Reported Claims):Relevant Comments: provide any further relevant detail(s) related to the LATE-REPORTED CLAIMS example
569
CIA.SUBSEQ: All
Qz-3 (6.6 Late Reported Claims):Relevant Comments: provide any further relevant detail(s) related to the LATE-REPORTED CLAIMS example
- This situation often arises for reinsurers
- It is NOT the same as a data error or missing claims
570
CIA.SUBSEQ: All
Qz-6 (6.7 Change in Industry Benchmarks):FACTS: describe the timeline of events for the CHANGE in INDUSTRY BENCHMARKS example
570
CIA.SUBSEQ: All
Qz-6 (6.7 Change in Industry Benchmarks):FACTS: describe the timeline of events for the CHANGE in INDUSTRY BENCHMARKS example
- EVENT: Jul 15 (new industry LDF benchmarks released)
- ACTUARY BECAME AWARE: Jul 15
- SUBSEQUENT EVENT? yes, actuary became aware after quarterly CalcDt (6/30) & before report date (several weeks after Jul 15)
571
CIA.SUBSEQ: All
Qz-6 (6.7 Change in Industry Benchmarks):BRANCH: which branch of the subsequent event decision tree should the CHANGE in INDUSTRY BENCHMARKS example follow
571
CIA.SUBSEQ: All
Qz-6 (6.7 Change in Industry Benchmarks):BRANCH: which branch of the subsequent event decision tree should the CHANGE in INDUSTRY BENCHMARKS example follow
- BRANCH: middle
572
CIA.SUBSEQ: All
Qz-6 (6.7 Change in Industry Benchmarks):ACTION: according to the subsequent event decision tree, what action should the actuary take regarding the CHANGE in INDUSTRY BENCHMARKS example
572
CIA.SUBSEQ: All
Qz-6 (6.7 Change in Industry Benchmarks):ACTION: according to the subsequent event decision tree, what action should the actuary take regarding the CHANGE in INDUSTRY BENCHMARKS example
- EWD-stop
- Error? no –> go to next question
- When? event occurred AFTER CalcDt –> go to next question
- Different? event did NOT make entity different - LDFs don’t change much from qtr-to-qtr –>
- FINAL ACTION: nothing
573
CIA.SUBSEQ: All
Qz-6 (6.7 Change in Industry Benchmarks):Relevant Comments: provide any further relevant detail(s) related to the CHANGE in INDUSTRY BENCHMARKS example
573
CIA.SUBSEQ: All
Qz-6 (6.7 Change in Industry Benchmarks):Relevant Comments: provide any further relevant detail(s) related to the CHANGE in INDUSTRY BENCHMARKS example
- This situation could arise for a new company without its own credible data (must rely on industry benchmarks)
574
CIA.SUBSEQ: All
Qz-2 decision tree:What is the prime consideration when applying the subsequent event decision tree
574
CIA.SUBSEQ: All
Qz-2 decision tree:What is the prime consideration when applying the subsequent event decision tree
- PRIME CONSIDERATION: is the event material? (if not, no action is required)
575
E (2017.Spring 27a.) 0.750 pts
CIA.SUBSEQ: All
Qz-7 decision tree:Identify circumstances under which a subsequent event must be accounted for (3)
575
E (2017.Spring 27a.) 0.750 pts
CIA.SUBSEQ: All
Qz-7 decision tree:Identify circumstances under which a subsequent event must be accounted for (3)
- If the event is MATERIAL
- If the event reflects an ERROR
- If the event makes the entity DIFFERENT relative to the timing/purpose of the actuary’s report
590
E (2016.Spring 10b.) 0.750 pts
CAS.GovtIns: ALL
Qz-1 intro:Identify the LEVELS of government involvement in insurance (3) + examples
sole, partner, competitor
590
E (2016.Spring 10b.) 0.750 pts
CAS.GovtIns: ALL
Qz-1 intro:Identify the LEVELS of government involvement in insurance (3) + examples
sole, partner, competitor
- Government as SOLE provider (CPP)
- Government as a provider in PARTNERSHIP with private insurance (crop reinsurance)
- Government as a provider in COMPETITION with private insurance (WC in some states)
591
E (2018.Spring 10a.) 0.500 pts
CAS.GovtIns: ALL
Qz-1 intro:Identify REASONS for government participation in insurance (5)
FCC(ES)
591
E (2018.Spring 10a.) 0.500 pts
CAS.GovtIns: ALL
Qz-1 intro:Identify REASONS for government participation in insurance (5)
FCC(ES)
- For FILLING NEEDS unmet by private insurance (terrorism)
- May occur when private insurance is not economically viable
- After 9/11 terrorist attack in NYC, private market withdrew coverage
