Difference between revisions of "Odomirok.30-Future"
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− | + | '''Reading''': Financial Reporting Through the Lens of a Property/Casualty Actuary - '''Chapter 30''' - '''The Future of Financial Reporting''' | |
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+ | '''Author''': ''Kathleen C. Odomirok'', FCAS, MAAA, ''Liam M. McFarlane'', FCIA, FCAS, ''Gareth L. Kennedy'', ACAS, MAAA, ''Justin J. Brenden'', FCAS, MAAA, ''EY'' | ||
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+ | [https://www.battleacts6us.ca/vanillaforum6us/categories/odomirok-30-future<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>] | ||
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+ | {| class='wikitable' style='background-color: navajowhite; | ||
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+ | || '''BA Quick-Summary''': <span style="color: green;>'''Future of Financial Reporting'''</span> | ||
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+ | * Chapter 30 discusses the '''future of financial reporting & solvency monitoring''' of insurance companies. | ||
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+ | * The results of the 2015 Financial Sector Assessment Program (FSAP) found (despite improvements) '''ongoing issues''' with how U.S. insurance companies measure capital adequacy and value assets/liabilities. | ||
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+ | |} | ||
− | == | + | ==Study Tips== |
+ | Spend no more than 10 minutes on this reading. | ||
==BattleTable== | ==BattleTable== | ||
− | + | * ''this reading has not been tested on any exam from the year 2012 to Fall 2019 when the exams stopped being published.'' | |
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− | * ''this reading has not been tested on any exam from the year 2012 | ||
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==In Plain English!== | ==In Plain English!== | ||
− | + | The '''Financial Sector Assessment Program''' ''(FSAP)'' is a periodic <u>peer reivew</u> of financial regulation for G20 countries. | |
+ | * it is benchmarked against IAIS ICPs ''(<u>IAIS</u> = International Association of Insurance Supervisers, <u>ICPs</u> = Insurance Core Principles)'' | ||
+ | * the U.S. did well historically but may <u>not</u> do well going forward because SAP doesn't reflect the time value of money | ||
− | == | + | IAIS is developing '''ComFrame''' ''(Common Framework)'' to supervise international insurance groups. |
+ | * needs a standard method for valuing assets & liabilities | ||
+ | * ComFrame proposes '''IFRS''' to meet this need | ||
+ | * the U.S. method is <u>different</u> from IFRS ==> problem! ''(U.S. insurers may need to create 2 sets of financial statements.)'' | ||
− | + | The '''Federal Insurance Office''' ''(FIO)'' was created by the ''Dodd-Frank Wall Street Reform & Consumer Protection Act of 2010''. | |
+ | * studies & collects information on the INSURANCE INDUSTRY & state insurance regulatory systems | ||
+ | * drafts federal regulation for the insurance industry | ||
− | + | [https://www.battleacts6us.ca/FC.php?selectString=**&filter=both&sortOrder=natural&colorFlag=allFlag&colorStatus=allStatus&priority=importance-high&subsetFlag=miniQuiz&prefix=Odomirok&suffix=30-Future§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> | |
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Latest revision as of 23:48, 27 June 2024
Reading: Financial Reporting Through the Lens of a Property/Casualty Actuary - Chapter 30 - The Future of Financial Reporting
Author: Kathleen C. Odomirok, FCAS, MAAA, Liam M. McFarlane, FCIA, FCAS, Gareth L. Kennedy, ACAS, MAAA, Justin J. Brenden, FCAS, MAAA, EY
BA Quick-Summary: Future of Financial Reporting
|
Study Tips
Spend no more than 10 minutes on this reading.
BattleTable
- this reading has not been tested on any exam from the year 2012 to Fall 2019 when the exams stopped being published.
reference part (a) part (b) part (c) part (d) no prior questions
Full BattleQuiz You must be logged in or this will not work.
In Plain English!
The Financial Sector Assessment Program (FSAP) is a periodic peer reivew of financial regulation for G20 countries.
- it is benchmarked against IAIS ICPs (IAIS = International Association of Insurance Supervisers, ICPs = Insurance Core Principles)
- the U.S. did well historically but may not do well going forward because SAP doesn't reflect the time value of money
IAIS is developing ComFrame (Common Framework) to supervise international insurance groups.
- needs a standard method for valuing assets & liabilities
- ComFrame proposes IFRS to meet this need
- the U.S. method is different from IFRS ==> problem! (U.S. insurers may need to create 2 sets of financial statements.)
The Federal Insurance Office (FIO) was created by the Dodd-Frank Wall Street Reform & Consumer Protection Act of 2010.
- studies & collects information on the INSURANCE INDUSTRY & state insurance regulatory systems
- drafts federal regulation for the insurance industry
Full BattleQuiz You must be logged in or this will not work.