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"*": "Freihaut & Vendetti covers several methods for assessing whether risk transfer from insurer to reinsurer has occurred. The existence ''(or non-existence)'' of risk transfer has important accounting implications. The main thing you have to do is '''practice''' the different methods for assessing risk transfer. A smaller portion of the tested material concerns '''pitfalls''' and '''practical considerations''' in risk transfer tests. There are a lot of BattleCards for this reading, but most of them are quite easy once you understand how to apply to risk transfer testing methods.\n\n [https://www.battleacts6us.ca/vanillaforum6us/categories/freihaut-reins<span style=\"font-size: 12px; background-color: lightgrey; border: solid; border-width: 1px; border-radius: 10px; padding: 2px 10px 2px 10px; margin: 0px;\">'''Forum'''</span>]\n\n==Pop Quiz==\n\n\n==BattleTable==\n\nBased on past exams, the '''main things''' you need to know ''(in rough order of importance)'' are:\n\n* <span style=\"color: green;\">'''ERD method'''</span> for testing risk transfer\n* <span style=\"color: blue;\">'''10-10 rule'''</span> for testing risk transfer\n* <span style=\"color: brown;\">'''reinsurance accounting'''</span> - determining if a contract qualifies\n* <span style=\"color: purple;\">'''discount rate'''</span> selection considerations\n* '''practical considerations''' in risk transfer analysis: ''parameter selection & risk, pricing assumptions, commutation clause\n* '''pitfalls''' in risk transfer analysis: ''profit commission, reinsurer expenses,...'' [<span style=\"color: red;\">'''PRICE – P'''</span>]\n* general concepts in risk transfer testing: ''determining most appropriate test, determining whether risk transfer is self-evident''\n\n: {| class=\"wikitable\" style=\"width: 1100px;\"\n\n|-\n! style=\"width: 175px;\" | reference !! style=\"width: 175px;\" | part (a) !! style=\"width: 175px;\" | part (b) !! style=\"width: 175px;\" | part (c) !! part (d)\n\n|-\n| [https://www.battleacts6us.ca/pdf/Exam_(2018_1-Spring)/(2018_1-Spring)_(26).pdf <span style='font-size: 12px; background-color: yellow; border: solid; border-width: 1px; border-radius: 5px; padding: 2px 5px 2px 5px; margin: 5px;'>E</span>] <span style=\"color: red;\">'''(2018.Spring #26)'''</span>\n|| <span style=\"color: blue;\">'''10-10 rule:'''</span> <br> - test risk transfer\n|| ''''substantially all' rule:''' <br> - test risk transfer\n|| <span style=\"color: green;\">'''ERD method:'''</span> <br> - test risk transfer\n| style=\"background-color: lightgrey;\" |\n\n|-\n| [https://www.battleacts6us.ca/pdf/Exam_(2017_1-Spring)/(2017_1-Spring)_(27).pdf <span style='font-size: 12px; background-color: yellow; border: solid; border-width: 1px; border-radius: 5px; padding: 2px 5px 2px 5px; margin: 5px;'>E</span>] <span style=\"color: red;\">'''(2017.Spring #27)'''</span>\n|| <span style=\"color: green;\">'''ERD method:'''</span> <br> - test risk transfer\n|| '''pitfalls''': <br> - in risk transfer test\n|| <span style=\"color: purple;\">'''discount rate:'''</span> <br> - selection considerations\n| style=\"background-color: lightgrey;\" |\n\n|-\n| [https://www.battleacts6us.ca/pdf/Exam_(2016_2-Fall)/(2016_2-Fall)_(25).pdf <span style='font-size: 12px; background-color: yellow; border: solid; border-width: 1px; border-radius: 5px; padding: 2px 5px 2px 5px; margin: 5px;'>E</span>] <span style=\"color: red;\">'''(2016.Fall #25)'''</span>\n|| '''any method''': <br> - test risk transfer\n|| '''any method''': <br> - test risk transfer\n|| '''any method''': <br> - test risk transfer\n| style=\"background-color: lightgrey;\" |\n\n|-\n| [https://www.battleacts6us.ca/pdf/Exam_(2016_1-Spring)/(2016_1-Spring)_(26).pdf <span style='font-size: 12px; background-color: yellow; border: solid; border-width: 1px; border-radius: 5px; padding: 2px 5px 2px 5px; margin: 5px;'>E</span>] <span