- When insurance is COMPULSORY (BC auto)
- If compulsory, but not offered by private market (for whatever reason) –> government must provide
- For CONVENIENCE (flood)
- Government may already have necessary structures in place
- (government already provides disaster relief after floods)
- For EFFICIENCY (auto)
- Agent commissions eliminated ? lower expense ratio ? lower premiums for consumer
- For SOCIAL purposes (medical)
- Private market is motivated by profit
- This is sometimes at the expense of social purposes like universal medical coverage
592
E (2012.Fall 13b.) 1.000 pts
CAS.GovtIns: ALL
Qz-1 intro:Identify examples for each reason for government participation in insurance
flood insurance is a valid example for 4 out of the 5 reasons
592
E (2012.Fall 13b.) 1.000 pts
CAS.GovtIns: ALL
Qz-1 intro:Identify examples for each reason for government participation in insurance
flood insurance is a valid example for 4 out of the 5 reasons
- FILLING unmet NEEDS (flood, terrorism, crop)
- COMPULSORY insurance (BC auto)
- CONVENIENCE (flood, terrorism)
- EFFICIENCY (flood, auto)
- SOCIAL PURPOSES (medical, CPP)
593
CAS.GovtIns: ALL
Qz-2 (Filling unmet needs):Why might government insurance succeed where private insurance fails + examples
subsidies
593
CAS.GovtIns: ALL
Qz-2 (Filling unmet needs):Why might government insurance succeed where private insurance fails + examples
subsidies
- Government insurance can SUBSIDIZE losses through taxes (Ex: flood, terrorism, crop)
594
E (2017.Fall 10a.) 0.500 pts
CAS.GovtIns: ALL
Qz-2 (Filling unmet needs):How can government insurance subsidize losses (2)
594
E (2017.Fall 10a.) 0.500 pts
CAS.GovtIns: ALL
Qz-2 (Filling unmet needs):How can government insurance subsidize losses (2)
- General tax revenue
- Charge less than the actual cost of insurance & fill gap with special fund
595
CAS.GovtIns: ALL
Qz-2 (Compulsory Ins):Why might government insurance exist when insurance is compulsory (2)
595
CAS.GovtIns: ALL
Qz-2 (Compulsory Ins):Why might government insurance exist when insurance is compulsory (2)
- If private insurance IS NOT available:
- Government would be sole provider
- If private insurance IS available:
- Profits should be limited due to guaranteed market that government created
- Government involvement could accomplish this
596
E (2017.Fall 10c.) 0.250 pts
CAS.GovtIns: ALL
Qz-2 (Compulsory Ins):Identify a private market mechanism that provides complusory insurance to high-risk insureds
596
E (2017.Fall 10c.) 0.250 pts
CAS.GovtIns: ALL
Qz-2 (Compulsory Ins):Identify a private market mechanism that provides complusory insurance to high-risk insureds
- Risk-sharing pool or residual market (Ex: Facility Association)
597
CAS.GovtIns: ALL
Qz-2 (Convenience):Why may government insurance be more convenient to operate (2) + 2 Exs
597
CAS.GovtIns: ALL
Qz-2 (Convenience):Why may government insurance be more convenient to operate (2) + 2 Exs
- May already have necessary structures in place
- Example: DFAA already exists and dovetails with insurance for flood & terrorism
- DFAA stands for Disaster Financial Assistance Arrangements
598
CAS.GovtIns: ALL
Qz-2 (Efficiency):Why may government insurance be more efficient for auto insurance
598
CAS.GovtIns: ALL
Qz-2 (Efficiency):Why may government insurance be more efficient for auto insurance
- Eliminates commissions –> reduces expenses –> lowers premiums
599
E (2018.Spring 10b.) 0.250 pts
CAS.GovtIns: ALL
Qz-2 (Efficiency):Why may efficiency of government insurance be overstated
599
E (2018.Spring 10b.) 0.250 pts
CAS.GovtIns: ALL
Qz-2 (Efficiency):Why may efficiency of government insurance be overstated
- Other government departments may already be performing services normally provided by insurer
- But the cost of these services may not be included in expenses (true expenses understated)
- EXAMPLES: investing, property appraisal
600
CAS.GovtIns: ALL
Qz-2 (Social purposes):Why may government insurance be better at social purposes (3) + 2 Exs
motivation, complexity, legislation
600
CAS.GovtIns: ALL
