arch1892
About
- Username
- arch1892
- Joined
- Visits
- 96
- Last Active
- Roles
- Member
Comments
-
Is it reasonable to provide two tables in the AOS, one for loss reserves and one for UEPR?
-
Just to clarify, they make mention of adjusting LDFs because if there is a change in case reserve adequacy or settlement patters or mix of business, assumptions of chain ladder method would no longer hold, correct?
-
Thanks for the clarification. Removes much of the confusion!
-
I think it's the word 'Net' in Statutory Net Income that's throwing me off. Is the net referring to Net of Taxes or Net of reinsurance?
-
If insurers recognize acquisition cost immediately which reduces their taxable income, why would they get a tax refund only later?
-
Would it also be recorded in the income statement as other income? Income statement will also be impacted by commutation, correct where the incurred losses will increase
-
I wanted to confirm that in Spring 2016, #15, the loss amounts are net of S&S in schedule P, correct? So for that specific question, S&S treatment wouldn't have been different between SAP and GAAP.
-
Okay, thanks! Makes sense.
-
In the balance sheet, Unearned Premium is net of ceded reinsurance, correct?
-
Isn't IRIS 7 recalculated because it includes current year PHS in the numerator which has to be adjusted to remove surplus aid? IRIS 11 & 12 are not recalculated which use prior year PHS in the denominator
-
I think it's confusing as the header for premium information is Calendar Year. If it said Policy Year Premiums, adding the UEPR for PY2016 would make sense.
-
Thanks!
-
The examiner's report mentions that for a 0% pooling, the SAO would read similar to the lead company.
-
What does a 0% pooling mean? That it has no losses/premiums/reserves?
-
The Odomirok text states that if the review date is not explicitly mentioned, it can be assumed that the review date is same as the date of signing the SAO. This is in Page 204 of the text under the SCOPE section
-
Can you explain how difference in statutory and tax accounting for loss reserves results in a tax benefit?
-
Sorry, I guess it will be treated as an asset under cash received?
-
I'm not sure if this has been asked before but is the commutation price received by primary insurer recorded under the balance sheet as an asset? Would this be considered as 'other amounts receivable under reinsurance contracts'?
-
If the materiality standard was calculated based on % of reserves or any other methods, do we compare both gross/net reserves to the materiality standard to check if RMAD exists?
-
Thanks!
-
Yes, I took a look so it. But COPLR makes reference to ASOP36 note about intended users and purpose under the Relevant comments section.
-
Thank you! Makes sense.
-
Thanks! I understand the official definition in the text is the other way around, and maybe for the exam they require us to word it that way. would that be correct to assume?
-
Wouldn't it be easier to think of it as if Recorded Reserves - High end of actuary's range > MAD, then there is RMAD? It's rearranging the algebra. But it makes it more intuitive. That is, if the difference between the recorded reserves and high…
-
Makes sense, thanks! And I assume a reason is because it is difficult to allocate AO expenses to accident years or to line of business?
-
In the COPLR text, intended users & purpose is included in the Relevant Comments section but in the Odomirok, it's mentioned in the Identification s ection. Is it included in both?