Lists of lists Flashcards
Contract Design and Pricing? (4)
- Contract Design FTCs
- Investment Return Pricing Basis
- Mortality Pricing Basis
- Expenses Pricing Basis
Risk Management (15)
- The Three Lines of Defence
- Components of a Risk Management Framework
- Sources of market risk
- Sources of unit pricing risk
- Sources of operational risk
- Sources of model risk
- Sources of conduct risk
- Sources of insurance risk
- How to monitor market risk
- How to manage credit risk
- How to manage liquidity risk
- How to manage model risk
- Addressing non-disclosure
- Risks from Reinsurance
- Longevity Swaps
Management of UK With Profit Funds (9)
- Requirements of a surplus distribution system
- Suitability of different surplus distribution methods
- Factors affecting the timing of surplus distribution
- Factors affecting the degree of smoothing
- Bonus declaration investigations.
- Features of new style with-profits contracts
- Additional FTC for a closed WP fund in run-off.
- FTC re fairness of inherited estate distribution
- List of possible management actions for a WP fund
Asset Shares (11)
- Definition of an asset share
- Deductions from asset share
- Determining the investment return for asset shares
- Allowing for BLAGAB tax in asset shares
- Sources of surrender profits or losses
- Allocating surrender profits or losses
- Sources of miscellaneous profits
- Measures of the profits from non-profit business
- Methods of allocating the profits from NP business
- UWP asset share calculation methods
- Impact of TCF on asset share calculation methods
Embedded Values (8)
- Problems with the APM
- List of EEV Principles, and the detail.
- Areas of increased disclosure
- Areas left for firms to decide upon
- Movement from EEV to MCEV
- Reasons why a PVIF may still exist under Solvency 2
- Components of an AoC of EV under S2
- Describe customer value measurement
Profit Reporting (17)
- Which accounting standards apply to which UK firms?
- Statement a company must make when using IFRS
- Accounting standards for insurance and investment contracts and separately with profits
- IFRS4 definition of an insurance contract
- IFRS4 insurance contract valuation
- IASs applying to investment contracts
- IAS39 asset categories
- Sources of UK GAAP requirements
- Overview of Old UK GAAP
- Main features of Old UK GAAP assets and liabilities
- Definition of DAC under Old UK GAAP
- Restrictions on accounting for DAC
- Overview of New UK GAAP
- FRSs constituting New UK GAAP
- Principles of US GAAP
- Treatment of assets under US GAAP
- FASs relevant to life assurance under US GAAP
Analysis of Surplus (7)
- Main components of an AoS
- Uses for an AoS in business decisions
- Possible opening adjustments
- Process for performing AoS
- S2 Investment Return Variance for AoS
- S2 Risk Margin component for AoS
- S2 SCR component for AoS
Asset Liability Management (4)
- Basic Investment Principle of a life assurance firm
- Describe an ESG
- Reasons for using derivatives in an ALM strategy
- Residual risks from using derivatives
Capital Management (15)
- Required capital definition
- Three measures of required capital
- How capital, risk and value are linked
- Categories of risk
- Reasons for solvency projections
- Uses of working capital
- Methods for increasing available capital
- Reasons capital requirements have increased recently
- Sources of a proprietary company’s capital
- Sources of capital for a mutual
- Entity approach for a mutual
- Definition of inherited estate
- Uses of the inherited estate
- Steps in using a proxy model
- Proxy model approaches
TCF (6)
- Who is responsible for satisfying TCF requirements?
- Who regulates compliance?