Qz-2 (Social purposes):Why may government insurance be better at social purposes (3) + 2 Exs
motivation, complexity, legislation
- MOTIVATION:
- Private insurance motivated by profit not social purposes
- COMPLEXITY: (Ex: CPP)
- Some programs are too large & comprehensive for private companies
- LEGISLATION:
- Enact building codes for risk mitigation
601
E (2019.Spring 10a.) 0.750 pts
CAS.GovtIns: ALL
Qz-3 evaluation:Identify criteria that a government insurance program should satisfy (5)
W/I - EN
601
E (2019.Spring 10a.) 0.750 pts
CAS.GovtIns: ALL
Qz-3 evaluation:Identify criteria that a government insurance program should satisfy (3)
W/I - EN
- Is it welfare or insurance
- Is it efficient
- Is it necessary
602
E (2017.Fall 10d.) 1.000 pts
CAS.GovtIns: ALL
Qz-3 evaluation:What are the differences between (insurance, social welfare)
602
E (2017.Fall 10d.) 1.000 pts
CAS.GovtIns: ALL
Qz-3 evaluation:What are the differences between (insurance, social welfare)
- INSURANCE:
- Pays upon covered loss REGARDLESS of need (funded by insureds)
- WELFARE:
- Pays BASED on need (funded by general tax revenues)
603
E (2015.Spring 16a.) 1.500 pts
CAS.GovtIns: ALL
Qz-3 evaluation:Identify reasons to SUPPORT public auto insurance (3)
Filling unment needs, Efficiency, Social purpose
603
E (2015.Spring 16a.) 1.500 pts
CAS.GovtIns: ALL
Qz-3 evaluation:Identify reasons to SUPPORT public auto insurance (3)
Filling unment needs, Efficiency, Social purpose
- FILLING UNMET NEEDS: coverage may not be available or afforable for young males
- EFFICIENCY: eliminates commission -> reduces expenses -> lowers premiums
- SOCIAL PURPOSES: ensures universal coverage (and sustainability through general tax revenues, if necessary)
604
E (2015.Spring 16b.) 1.500 pts
CAS.GovtIns: ALL
Qz-3 evaluation:Identify reasons to ELIMINATE public auto insurance (3)
private market is capable, private market more customizable, government efficiency overstated
604
E (2015.Spring 16b.) 1.500 pts
CAS.GovtIns: ALL
Qz-3 evaluation:Identify reasons to ELIMINATE public auto insurance (3)
private market is capable, private market more customizable, government efficiency overstated
- Private insurance can do it (they can form a residual market for high-risk drivers)
- Private insurance offers more CUSTOMIZABLE policies
- Efficiency may be OVERSTATED
605
CAS.GovtIns: ALL
Qz-3 misc:Reasons for government participation in TERRORISM insurance (2)
F, convenience
605
CAS.GovtIns: ALL
Qz-3 misc:Reasons for government participation in TERRORISM insurance (2)
F, convenience
- F (filling unmet need)
- Private market withdrew terrorism coverage after the 9/11 NYC terrorist attacks
- People expect assistance in recovering from terrorism
- C (convenience) - necessary structures already in place (Ex: DFAA in Canada - Disaster Financial Assistance Arrangements)
606
E (2016.Fall 27a.iv) 0.000 pts
AA 1: LEGAL REQS OF AA
Qz-1 legal requirements for appt. of AA:What are the legal requirements for the appointment of an AA (8)
606
E (2016.Fall 27a.iv) 0.000 pts
AA 1: LEGAL REQS OF AA
Qz-1 legal requirements for appt. of AA:What are the legal requirements for the appointment of an AA (8)
- Insurer must appoint an AA
- Insurer must notify OSFI of the appointment
- AA must be a FCIA
- AA can’t be (CEO,COO) or similar without authorization from OSFI
- AA can’t be CFO without audit committee permission
o Audit committee must certify (AA, CFO) duties can be performed competently & independently
- Insurer must notify OSFI if Board of Directors revokes AA’s appointment
- Outgoing AA must write report to (Board of Directors, OSFI) on circumstances & reasons for leaving
- Incoming AA must review outgoing AA’s report within 15 days
o If incoming AA does not receive report within 15 days, they may accept appointment regardless
607
E (2016.Fall 27c.i) 0.000 pts
AA 1: LEGAL REQS OF AA
Qz-1 roles & duties of AA:Summarize the roles & responsibilities of an AA (7)
valn.rpt5.opinion
607
E (2016.Fall 27c.i) 0.000 pts
AA 1: LEGAL REQS OF AA
Qz-1 roles & duties of AA:Summarize the roles & responsibilities of an AA (7)
valn.rpt5.opinion