style=\"color: red;\">'''(2016.Spring #26)'''</span>\n|| <span style=\"color: blue;\">'''10-10 rule:'''</span> <br> - test risk transfer\n|| see [[Odomirok.19-RBC]]\n|| <span style=\"color: green;\">'''ERD method:'''</span> <br> - test risk transfer\n| style=\"background-color: lightgrey;\" |\n\n|-\n| [https://www.battleacts6us.ca/pdf/Exam_(2015_2-Fall)/(2015_2-Fall)_(26).pdf <span style='font-size: 12px; background-color: yellow; border: solid; border-width: 1px; border-radius: 5px; padding: 2px 5px 2px 5px; margin: 5px;'>E</span>] <span style=\"color: red;\">'''(2015.Fall #26)'''</span>\n|| '''self-evident?''': <br> - test risk transfer\n|| <span style=\"color: brown;\">'''reinsurance accounting:'''</span> <br> - conditions to qualify\n|| '''pitfalls''': <br> - in risk transfer test\n| style=\"background-color: lightgrey;\" |\n\n|-\n| [https://www.battleacts6us.ca/pdf/Exam_(2015_1-Spring)/(2015_1-Spring)_(25).pdf <span style='font-size: 12px; background-color: yellow; border: solid; border-width: 1px; border-radius: 5px; padding: 2px 5px 2px 5px; margin: 5px;'>E</span>] <span style=\"color: red;\">'''(2015.Spring #25)'''</span>\n|| <span style=\"color: blue;\">'''10-10 rule:'''</span> <br> - test risk transfer\n|| <span style=\"color: green;\">'''ERD method:'''</span> <br> - test risk transfer\n|| see [[Odomirok.19-RBC]]\n| style=\"background-color: lightgrey;\" |\n\n|-\n| [https://www.battleacts6us.ca/pdf/Exam_(2014_1-Spring)/(2014_1-Spring)_(27).pdf <span style='font-size: 12px; background-color: yellow; border: solid; border-width: 1px; border-radius: 5px; padding: 2px 5px 2px 5px; margin: 5px;'>E</span>] <span style=\"color: red;\">'''(2014.Spring #27)'''</span>\n|| '''describe 2 tests''': <br> - for risk transfer\n|| '''is 1 test better''': <br> - in a certain scenario\n|| '''required data''': <br> - for risk transfer test\n|| '''(d)''' '''practical considerations''' in a risk transfer test <br> '''(e)''' <span style=\"color: brown;\">'''reinsurance accounting'''</span> <u>vs</u> risk transfer \n\n|-\n| [https://www.battleacts6us.ca/pdf/Exam_(2013_2-Fall)/(2013_2-Fall)_(28).pdf <span style='font-size: 12px; background-color: yellow; border: solid; border-width: 1px; border-radius: 5px; padding: 2px 5px 2px 5px; margin: 5px;'>E</span>] <span style=\"color: red;\">'''(2013.Fall #28)'''</span>\n|| <span style=\"color: green;\">'''ERD method:'''</span> <br> - test risk transfer\n|| <span style=\"color: brown;\">'''reinsurance accounting:'''</span> <br> - conditions to qualify\n|| '''practical considerations''': <br> - in risk transfer test\n| style=\"background-color: lightgrey;\" |\n\n|-\n| [https://www.battleacts6us.ca/pdf/Exam_(2012_2-Fall)/(2012_2-Fall)_(31).pdf <span style='font-size: 12px; background-color: yellow; border: solid; border-width: 1px; border-radius: 5px; padding: 2px 5px 2px 5px; margin: 5px;'>E</span>] <span style=\"color: red;\">'''(2012.Fall #31)'''</span>\n|| '''Scenario''': <br> - risk transfer concerns\n|| <span style=\"color: purple;\">'''discount rate:'''</span> <br> - selection considerations\n| style=\"background-color: lightgrey;\" |\n| style=\"background-color: lightgrey;\" |\n\n|}\n\n[https://www.battleacts6us.ca/FC.php?selectString=**&filter=both&sortOrder=natural&colorFlag=allFlag&colorStatus=allStatus&priority=importance-high&subsetFlag=miniQuiz&prefix=Freihaut&suffix=Reins§ion=all&subSection=all&examRep=all&examYear=all&examTerm=all&quizNum=all<span style=\"font-size: 20px; background-color: lightgreen; border: solid; border-width: 1px; border-radius: 10px; padding: 2px 10px 2px 10px; margin: 10px;\">'''Full BattleQuiz]'''</span> <span style=\"color: red;\">'''You must be <u>logged in</u> or this will not work.'''</span>\n\n [https://www.battleacts6us.ca/vanillaforum6us/categories/freihaut-reins<span style=\"font-size: 12px; background-color: lightgrey; border: solid; border-width: 1px; border-radius: 10px; padding: 2px 10px 2px 10px; margin: 0px;\">'''Forum'''</span>]\n\n==In Plain English!