CIA Disclosure Flashcards
1
Q
Broad areas of disclosure. (4)
A
PRINCIPLES: significant accounting principles
ESTIMATES: critical account estimates/judgements
RISK: management of insurance and financial risk
LIABILITIES: insurance liabilities and reinsurance assets
2
Q
Considerations in determining concentration risk. (4)
A
- by LOB (more is better)
- by province (geographical diversification is better)
- reinsurance (multiple sources is better)
- U/W limit (lower is better)
3
Q
Describe the requirements regarding disclosure of concentration risk. (2)
A
- how management DETERMINED the concentration
- description of shared characteristics that IDENTIFIED each concentration
4
Q
Identify 2 pieces of info that can be used to respond to requirements for disclosure of concentration risk.
A
Data by LOB or geographical region (premiums, exposures, …).