- Valuation or reserves
- 5 reports (AFFMP):
- Appointed Actuary report
- Financial Position report
- Financial Condition report
- Material Adverse Event report
- Policy Holder Fairness report
- Final (opinion, memo)
608
E (2016.Fall 27c.ii) 0.250 pts
AA 1: LEGAL REQS OF AA
Qz-1 roles & duties of AA:What is the main responsbility of the appointed actuary (1)/7
valuation
608
E (2016.Fall 27c.ii) 0.250 pts
AA 1: LEGAL REQS OF AA
Qz-1 roles & duties of AA:What is the main responsbility of the appointed actuary (1)/7
valuation
- The AA must perform a VALUATION of the policy liabilities at year-end using AAP (Accepted Actuarial Practice)
609
E (2018.Spring 27d.) 0.500 pts
AA 1: LEGAL REQS OF AA
misc:Identify basic disclosure items that must appear in the peer review of the AA report
609
E (2018.Spring 27d.) 0.500 pts
AA 1: LEGAL REQS OF AA
misc:Identify basic disclosure items that must appear in the peer review of the AA report
- Main results & findings (Duh)
- When the review was done
- Name of peer reviewer (double-Duh)
610
E (2016.Fall 27c.iiii) 0.250 pts
AA 1: LEGAL REQS OF AA
Qz-1 roles & duties of AA:Reporting - describe the AA report (2)/7
rpt: AA
610
E (2016.Fall 27c.iiii) 0.250 pts
AA 1: LEGAL REQS OF AA
Qz-1 roles & duties of AA:Reporting - describe the AA report (2)/7
rpt: AA
- AA Report:
- Must be completed at least 21 days before AGM (Annual General Meeting)
- Must state whether Annual Report fairly represents results of valuation
611
E (2016.Fall 27c.iv) 0.250 pts
AA 1: LEGAL REQS OF AA
Qz-1 roles & duties of AA:Reporting - where is the AA’s report on financial position sent (3)/7
rpt: FinPos
611
E (2016.Fall 27c.iv) 0.250 pts
AA 1: LEGAL REQS OF AA
Qz-1 roles & duties of AA:Reporting - where is the AA’s report on financial position sent (3)/7
rpt: FinPos
- Financial Position Report:
- Completed annually
- Send to (Board of Directors)
612
E (2016.Fall 27c.v) 0.250 pts
AA 1: LEGAL REQS OF AA
Qz-1 roles & duties of AA:Reporting - when & how is the AA’s report on financial condition done & where is it sent (4)/7
rpt: FinCond
612
E (2016.Fall 27c.v) 0.250 pts
AA 1: LEGAL REQS OF AA
Qz-1 roles & duties of AA:Reporting - when & how is the AA’s report on financial condition done & where is it sent (4)/7
rpt: FinCond
- Financial Condition Report:
- Must complete when directed by OSFI
- Involves a 3-year projection possibly using DCAT methodology
- Send to (Board of Directors, OSFI)
613
E (2016.Fall 27c.vi) 0.000 pts
AA 1: LEGAL REQS OF AA
Qz-1 roles & duties of AA:Reporting - when is the AA’s MAE (Material Adverse Event) report done & where is it sent (5)/7
rpt: MAE
613
E (2016.Fall 27c.vi) 0.000 pts
AA 1: LEGAL REQS OF AA
Qz-1 roles & duties of AA:Reporting - when is the AA’s MAE (Material Adverse Event) report done & where is it sent (5)/7
rpt: MAE
- MAE Report:
- Report on MAE (Material Adverse Events) requiring rectification
- Send to (Board of Directors, CEO, CFO)
614
E (2016.Fall 27c.vii) 0.000 pts
AA 1: LEGAL REQS OF AA
Qz-1 roles & duties of AA:Reporting - what is another report the AA must complete that relates to policy holders (6)/7
rpt: PHfairness
614
E (2016.Fall 27c.vii) 0.000 pts
AA 1: LEGAL REQS OF AA
Qz-1 roles & duties of AA:Reporting - what is another report the AA must complete that relates to policy holders (6)/7
rpt: PHfairness
- Policy Holder Report:
- Completed annualy
- Assesses fairness with which policy holders are treated regarding (dividends, bonus, other benefits)
615
E (2016.Fall 27c.viii) 0.000 pts
AA 1: LEGAL REQS OF AA
Qz-1 roles & duties of AA:Final opinion - what does the AA’s final opinion contain (7)/7
opinion:d.s(CJ)
615
E (2016.Fall 27c.viii) 0.000 pts
AA 1: LEGAL REQS OF AA
Qz-1 roles & duties of AA:Final opinion - what does the AA’s final opinion contain (7)/7
opinion:d.s(CJ)
- Final Opinion/Memo:
- Concerns parts of financial statements requiring discretion or siginificant (calculations, judgments)
616
AA 2: QUALIFICATIONS of AA
Qz-2 AA qualifications:Main one + 3 rules
..PPS-ICSC..
616
AA 2: QUALIFICATIONS of AA
Qz-2 AA qualifications:Main one + 3 rules
..PPS-ICSC..