==\n\n===Intro===\n\nThis is a well-organized paper, and I'd suggest reading Section 1. It's short, but provides a nice introduction. The <u>main question</u> that's addressed is:\n\n:{| class=\"wikitable\"\n|-\n| How can an actuary determine when risk transfer has (or has not) occurred?\n|}\n\nBut even before trying to answer that, another reasonable question is:\n\n:{| class=\"wikitable\"\n|-\n| Why do we ''care'' whether risk transfer has taken place?\n|}\n\n:* One obvious reason is that a reinsurer cannot properly '''price''' a reinsurance contract without knowing how much risk they've taken on.\n:* Another reason is that when a contract qualifies as reinsurance, the cedant may use '''reinsurance accounting treatment,''' which is more favorable than the alternative ''(deposit accounting)''\n\n:{| class=\"wikitable\"\n|-\n| '''Question''': identify 2 '''conditions''' for a contract to receive reinsurance accounting treatment\n|}\n\n# requires that <u>significant insurance risk</u> is assumed by reinsurer ''(under reinsured portion of contract)''\n# requires that a <u>significant loss</u> to the reinsurer is reasonably possible\n\n: A related concept concerns the '''components''' of insurance risk. It's generally understood that insurance risk must include:\n\n:* <span style=\"color: green;\">'''U/W risk'''</span> ''(there must be uncertainty in the $-value of loss)''\n:* <span style=\"color: green;\">'''timing risk'''</span> ''(refers to timing of claims payments - there should <u>not</u> be any sort of predetermined payment schedule)''\n\nNow that we know the conditions & components necessary for reinsurance account, this raises the following question:\n\n:{| class=\"wikitable\"\n|-\n| '''Question''': what are the implications for an <u>insurer's balance sheet</u> if they cannot use 'reinsurance accounting' ''(must use 'deposit accounting' instead)''\n|}\n\n:: '''It's simple''': the insurer <u>cannot</u> show reserves as 'net' of reinsurance recoverables ''(in other words, they get no capital credit for having reinsurance)''\n\nThe concepts covered above are basic to an understanding of risk transfer. Learn them well!\n\n[https://www.battleacts6us.ca/FC.php?selectString=**&filter=both&sortOrder=natural&colorFlag=allFlag&colorStatus=allStatus&priority=importance-high&subsetFlag=miniQuiz&prefix=Freihaut&suffix=Reins§ion=all&subSection=all&examRep=all&examYear=all&examTerm=all&quizNum=1<span style=\"font-size: 20px; background-color: aqua; border: solid; border-width: 1px; border-radius: 10px; padding: 2px 10px 2px 10px; margin: 10px;\">'''mini BattleQuiz 1]'''</span> <span style=\"color: red;\">'''You must be <u>logged in</u> or this will not work.'''</span>\n\n===Risk Transfer Testing===\n\n====Background====\n\nWhen testing risk transfer, you must assess whether the '''2 conditions''' and '''2 components''' of risk transfer are present. ''(These were described above.)'' Below are some specific methods for doing this. ''(There are other pitfalls and considerations that we'll cover later, but this is a good place to start.)''\n\n: '''Method 1:''' ''Qualitative''\n:* Is transfer of risk <span style=\"color: brown;\">'''self-evident?'''</span> ''(Maybe the reinsurance premium is very low, or the potential loss is very high, like with hurricanes or earthquakes - either way, it should be obvious that the reinsurer has a significant change of a significant loss.)\n:* Sometimes you might see <u>reasonably self-evident</u> characterized as: (i) ''transaction is done at arms-length'', (ii) ''no risk-limiting features.''\n:* If there is some sort of predetermined payment pattern or if it's obvious there is no U/W risk, then it is <u>self-evident</u> that there's '''no''' risk transfer.