- Elements involved in effective delivery of TCF
- FCAs consumer outcomes for TCF
- Specific legislation that expands on TCF for WP
- FTC regarding any TCF issue
Professional Standards and Guidance (7)
- Components of the new TAS framework
- FRC’s reliability objective
- TASs relevant to SA2
- Areas covered by principles in TAS100
- Purpose of TAS200
- Areas of life assurance work in scope of TAS200
- Other professional standards relevant to SA2
Solvency 2 Detail (21)
- Components of S2 Assets
- FTC valuing assets
- Technical provisions
- BEL calculation method
- BEL assumptions
- BEL discount rates
- Matching Adjustment
- Volatility Adjustment
- Risk Margin calculation
- Cost of Capital method
- SCR calculation
- IMAP tests
- SCR risk groups
- Standard Formula risk modules
- Standard Formula market risk sub modules
- Standard Formula calculation
- Adjustments to BSCR
- Describe the MCR
- Rules for regulator intervention
- Own Funds
- Quality of Capital Resources
Solvency 2 Overview (9)
- Objectives of Solvency 2
- Overview of Solvency 2 Pillar 1
- Overview of Solvency 2 Pillar 2
- Governance requirements of Pillar 2
- ORSA requirements of Pillar 2
- Overview of Solvency 2 Pillar 3
- Disclosure requirements of Pillar 3
- SCR requirements for Insurance Groups
- Third country equivalence
COBS / PPFM (9)
- COBS relevant to SA2
- COBS2
- COBS4
- COBS6
- COBS13
- COBS20 Areas
- COBS20 Rules
- PPFM Areas
- PPFM Requirements
UK Regulation (18)
- Describe the two UK regulators
- Describe G-SIIs
- PRA’s primary objectives and requirements >S2
- FCA’s key objective and 3 underpinning aspects
- Overlap of PRA’s fundamental rules and FCA principles
- PRA’s 3 fundamental rules not also FCA’s principles
- FCA’s principles not also PRA fundamental rules
- Outline of AFH and WPA
- Main responsibilities of AFH
- Main responsibilities of WPA
- Requirements on firms regarding AFH and WPA
- APS L1 Principles
- APS L2 Whistleblowing
- Asset Transfer Constraints
- Part VII Transfer Requirements
- Three groups assessed by independent expert
Tax Allowance in Unit Pricing (11)
- Basic Equity Principle of unit pricing
- Appropriation Price
- Expropriation Price
- Offer Basis
- Bid Basis
- Offer Price
- Bid Price
- Tax treatment of unrealised gains on an offer basis
- Tax treatment of unrealised gains on a bid basis
- Tax treatment of unrealised losses on an offer basis
- Tax treatment of unrealised losses on a bid basis
Life Company Taxation (10)
- Contracts in a non-BLAGAB tax fund
- Contracts in a BLAGAB tax fund
- Components of I in the I-E tax basis for BLAGAB
- Components of E in the I-E tax basis for BLAGAB
- Formula for trading profit for non-BLAGAB
- Tax rates that apply to mutuals
- Tax rates that apply to proprietary companies
- Describe BLAGAB minimum profit
- Describe the minimum profits test
- Circumstances a company may be XSE
Policyholder Tax (10)
- Stages where tax may be paid on a policy
- Qualifying status factors
- Tax free benefits for qualifying contracts
- Calculation of chargeable gain
- Rate of tax on policyholder benefits
- Policyholder taxation of general annuity contracts
- Describe the personal allowance for pensions
- Describe the annual allowance for pensions
- Describe the tax treatment of pension benefits
- Describe the tax treatment of pension funds on death
UK Insurance Contract and Trust Law (9)
- Elements in the formation of a valid contract
- Describe the concept of trusts
- Five main types of trust
- General requirements of contract terms
- Responsibilities of the Financial Ombudsman Service
- Nine Protected Characteristics
- Describe Direct and Indirect discrimination
- EU Gender Directive
- Duties of a customer before entering into a contract
UK General Business Environment (10)
- FTC re UK environment for writing NB
- Changes introduced in the RDR
- Types of advice under RDR
- Types of remuneration under RDR
- Types of contract subject to RDR
- UK legislation affect on premium bases and charges
- Examples of criticism from the media
- Demographic and Environmental factors -> demand
- Incentives for consumers to save
10 .Sales channels in the UK
UK Specific Products - Fancy (13)
- Guaranteed Equity Bond
- High Income Bond
- Personal Pensions
- Stakeholder Pensions
- Income Drawdown
- SIPP
- Group Personal Pensions
- Impaired Life Annuities
- Variable Annuities
- Wrap Accounts
- Equity Release
- Sharia
- Microinsurance
UK Specific Products - Basic (8)
- CWP
- UWP
- Unit Linked
- Term Assurance
- Income Protection
- Critical Illness
- Group Life
- Group Critical Illness
List of Lists
UK Specific Products - Basic
UK Specific Products - Fancy
UK General Business Environment
Product Design and Pricing
Policyholder Taxation
Life Company Taxation
Tax Allowance in Unit Pricing
UK Contract and Trust Law UK Regulation COBS / PPFM Professional Standards and Guidance TCF
Solvency 2 - Overview
Solvency 2 - Detail
Risk Management and Controls
Capital Management
ALM
Analysis of Surplus
Embedded Values
Profit Reporting
With Profits Management
Asset Shares
Surplus Distribution