- Main qualification: FCIA - in good standing
- RULE 1: PPS w/ ICSC (Perform Professional Services WITH Integrity, Competence, Skill, Care)
- RULE 2: PPS (Perform Professional Services) only when qualified to do so
- RULE 3: meet all applicable SOPs (Standards of Practice)
617
E (2018.Fall 30a.) 1.000 pts
AA 2: QUALIFICATIONS of AA
Qz-2 AA qualifications:OSFI expectations
617
E (2018.Fall 30a.) 1.000 pts
AA 2: QUALIFICATIONS of AA
Qz-2 AA qualifications:OSFI expectations
- Must have 3 years of Canadian experience within past 6 years (including 1 year of valuation)
- Must have experience with CIA’s SOPs (also insurance legislation & regulation)
- Must maintain professional development requirements
- Must have NO adverse findings with CIA disciplinary tribunal
623
E (2016.Fall 27f.) 0.750 pts
AA 3b,c,d: PEER REVIEWER OBJECTIVES, WORK TO REVIEW, MAT.
Qz-3 peer review - objectives:What are the objectives of a peer review
peer: AAC(mpr)
623
E (2016.Fall 27f.) 0.750 pts
AA 3b,c,d: PEER REVIEWER OBJECTIVES, WORK TO REVIEW, MAT.
Qz-3 peer review - objectives:What are the objectives of a peer review
peer: AAC(mpr)
- ASSIST(OSFI): in assessing insurer (safety, soundness)
- ASSIST(AA): by providing independent advice & a source for professional development
- Increase CONFIDENCE in (AA): with (management, public, regulators)
624
E (2018.Spring 27b.i) 0.500 pts
AA 3b,c,d: PEER REVIEWER OBJECTIVES, WORK TO REVIEW, MAT.
Qz-3 peer review - work to review:Abbreviated list of peer review work (1-7)/7
Am AA, Die MAD (I Am the AA and I will Die MAD!)
624
E (2018.Spring 27b.i) 0.500 pts
AA 3b,c,d: PEER REVIEWER OBJECTIVES, WORK TO REVIEW, MAT.
Qz-3 peer review - work to review:Abbreviated list of peer review work (1-7)/7
Am AA, Die MAD (I Am the AA and I will Die MAD!)
- ASSIST(OSFI): in assessing insurer (safety, soundness)
- ASSIST(AA): by providing independent advice & a source for professional development
- Increase CONFIDENCE in (AA): with (management, public, regulators)
625
E (2018.Spring 27b.ii) 0.200 pts
AA 3b,c,d: PEER REVIEWER OBJECTIVES, WORK TO REVIEW, MAT.
Qz-3 peer review - work to review:Describe the 1st item of peer review work: Am (1)/7
625
E (2018.Spring 27b.ii) 0.200 pts
AA 3b,c,d: PEER REVIEWER OBJECTIVES, WORK TO REVIEW, MAT.
Qz-3 peer review - work to review:Describe the 1st item of peer review work: Am (1)/7
- ASSIST(OSFI): in assessing insurer (safety, soundness)
- ASSIST(AA): by providing independent advice & a source for professional development
- Increase CONFIDENCE in (AA): with (management, public, regulators)
626
E (2018.Spring 27b.iii) 0.100 pts
AA 3b,c,d: PEER REVIEWER OBJECTIVES, WORK TO REVIEW, MAT.
Qz-3 peer review - work to review:Describe the 2nd item of peer review work: AA
626
E (2018.Spring 27b.iii) 0.100 pts
AA 3b,c,d: PEER REVIEWER OBJECTIVES, WORK TO REVIEW, MAT.
Qz-3 peer review - work to review:Describe the 2nd item of peer review work: AA
- ASSIST(OSFI): in assessing insurer (safety, soundness)
- ASSIST(AA): by providing independent advice & a source for professional development
- Increase CONFIDENCE in (AA): with (management, public, regulators)
627
E (2018.Spring 27b.iv) 0.100 pts
AA 3b,c,d: PEER REVIEWER OBJECTIVES, WORK TO REVIEW, MAT.
Qz-3 peer review - work to review:Describe the 3rd item of peer review work: D
627
E (2018.Spring 27b.iv) 0.100 pts
AA 3b,c,d: PEER REVIEWER OBJECTIVES, WORK TO REVIEW, MAT.
Qz-3 peer review - work to review:Describe the 3rd item of peer review work: D
- ASSIST(OSFI): in assessing insurer (safety, soundness)
- ASSIST(AA): by providing independent advice & a source for professional development
- Increase CONFIDENCE in (AA): with (management, public, regulators)
628
E (2018.Spring 27b.v) 0.100 pts
AA 3b,c,d: PEER REVIEWER OBJECTIVES, WORK TO REVIEW, MAT.
Qz-3 peer review - work to review:Describe the 4th item of peer review work: ie
628
E (2018.Spring 27b.v) 0.100 pts
AA 3b,c,d: PEER REVIEWER OBJECTIVES, WORK TO REVIEW, MAT.