\n\n: '''Method 2:''' ''Qualitative''\n:* <span style=\"color: brown;\">''' \"Substantially All\" exception:'''</span> IF (significant loss NOT reasonably possible) BUT (reinsurer assumes \"substantially all\" risk) THEN (risk transfer may still exist)\n:* ''(Often applies to quota-share contracts with a high % transferred)''\n\n: '''Method 3:''' ''Quantitative''\n:* <span style=\"color: brown;\">'''Calculate ERD (Expected Reinsurer Deficit):'''</span> ERD <span style=\"color: red;\">'''='''</span> prob(of NPV reinsurer loss) <span style=\"color: red;\">'''x'''</span> NPV(reinsurer loss) <span style=\"color: red;\">'''/'''</span> (reinsurance premium)\n:* If ERD > 1% then there has been transfer of loss\n:* click for [[ERD Example]].\n\n: '''Method 4:''' ''Quantitative''\n:* <span style=\"color: brown;\">'''10-10 rule:'''</span> IF reinsurer has a 10% chance of suffering a 10% loss THEN the contract is deemed to have transferred risk\n:* [https://www.battleacts6us.ca/pdf/Freihaut.Reins(10-10)_practice_01-04.pdf <span style=\"color: white; font-size: 12px; background-color: green; border: solid; border-width: 2px; border-radius: 10px; border-color: green; padding: 1px 3px 1px 3px; margin: 0px;\">'''''4 practice problems on the 10-10 rule'''''</span>]\n\nNote that these practice problems on the ''10-10 rule'' involve <u>discounting</u>, but most of the old exam problems on the ''10-10 rule'' do not have a discounting component.\n\n[https://www.battleacts6us.ca/FC.php?selectString=**&filter=both&sortOrder=natural&colorFlag=allFlag&colorStatus=allStatus&priority=importance-high&subsetFlag=miniQuiz&prefix=Freihaut&suffix=Reins§ion=all&subSection=all&examRep=all&examYear=all&examTerm=all&quizNum=2<span style=\"font-size: 20px; background-color: aqua; border: solid; border-width: 1px; border-radius: 10px; padding: 2px 10px 2px 10px; margin: 10px;\">'''mini BattleQuiz 2]'''</span> <span style=\"color: red;\">'''You must be <u>logged in</u> or this will not work.'''</span>\n\n====Example 1====\n\n* Given the following info, explain whether there is risk transfer. Assume there can be at most 1 loss in the coverage period. ''(An excess-of-loss treaty with <u>$A</u> excess of <u>$B</u> means the reinsurer is liable for loss events falling in the range $B → $B + $A.)''\n\n::{| class=\"wikitable\"\n|-\n| excess of loss treaty || $2M excess of $1M\n|-\n| aggregate limit || $2M\n|-\n| aggregate deductible || $1M\n|-\n| reinsurance premium || $1M\n|}\n\n:* Let's step through the methods in order:\n::* Is risk transfer self-evident?\n:::* If you have to think about this for more than just a few seconds, then it is '''not''' self-evident.\n:::* '''(Method 1 inconclusive.)'''\n::* Does the \"substantially all\" rule apply?\n:::* No, this doesn't apply either because the maximum reinsurer liability is only $2M, and the deductible and premium together sum to $2M. ''(It seems closer to \"substantially nothing\" than substantially all!)''\n:::* '''(Method 2 inconclusive.)'''\n::* Calculate ERD\n:::* We don't have any data on frequency and severity, but we can still deduce the ERD from the given info:\n::::* max loss = 3M THEREFORE max reinsurer payout = 1M (because retention = 1M and deductible = 1M) THEREFORE max reinsurer loss = 1M - (premium of 1M) = 0\n::::* BINGO! The reinsurer '''can't''' lose. Therefore there has been '''no transfer of risk.'''\n:::* '''(Method 3 provided the answer.)'''\n:* <span style=\"color: red;\">'''Note:'''</span> Do you see the reason for assuming there is only 1 loss in the coverage period? If there was a second loss of 3m, the insurer <u>would</u> then suffer a loss of 1m. The reasoning is that for the second 3m loss, 1m is retained by the insured as before, but the aggregate deductible of 1m was reached on the first loss and there's still 1m left in the aggregate limit. So, the insurer would have to pay 1m. The answer to whether there has been true transfer of risk would not be so clear now.\n\n====Example 2====\n\n* Given the following info, explain whether there is risk transfer.