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sa2 life insurance fellowship (uk actuarial) > Lists of lists > Flashcards

Lists of lists Flashcards

1
Q

Contract Design and Pricing? (4)

A
  1. Contract Design FTCs
  2. Investment Return Pricing Basis
  3. Mortality Pricing Basis
  4. Expenses Pricing Basis
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2
Q

Risk Management (15)

A
  1. The Three Lines of Defence
  2. Components of a Risk Management Framework
  3. Sources of market risk
  4. Sources of unit pricing risk
  5. Sources of operational risk
  6. Sources of model risk
  7. Sources of conduct risk
  8. Sources of insurance risk
  9. How to monitor market risk
  10. How to manage credit risk
  11. How to manage liquidity risk
  12. How to manage model risk
  13. Addressing non-disclosure
  14. Risks from Reinsurance
  15. Longevity Swaps
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3
Q

Management of UK With Profit Funds (9)

A
  1. Requirements of a surplus distribution system
  2. Suitability of different surplus distribution methods
  3. Factors affecting the timing of surplus distribution
  4. Factors affecting the degree of smoothing
  5. Bonus declaration investigations.
  6. Features of new style with-profits contracts
  7. Additional FTC for a closed WP fund in run-off.
  8. FTC re fairness of inherited estate distribution
  9. List of possible management actions for a WP fund
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4
Q

Asset Shares (11)

A
  1. Definition of an asset share
  2. Deductions from asset share
  3. Determining the investment return for asset shares
  4. Allowing for BLAGAB tax in asset shares
  5. Sources of surrender profits or losses
  6. Allocating surrender profits or losses
  7. Sources of miscellaneous profits
  8. Measures of the profits from non-profit business
  9. Methods of allocating the profits from NP business
  10. UWP asset share calculation methods
  11. Impact of TCF on asset share calculation methods
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5
Q

Embedded Values (8)

A
  1. Problems with the APM
  2. List of EEV Principles, and the detail.
  3. Areas of increased disclosure
  4. Areas left for firms to decide upon
  5. Movement from EEV to MCEV
  6. Reasons why a PVIF may still exist under Solvency 2
  7. Components of an AoC of EV under S2
  8. Describe customer value measurement
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6
Q

Profit Reporting (17)

A
  1. Which accounting standards apply to which UK firms?
  2. Statement a company must make when using IFRS
  3. Accounting standards for insurance and investment contracts and separately with profits
  4. IFRS4 definition of an insurance contract
  5. IFRS4 insurance contract valuation
  6. IASs applying to investment contracts
  7. IAS39 asset categories
  8. Sources of UK GAAP requirements
  9. Overview of Old UK GAAP
  10. Main features of Old UK GAAP assets and liabilities
  11. Definition of DAC under Old UK GAAP
  12. Restrictions on accounting for DAC
  13. Overview of New UK GAAP
  14. FRSs constituting New UK GAAP
  15. Principles of US GAAP
  16. Treatment of assets under US GAAP
  17. FASs relevant to life assurance under US GAAP
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7
Q

Analysis of Surplus (7)

A
  1. Main components of an AoS
  2. Uses for an AoS in business decisions
  3. Possible opening adjustments
  4. Process for performing AoS
  5. S2 Investment Return Variance for AoS
  6. S2 Risk Margin component for AoS
  7. S2 SCR component for AoS
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8
Q

Asset Liability Management (4)

A
  1. Basic Investment Principle of a life assurance firm
  2. Describe an ESG
  3. Reasons for using derivatives in an ALM strategy
  4. Residual risks from using derivatives
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9
Q

Capital Management (15)

A
  1. Required capital definition
  2. Three measures of required capital
  3. How capital, risk and value are linked
  4. Categories of risk
  5. Reasons for solvency projections
  6. Uses of working capital
  7. Methods for increasing available capital
  8. Reasons capital requirements have increased recently
  9. Sources of a proprietary company’s capital
  10. Sources of capital for a mutual
  11. Entity approach for a mutual
  12. Definition of inherited estate
  13. Uses of the inherited estate
  14. Steps in using a proxy model
  15. Proxy model approaches
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10
Q

TCF (6)

A
  1. Who is responsible for satisfying TCF requirements?
  2. Who regulates compliance?
  3. Elements involved in effective delivery of TCF
  4. FCAs consumer outcomes for TCF
  5. Specific legislation that expands on TCF for WP
  6. FTC regarding any TCF issue
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11
Q

Professional Standards and Guidance (7)

A
  1. Components of the new TAS framework
  2. FRC’s reliability objective
  3. TASs relevant to SA2
  4. Areas covered by principles in TAS100
  5. Purpose of TAS200
  6. Areas of life assurance work in scope of TAS200
  7. Other professional standards relevant to SA2
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12
Q

Solvency 2 Detail (21)