Qz-3 peer review - work to review:Describe the 4th item of peer review work: ie
- ASSIST(OSFI): in assessing insurer (safety, soundness)
- ASSIST(AA): by providing independent advice & a source for professional development
- Increase CONFIDENCE in (AA): with (management, public, regulators)
629
E (2018.Spring 27b.vi) 0.000 pts
AA 3b,c,d: PEER REVIEWER OBJECTIVES, WORK TO REVIEW, MAT.
Qz-3 peer review - work to review:Describe the 5th item of peer review work: M
629
E (2018.Spring 27b.vi) 0.000 pts
AA 3b,c,d: PEER REVIEWER OBJECTIVES, WORK TO REVIEW, MAT.
Qz-3 peer review - work to review:Describe the 5th item of peer review work: M
- ASSIST(OSFI): in assessing insurer (safety, soundness)
- ASSIST(AA): by providing independent advice & a source for professional development
- Increase CONFIDENCE in (AA): with (management, public, regulators)
630
E (2018.Spring 27b.vii) 0.000 pts
AA 3b,c,d: PEER REVIEWER OBJECTIVES, WORK TO REVIEW, MAT.
Qz-3 peer review - work to review:Describe the 6th item of peer review work: A
630
E (2018.Spring 27b.vii) 0.000 pts
AA 3b,c,d: PEER REVIEWER OBJECTIVES, WORK TO REVIEW, MAT.
Qz-3 peer review - work to review:Describe the 6th item of peer review work: A
- ASSIST(OSFI): in assessing insurer (safety, soundness)
- ASSIST(AA): by providing independent advice & a source for professional development
- Increase CONFIDENCE in (AA): with (management, public, regulators)
631
E (2018.Spring 27b.viii) 0.000 pts
AA 3b,c,d: PEER REVIEWER OBJECTIVES, WORK TO REVIEW, MAT.
Qz-3 peer review - work to review:Describe the 7th item of peer review work: D
631
E (2018.Spring 27b.viii) 0.000 pts
AA 3b,c,d: PEER REVIEWER OBJECTIVES, WORK TO REVIEW, MAT.
Qz-3 peer review - work to review:Describe the 7th item of peer review work: D
- ASSIST(OSFI): in assessing insurer (safety, soundness)
- ASSIST(AA): by providing independent advice & a source for professional development
- Increase CONFIDENCE in (AA): with (management, public, regulators)
632
AA 3b,c,d: PEER REVIEWER OBJECTIVES, WORK TO REVIEW, MAT.
Qz-4 peer review misc:Responsibilities of (AA, management)
632
AA 3b,c,d: PEER REVIEWER OBJECTIVES, WORK TO REVIEW, MAT.
Qz-4 peer review misc:Responsibilities of (AA, management)
- Full cooperation - respond to reviewer in a timely manner with all relevant (docs, info)
633
AA 3b,c,d: PEER REVIEWER OBJECTIVES, WORK TO REVIEW, MAT.
Qz-4 peer review - materiality:Who sets (whole co.) & what is the basis
633
AA 3b,c,d: PEER REVIEWER OBJECTIVES, WORK TO REVIEW, MAT.
Qz-4 peer review - materiality:Who sets (whole co.) & what is the basis
- External auditor
- basis = size of company
634
E (2015.Spring 34b.) 1.000 pts
AA 3b,c,d: PEER REVIEWER OBJECTIVES, WORK TO REVIEW, MAT.
Qz-4 peer review - materiality:Material changes to consider
SEV(am)O
634
E (2015.Spring 34b.) 1.000 pts
AA 3b,c,d: PEER REVIEWER OBJECTIVES, WORK TO REVIEW, MAT.
Qz-4 peer review - materiality:Material changes to consider
SEV(am)O
- Systems (Ex: valuation software)
- Material External event (Ex: inflation)
- Valuation assumptions (Ex: LDFs, trends)
- Valuation methods (Ex: for claims liabilities)
- Operations (Ex: investment policies, reinsurance practices)
635
AA 3b,c,d: PEER REVIEWER OBJECTIVES, WORK TO REVIEW, MAT.
Qz-4 peer review - materiality:Is auditor’s level suff. for (AA, peer review)
635
AA 3b,c,d: PEER REVIEWER OBJECTIVES, WORK TO REVIEW, MAT.
Qz-4 peer review - materiality:Is auditor’s level suff. for (AA, peer review)
- No, a numerical threshold for company as a whole is not sufficient
- Peer reviewer & AA must use professional judgment for different areas within company
636
AA 3b,c,d: PEER REVIEWER OBJECTIVES, WORK TO REVIEW, MAT.