\n\n::{| class=\"wikitable\"\n|-\n| quota share % || 90%\n|-\n| ceding commission || 20%\n|-\n| ERL (expected LR) || 40%\n|-\n| reinsurance expenses || 5%\n|}\n\n:* If you remember that the \"substantially all\" rule applies to '''quota-share reinsurance''', then you can immediately conclude that there '''is''' risk transfer under this contract. '''(Method 2 provided the answer.)'''\n:* ''(The text says that the 'substantially all' applies to quota-share with a high percentage transfer, but they don't tell you what 'high' means. Is 80% high enough? 70%?)''\n\n====Example 3====\n\n* Given the following info, explain whether there is risk transfer.\n\n::{| class=\"wikitable\"\n|-\n| excess of loss (earthquake) || $300M excess of $50M\n|-\n| reinsurance premium || $5M\n|-\n| 100-year PML || $50M\n|-\n| 200-year PML || $200M\n|-\n| 500-year PML || $350M\n|}\n\n* This is the easiest of the 3 problems. It's tempting to try to calculate ERD because we're given information about both the frequency and severity, but since it's '''earthquake''' reinsurance, there is potential for a '''catastrophic loss''' in any year.\n* We can immediately invoke '''Method 1''' to conclude that there is '''self-evident''' risk transfer under this contract.\n\n[https://www.battleacts6us.ca/FC.php?selectString=**&filter=both&sortOrder=natural&colorFlag=allFlag&colorStatus=allStatus&priority=importance-high&subsetFlag=miniQuiz&prefix=Freihaut&suffix=Reins§ion=all&subSection=all&examRep=all&examYear=all&examTerm=all&quizNum=3<span style=\"font-size: 20px; background-color: aqua; border: solid; border-width: 1px; border-radius: 10px; padding: 2px 10px 2px 10px; margin: 10px;\">'''mini BattleQuiz 3]'''</span> <span style=\"color: red;\">'''You must be <u>logged in</u> or this will not work.'''</span>\n\n===Section 3ab & 4: Pitfalls & Practical Considerations in Reinsurance===\n\nThe first thing you should do is study the 2 examples in the source reading at the beginning of Section 3.\n\n: '''Contract 1''' is an example of a <u>quota-share</u> contract:\n:* quota share contract ''(with profit commission LR @ 66%)'' and <u>one-for-one profit swing</u> up to 5% below an LR of 66%.\n\n: '''Contract 2''' is an example of an <u>excess-of-loss</u> contract:\n:* excess-of-loss ''(with optional commutation after 5 yrs)'' and <u>swing-rated</u> where provisional the reinsurance premium rate of 8.5% varies between 6%-11% based on LR of 75%\n\nThese examples are used to illustrate the '''pitfalls''' and '''practical considerations''' discussed in this section, but also that if you get another problem like <span style=\"color: red;\">'''(2016.Fall #16a)'''</span>, you'll be familiar how quota-share, and excess-of-loss reinsurance contracts work. This section is fairly straightforward memorization.\n\nThere '''first''' list you must memorize is:\n\n:{| class=\"wikitable\"\n|-\n| '''Question''': identify the <u>pitfalls</u> in a risk transfer test [Hint: <span style=\"color: red;\">'''PRICE – P'''</span>]\n|}\n\n:: <span style=\"color: red;\">'''P'''</span>rofit commission\n:: <span style=\"color: red;\">'''R'''</span>einsurer expenses\n:: <span style=\"color: red;\">'''I'''</span>nterest rates\n:: <span style=\"color: red;\">'''C'''</span>ommutation timing\n:: <span style=\"color: red;\">'''E'''</span>valuation date\n:: <span style=\"color: red;\">''' –'''</span>\n:: <span style=\"color: red;\">'''P'''</span>remiums\n\nSee details in mini BattleQuiz.\n\n[https://www.battleacts6us.ca/FC.php?selectString=**&filter=both&sortOrder=natural&colorFlag=allFlag&colorStatus=allStatus&priority=importance-high&subsetFlag=miniQuiz&prefix=Freihaut&suffix=Reins§ion=all&subSection=all&examRep=all&examYear=all&examTerm=all&quizNum=4<span style=\"font-size: 20px; background-color: aqua; border: solid; border-width: 1px; border-radius: 10px; padding: 2px 10px 2px 10px; margin: 10px;\">'''mini BattleQuiz 4]'''</span> <span style=\"color: red;\">'''You must be <u>logged in</u> or this will not work.'''