A
  1. Components of S2 Assets
  2. FTC valuing assets
  3. Technical provisions
  4. BEL calculation method
  5. BEL assumptions
  6. BEL discount rates
  7. Matching Adjustment
  8. Volatility Adjustment
  9. Risk Margin calculation
  10. Cost of Capital method
  11. SCR calculation
  12. IMAP tests
  13. SCR risk groups
  14. Standard Formula risk modules
  15. Standard Formula market risk sub modules
  16. Standard Formula calculation
  17. Adjustments to BSCR
  18. Describe the MCR
  19. Rules for regulator intervention
  20. Own Funds
  21. Quality of Capital Resources
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13
Q

Solvency 2 Overview (9)

A
  1. Objectives of Solvency 2
  2. Overview of Solvency 2 Pillar 1
  3. Overview of Solvency 2 Pillar 2
  4. Governance requirements of Pillar 2
  5. ORSA requirements of Pillar 2
  6. Overview of Solvency 2 Pillar 3
  7. Disclosure requirements of Pillar 3
  8. SCR requirements for Insurance Groups
  9. Third country equivalence
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14
Q

COBS / PPFM (9)

A
  1. COBS relevant to SA2
  2. COBS2
  3. COBS4
  4. COBS6
  5. COBS13
  6. COBS20 Areas
  7. COBS20 Rules
  8. PPFM Areas
  9. PPFM Requirements
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15
Q

UK Regulation (18)

A
  1. Describe the two UK regulators
  2. Describe G-SIIs
  3. PRA’s primary objectives and requirements >S2
  4. FCA’s key objective and 3 underpinning aspects
  5. Overlap of PRA’s fundamental rules and FCA principles
  6. PRA’s 3 fundamental rules not also FCA’s principles
  7. FCA’s principles not also PRA fundamental rules
  8. Outline of AFH and WPA
  9. Main responsibilities of AFH
  10. Main responsibilities of WPA
  11. Requirements on firms regarding AFH and WPA
  12. APS L1 Principles
  13. APS L2 Whistleblowing
  14. Asset Transfer Constraints
  15. Part VII Transfer Requirements
  16. Three groups assessed by independent expert
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16
Q

Tax Allowance in Unit Pricing (11)

A
  1. Basic Equity Principle of unit pricing
  2. Appropriation Price
  3. Expropriation Price
  4. Offer Basis
  5. Bid Basis
  6. Offer Price
  7. Bid Price
  8. Tax treatment of unrealised gains on an offer basis
  9. Tax treatment of unrealised gains on a bid basis
  10. Tax treatment of unrealised losses on an offer basis
  11. Tax treatment of unrealised losses on a bid basis
17
Q

Life Company Taxation (10)

A
  1. Contracts in a non-BLAGAB tax fund
  2. Contracts in a BLAGAB tax fund
  3. Components of I in the I-E tax basis for BLAGAB
  4. Components of E in the I-E tax basis for BLAGAB
  5. Formula for trading profit for non-BLAGAB
  6. Tax rates that apply to mutuals
  7. Tax rates that apply to proprietary companies
  8. Describe BLAGAB minimum profit
  9. Describe the minimum profits test
  10. Circumstances a company may be XSE
18
Q

Policyholder Tax (10)

A
  1. Stages where tax may be paid on a policy
  2. Qualifying status factors
  3. Tax free benefits for qualifying contracts
  4. Calculation of chargeable gain
  5. Rate of tax on policyholder benefits
  6. Policyholder taxation of general annuity contracts
  7. Describe the personal allowance for pensions
  8. Describe the annual allowance for pensions
  9. Describe the tax treatment of pension benefits
  10. Describe the tax treatment of pension funds on death
19
Q

UK Insurance Contract and Trust Law (9)

A
  1. Elements in the formation of a valid contract
  2. Describe the concept of trusts
  3. Five main types of trust
  4. General requirements of contract terms
  5. Responsibilities of the Financial Ombudsman Service
  6. Nine Protected Characteristics
  7. Describe Direct and Indirect discrimination
  8. EU Gender Directive
  9. Duties of a customer before entering into a contract
20
Q

UK General Business Environment (10)

A
  1. FTC re UK environment for writing NB
  2. Changes introduced in the RDR
  3. Types of advice under RDR
  4. Types of remuneration under RDR
  5. Types of contract subject to RDR
  6. UK legislation affect on premium bases and charges
  7. Examples of criticism from the media
  8. Demographic and Environmental factors -> demand
  9. Incentives for consumers to save
    10 .Sales channels in the UK
21
Q

UK Specific Products - Fancy (13)

A
  1. Guaranteed Equity Bond
  2. High Income Bond
  3. Personal Pensions
  4. Stakeholder Pensions
  5. Income Drawdown
  6. SIPP
  7. Group Personal Pensions
  8. Impaired Life Annuities
  9. Variable Annuities
  10. Wrap Accounts
  11. Equity Release
  12. Sharia
  13. Microinsurance
22
Q

UK Specific Products - Basic (8)

A
  1. CWP
  2. UWP
  3. Unit Linked
  4. Term Assurance
  5. Income Protection
  6. Critical Illness
  7. Group Life
  8. Group Critical Illness
23
Q

List of Lists

A

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

sa2 life insurance fellowship (uk actuarial) (26 decks)

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