Qz-4 peer review - materiality:What causes increased rigour
ICT.SCLs
636
AA 3b,c,d: PEER REVIEWER OBJECTIVES, WORK TO REVIEW, MAT.
Qz-4 peer review - materiality:What causes increased rigour
ICT.SCLs
- Getting near (internal capital targets, solvency control levels)
- Small changes could trigger significants actions
637
E (2019.Spring 25c.) 1.000 pts
AA 3e,f,g,h: AUDIT, REPORT, FREQUENCY, TIMING/PUBLISHINING
Qz-5 audit:Difference between (external audit, peer review)
637
E (2019.Spring 25c.) 1.000 pts
AA 3e,f,g,h: AUDIT, REPORT, FREQUENCY, TIMING/PUBLISHINING
Qz-5 audit:Difference between (external audit, peer review)
- AUDIT:
- Checks that F/S is free from material misstatement as a whole
- Uses CICA standard
- PEER REVIEW:
- Reviews AA’s financial statement work at more granular level
- Uses CIA standard
- peer reviewer does not:
- ==> |1] verify DATA
- ==> |2] verify CONTROLS
- ==> |3] perform detailed RECALCULATIONS (provided AA has controls to detect errors in valuation)
638
AA 3e,f,g,h: AUDIT, REPORT, FREQUENCY, TIMING/PUBLISHINING
Qz-5 audit:Do audit requirements satisfy peer review requirements (yes/no)
638
AA 3e,f,g,h: AUDIT, REPORT, FREQUENCY, TIMING/PUBLISHINING
Qz-5 audit:Do audit requirements satisfy peer review requirements (yes/no)
- No (a peer review is more detailed than an audit)
639
E (2017.Spring 24d.ii,ii) 0.750 pts
AA 3e,f,g,h: AUDIT, REPORT, FREQUENCY, TIMING/PUBLISHINING
Qz-5 audit:Duties that a peer reviewer does not perform
recalcs.data
639
E (2017.Spring 24d.ii,ii) 0.750 pts
AA 3e,f,g,h: AUDIT, REPORT, FREQUENCY, TIMING/PUBLISHINING
Qz-5 audit:Duties that a peer reviewer does not perform
recalcs.data
- Peer reviewer DOESN’T:
- ==> |2] verify DATA
- ==> |3] verify CONTROLS
- ==> |1] perform detailed RECALCULATIONS (provided AA has controls to detect errors in valuation)
640
AA 3e,f,g,h: AUDIT, REPORT, FREQUENCY, TIMING/PUBLISHINING
Qz-5 peer review report:Contents (4)
describe work, compliance, recommendations, relationship with AA
640
AA 3e,f,g,h: AUDIT, REPORT, FREQUENCY, TIMING/PUBLISHINING
Qz-5 peer review report:Contents (4)
describe work, compliance, recommendations, relationship with AA
- Description of (work | timing | materiality level)
- Compliance with AAP & changes in (AM)
- Recommendations for further work
- Relationship with AA
641
E (2019.Spring 25b.i) 0.250 pts
AA 3e,f,g,h: AUDIT, REPORT, FREQUENCY, TIMING/PUBLISHINING
Qz-5 frequency:How often is a F/S peer review performed when there have been NO material changes to the valuation
641
E (2019.Spring 25b.i) 0.250 pts
AA 3e,f,g,h: AUDIT, REPORT, FREQUENCY, TIMING/PUBLISHINING
Qz-5 frequency:How often is a F/S peer review performed when there have been NO material changes to the valuation
- At least once every 3 yrs, all at once OR in phases (with brief annual report stating that there were no material changes)
642
E (2019.Spring 25b.ii) 0.250 pts
AA 3e,f,g,h: AUDIT, REPORT, FREQUENCY, TIMING/PUBLISHINING
Qz-5 frequency:How often is a F/S peer review performed when there HAVE been material changes to the valuation
642
E (2019.Spring 25b.ii) 0.250 pts
AA 3e,f,g,h: AUDIT, REPORT, FREQUENCY, TIMING/PUBLISHINING
Qz-5 frequency:How often is a F/S peer review performed when there HAVE been material changes to the valuation
- Annually
643
E (2019.Spring 25a.i) 0.500 pts
AA 3i,j: QUALIFICATION STDS, CHANGING REVIEWER
Qz-6 peer reviewer:Identify the qualification standards for a peer reviewer
..PPS-ICSC..
643
E (2019.Spring 25a.i) 0.500 pts
AA 3i,j: QUALIFICATION STDS, CHANGING REVIEWER
Qz-6 peer reviewer:Identify the qualification standards for a peer reviewer
..PPS-ICSC..
o Same as outlined in PART 2 for AA:
o Main qualification: FCIA - in good standing
- RULE 1: PPS w/ ICSC (Perform Professional Services WITH Integrity, Competence, Skill, Care)
- RULE 2: PPS (Perform Professional Services) only when qualified to do so
- RULE 3: meet all applicable SOPs (Standards of Practice)
644
E (2019.Spring 25a.ii) 0.500 pts
AA 3i,j: QUALIFICATION STDS, CHANGING REVIEWER
Qz-6 peer reviewer:Req’d prior experience before appointment
exposure to..