</span>\n\nThere '''second''' list you must memorize is:\n\n:{| class=\"wikitable\"\n|-\n| '''Question''': identify the <u>practical considerations</u> in a risk transfer test [Hint: <span style=\"color: red;\">'''parameter(selection, risk).Pr(ass).Comm'''</span>]\n|}\n\n:: <span style=\"color: red;\">'''P'''</span>arameter <u>selection</u> ''(interest rate, payment-pattern, loss distribution)''\n:: <span style=\"color: red;\">'''P'''</span>arameter <u>risk</u>\n:: <span style=\"color: red;\">'''Pr'''</span>icing <span style=\"color: red;\">'''ass'''</span>umptions\n:: <span style=\"color: red;\">'''Comm'''</span>utation clause\n\nSee details in mini BattleQuiz.\n\n[https://www.battleacts6us.ca/FC.php?selectString=**&filter=both&sortOrder=natural&colorFlag=allFlag&colorStatus=allStatus&priority=importance-high&subsetFlag=miniQuiz&prefix=Freihaut&suffix=Reins§ion=all&subSection=all&examRep=all&examYear=all&examTerm=all&quizNum=5<span style=\"font-size: 20px; background-color: aqua; border: solid; border-width: 1px; border-radius: 10px; padding: 2px 10px 2px 10px; margin: 10px;\">'''mini BattleQuiz 5]'''</span> <span style=\"color: red;\">'''You must be <u>logged in</u> or this will not work.'''</span>\n\n'''Note''' :There is a lot to memorize in these sections on pitfalls and practical considerations, and you can from the BattleTable that there's about a 50-50 chance to be asked. The questions on discount rate would also be included here. I cannot emphasize enough that if you want to memorize something '''reliably''', you have to do the BattleCard 10-20 times.\n\n[https://www.battleacts6us.ca/FC.php?selectString=**&filter=both&sortOrder=natural&colorFlag=allFlag&colorStatus=allStatus&priority=importance-high&subsetFlag=miniQuiz&prefix=Freihaut&suffix=Reins§ion=all&subSection=all&examRep=all&examYear=all&examTerm=all&quizNum=6<span style=\"font-size: 20px; background-color: aqua; border: solid; border-width: 1px; border-radius: 10px; padding: 2px 10px 2px 10px; margin: 10px;\">'''mini BattleQuiz 6]'''</span> <span style=\"color: red;\">'''You must be <u>logged in</u> or this will not work.'''</span>\n\n===Final Thoughts===\n\nI mentioned in the introduction at the very top of this wiki article that it seems like there's a lot of memorization, especially in the sections on ''pitfalls'' and ''practical considerations''. But many of the BattleCards are actually quite easy if you've simply memorized the 2 lists and have some general sense for how risk transfer works. The main thing from this reading is developing the '''skill''' for assessing the existence of risk transfer. For this, you have several different standard methods. It's just practice.\n\n[https://www.battleacts6us.ca/FC.php?selectString=**&filter=both&sortOrder=natural&colorFlag=allFlag&colorStatus=allStatus&priority=importance-high&subsetFlag=miniQuiz&prefix=Freihaut&suffix=Reins§ion=all&subSection=all&examRep=all&examYear=all&examTerm=all&quizNum=all<span style=\"font-size: 20px; background-color: lightgreen; border: solid; border-width: 1px; border-radius: 10px; padding: 2px 10px 2px 10px; margin: 10px;\">'''Full BattleQuiz]'''</span> <span style=\"color: red;\">'''You must be <u>logged in</u> or this will not work.'''</span>\n\n==BattleCodes==\n\nMemorize:\n\n\nConceptual:\n\n\nCalculational:\n\n==POP QUIZ ANSWERS=="