644
E (2019.Spring 25a.ii) 0.500 pts
AA 3i,j: QUALIFICATION STDS, CHANGING REVIEWER
Qz-6 peer reviewer:Req’d prior experience before appointment
exposure to..
- Exposure to 2 or more unrelated insurers
- Familiarity with range of practices & assumptions used in Canada
645
AA 3i,j: QUALIFICATION STDS, CHANGING REVIEWER
Qz-6 peer reviewer:If (hiring, changing) OSFI expects?
645
AA 3i,j: QUALIFICATION STDS, CHANGING REVIEWER
Qz-6 peer reviewer:If (hiring, changing) OSFI expects?
- Written notification (w/ reasons for change in peer reviewer, if applicable)
650
AA 3i,j: QUALIFICATION STDS, CHANGING REVIEWER
Qz-6 peer reviewer:Identify a reason that a peer reviewer may be from insurer’s Audit Firm
650
AA 3i,j: QUALIFICATION STDS, CHANGING REVIEWER
Qz-6 peer reviewer:Identify a reason that a peer reviewer may be from insurer’s Audit Firm
- Using peer reviewer from Audit Firm accomodates (smaller, simpler) insurers
- This is discouraged for large insurers (large insurers need a broader perspective)
651
AA 3i,j: QUALIFICATION STDS, CHANGING REVIEWER
Qz-6 changing peer reviewer:How often should a peer reviewer be changed
651
AA 3i,j: QUALIFICATION STDS, CHANGING REVIEWER
Qz-6 changing peer reviewer:How often should a peer reviewer be changed
- At least once every 2 cycles (i.e. every 6 years)
652
AA 3i,j: QUALIFICATION STDS, CHANGING REVIEWER
Qz-6 changing peer reviewer:Identify reasons for periodic changes of peer reviewer (2)
object.edu
652
AA 3i,j: QUALIFICATION STDS, CHANGING REVIEWER
Qz-6 changing peer reviewer:Identify reasons for periodic changes of peer reviewer (2)
object.edu
- Enhance objectivity
- Increase educational value to AA
653
AA SUPP:
supp:Can new peer reviewer be from same firm as previous
653
AA SUPP:
supp: Can new peer reviewer be from same firm as previous
1. Yes, and it could even be a reappointment (provided there has been at least one intervening cycle (i.e. 3 yrs))
654
E (2014.Fall 33a.i) 1.000 pts
AA SUPP:
supp:What should AA do before accepting AA appointment (4)
654
E (2014.Fall 33a.i) 1.000 pts
AA SUPP:
supp:What should AA do before accepting AA appointment (4)
- Self-verify(QEK)or (Qualifications, Education, Experience)
- Consult with outgoing AA
- Verify appointing body understands AA duties
- Verify that appointing body will support the AA in their duties
655
E (2014.Fall 33a.ii) 0.000 pts
AA SUPP:
supp:How does Board of Directors support the AA in their duties (3)
655
E (2014.Fall 33a.ii) 0.000 pts
AA SUPP:
supp:How does Board of Directors support the AA in their duties (3)
- Provide timely access to (records, info, explanations)
- Provide adequate resources (Ex: software)
- Provide venue for presenting AA report
656
E (2017.Fall 27error4.) 0.750 pts
AA SUPP:
Qz-6 supp:How does AA identify and report material adverse transactions/conditions
..(CEO,CFO)..
656
E (2017.Fall 27error4.) 0.750 pts
AA SUPP:
Qz-6 supp:How does AA identify and report material adverse transactions/conditions
..(CEO,CFO)..
- IDENTIFY: use (DCAT, stress-testing)
- REPORTING: report to (CEO, CFO) with deadline for corrective action (cc: BoD)
- IF DEADLINE NOT MET: cc:OSFI & outline events leading up to notifying OSFI
657
E (2014.Fall 33b.) 1.250 pts
AA SUPP:
supp:How does AA identify and report material adverse transactions/conditions
..(CEO,CFO)..
657
E (2014.Fall 33b.) 1.250 pts
AA SUPP:
supp:How does AA identify and report material adverse transactions/conditions
..(CEO,CFO)..
- IDENTIFY: use (DCAT, stress-testing)
- REPORTING: report to (CEO, CFO) with deadline for corrective action (cc: BoD)
- IF DEADLINE NOT MET: cc:OSFI & outline events leading up to notifying OSFI