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"*": "{| class=\"wikitable\"\n|-\n! style=\"font-size: 18px; color: red;\" | '''FALL 2024 UPDATE'''\n|-\n| There are '''no modifications''' to the FALL 2024 syllabus.\n|}\n\n<span style=\"color: red;\">'''NOTE ABOUT THE EXAM 6 SYLLABUS'''</span>\n\nOne of the challenging things about the Exam 6 syllabus is that it changes frequently with new articles added and existing articles being updated or modified. The syllabus will also sometimes label an article as \u201cnew\u201d, but it is actually an updated version of an existing article. The updates of existing articles sometimes have significant changes and sometimes not. All this can be confusing \u2026 but not for BattleActs users. You don\u2019t need to figure all this out because we have. BattleActs is the only study guide that identifies what is actually a new article, clarifies what is a modified article and highlights significant changes. We also make it clear when we have reviewed an article, so you won\u2019t find yourself studying something, only to realize later that the content has not been updated. Check our table below and you will know exactly where things stand \u2026 and keep checking back to see updates.\n\n{| class=\"wikitable\"\n|-\n! style=\"font-size: 18px; color: green; background-color: navajowhite;\" | '''Below were the changes to the FALL 2023 syllabus'''</span>.\n|}\n\n===Deleted Readings===\n\nThe following readings have been <span style=\"color: red;\">'''deleted'''</span>. \n\n: {| class='wikitable' style='width: 1000px; font-size: ;'\n|-\n! style='width: ;' | Citation \n\n|-\n|| Baribeau, A.G., \u201cDemystifying the Regulatory Web,\u201d Actuarial Review, March/April 2016.\n\n|-\n|Karapiperis, Dimitri; Birnbaum, Birny; Brandenberg, Aaron; Castagna, Sandra; Greenberg, Allen; Harbage, Robin; and Obersteadt, Anne, Usage-Based Insurance and Vehicle Telematics: Insurance Market and Regulatory Implications, National Association of Insurance Commissioners, CIPR Study, March 2015, pp. 1-16 (excluding section on Tower Watson\u2019s DriveAbility) and 42-60.\n\n\n|}\n\n===New Readings===\n\nThe following readings have been <span style=\"color: red;\">'''added'''</span>. \n\n: {| class='wikitable' style='width: 1000px; font-size: ;'\n|-\n! style='width: ;' | Citation \n\n|-\n|| American Academy of Actuaries, \u201cEstimating the Uncollectible Reinsurance Reserve for Property/Casualty Companies New GAAP Requirements,\u201d July 2019, pg 4-15\n\n|-\n|| American Academy of Actuaries, \u201cRetained Property Casualty Insurance-Related Risk: Interaction of Actuarial Analysis and Accounting\u201d, April 2018, ch 1 & 4\n\n|-\n|| Casualty Actuarial and Statistical (c) Task Force, Regulatory Review of Predictive Models White Paper, December 2020, Sections I, IV & VII\n\n|-\n||Federal Insurance Office, Annual Report on the Insurance Industry Completed Pursuant to Title V of the Dodd-Frank Wall Street Reform and Consumer Protection Act, September 2022, Sections I, IA and I-B1\n\n|-\n|| Brandt, E.A. and Maxwell, L.A., \u201cRisk of Material Adverse Deviation Study Note,\u201d April 2023.\n\n|}\n\n===Modified Readings 1 (Contain Material Changes)===\n\nThe following readings have <span style=\"color: red;\">'''changes'''</span> you should be aware of. \n\n: {| class='wikitable' style='width: 1000px; font-size: ;'\n|-\n! style='width: ;' | Citation \n\n|-\n|| [[ Feldblum.Surplus | Feldblum Surplus, pg 1-10 & errata]] - pages 11-16 removed from syllabus.\n\n|-\n|| [[Vaughan.Crisis | Vaughan, pg 6-13]] - pages 3-5 and pages 14-16 have been removed from the syllabus.\n\n|}\n\n===Modified Readings 2 (No Material Changes)===\n\nThe following readings are have <span style=\"color: red;\">'''no significant changes'''</span> to the content. \n\n: {| class='wikitable' style='width: 1000px; font-size: ;'\n|-\n! style='width: ;' | Citation \n\n|-\n|| COPFLFR P&C Practice Note, 2022 edition\n\n|-\n|| Emmanuel\n\n|-\n|| Horn and Webel\n\n|-\n|| NAIC APPM Preamble\n\n|-\n|| NAIC IRIS\n\n|-\n|| NAIC RRG\n\n|-\n|| NAIC SSAP\n\n|}\n\n===Modified Readings 3 (Under Review)===\n\nWe are <span style=\"color: red;\">'''currently reviewing'''</span> these articles and will advise above if there are any significant changes.\n\n: {| class='wikitable' style='width: 1000px; font-size: ;'\n|-\n! style='width: ;' | Citation \n\n|}"
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