Syllabus/Content Outline Updates

• 3/12/2025: PCPA requirement date for ACAS changed from November 1, 2025 to January 1, 2026
• 4/17/25: CAS Institute (iCAS)/PCPA Waiver Update

Exam 5

Updates to October 2025 Content Outline from April/May 2025 Content Outline:

No Changes to Readings

Exam 6C

Updates to October 2025 Content Outline from April/May 2025 Content Outline:

The Canadian Institute of Actuaries advises us of changes to the syllabus for their nation-specific exam. The planned changes are as follows:

•       Additions:

- Canadian Institute of Actuaries, “Bias and Fairness in Pricing and Underwriting of Property and Casualty (P&C) Risks,” April 2023, Sections 1, 2 and 3.

- Canadian Institute of Actuaries, “Territory Pricing Considerations in Property and Casualty Insurance,” March 2024.

- Financial Services Regulatory Authority of Ontario, “Operational risk management framework in rating and underwriting of automobile insurance,” September 2022.

- Add Loblaws v RSA to landmark cases.

- Office of the Superintendent of Financial Institutions Canada, “Climate Risk Management,” March 2023.

- Office of the Superintendent of Financial Institutions Canada, “Property and Casualty Large Insurance Exposures and Investment Concentration,” January 2025.

- Office of the Superintendent of Financial Institutions Canada, “Sound Reinsurance Practices and Procedures,” January 2025.

• Modifications/Updates:

- Canadian Council of Insurance Regulators, “Final 2024 P&C Insurance Return, Instructions and Forms,” September 2024 (updated from July 2023).

- Canadian Institute of Actuaries, “Standards of Practice,” June 2024 (updated from February 2024)

- Canadian Institute of Actuaries, “Educational Note: 2024 Guidance to the Appointed Actuary and Valuation Actuaries of Property and Casualty Insurer,”  September 2024 (updated from September 2023).

- Canadian Institute of Actuaries, “Educational Note: IFRS 17 Discount Rates and Cash Flow Considerations for Property and Casualty Insurance Contracts,” September 2024. Candidates are responsible for the Excel illustrations in the Educational Note (updated from November 2022).

- Canadian Institute of Actuaries, “Educational Note: IFRS 17 Risk Adjustment for Non-Financial Risk for Property and Casualty Insurance Contracts,” August 2024. Candidates are responsible for the Excel illustrations attached to the Educational Note (updated from June 2022).

- Odomirok, K.C., et al., Financial Reporting Through the Lens of a Property/ Casualty Actuary, Casualty Actuarial Society, 2020, Edition 5, Chapters 1-5, 25, and 27 (excluded Chapter 5 PART III and REMOVED Chapter 28).

- Office of the Superintendent of Financial Institutions Canada, “Appointed Actuary: Legal Requirements, Qualifications, and Peer Review,” Guideline E-15, August 2023 (updated from September 2012).

- Office of the Superintendent of Financial Institutions Canada, “ Property and Casualty - Memorandum to the Appointed Actuary - 2024,” August 2024 (updated from 2023).

• Removed:

- Alberta Treasury Board and Finance, “Alberta Standard Automobile Insurance Policy Form – Transportation Network S.P.F. No. 9,” June 28, 2016.

- A.M. Best Company, Inc., A.M. Best Methodology, “Understanding BCAR For Canadian Property/Casualty Insurers,” March 2023, pp. 1-9 (up to Section C),  pp. 21-29 (B5 Reserve Risk and B6 Premiums Risk), pp. 30-31 (B8 Catastrophe Risk excluding terrorism) only.

- A.M. Best Company, Inc., A.M. Best Methodology, “Catastrophe Analysis in A.M. Best Ratings,” Aug 2023

- American Academy of Actuaries, “NAIC Public Hearing on Credit-Based Insurance Scores,” April 30, 2009

- Canadian Institute of Actuaries, “Educational Note Supplement: Changes to the Reference Curves’ Ultimate Risk-free Rate Development Approach Outlined in the Committee on Life Insurance Financial Reporting’s Educational Note on IFRS 17 Discount Rates,” December 2023.

- Office of the Superintendent of Financial Institutions Canada, “Supervisory Framework,” December 2010

- Market-Security Analysis & Research Inc., “MSA Report on Property & Casualty, Canada, 2019,” Section 3, pp. 1-10 

Exam 6U

Updates to October 2025 Content Outline from April/May 2025 Content Outline:

• Modifications/Updates:
  • Actuarial Standards Board of the American Academy of Actuaries, “Actuarial Standard of Practice No. 36, Statements of Actuarial Opinion Regarding Property/Casualty Loss and Loss Adjustment Expense Reserves,” March 2024 (updated from May 2011).
  • Emmanuel, J. N. and Lerner, Z. N., editors, “2024 Excess and Surplus Lines Laws Manual,” Locke Lord LLP, revised March 2024, pp. 5-7 (updated from January 2022).
  • 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 2024, Sections I, IA and I-B1 (updated from September 2023).
  • Florida Hurricane Catastrophe Fund, State Board of Administration of Florida, “FHCF 2024 Annual Report,” 2024, pp. 4-5, 7, 10-11 (updated from 2022).
  • National Association of Insurance Commissioners, 2024 Annual Statement Instructions, Insurance Expense Exhibit, pp. 646-651 (updated from 2023).
  • National Association of Insurance Commissioners, Accounting Practices and Procedures Manual, 2025, Preamble (updated from 2023).
  • National Association of Insurance Commissioners, “NAIC Insurance Regulatory Information System (IRIS) Ratios Manual,” 2024, Section II, Property/Casualty Ratios, pp. 5-25 (updated from 2023).
  • National Association of Insurance Commissioners, Official 2024 NAIC Annual Statement Blanks, Property and Casualty, (both individual and consolidated basis), pp. 2-13; Notes to the Financial Statement (p. 14, refer to the Odomirok paper for the Notes to cover); and Schedules D (pp. SI03 through SI09), F (pp. 20-29), H (pp. 30-32), and P (pp. 33-93) (updated from 2023).
  • National Association of Insurance Commissioners Official Annual Statement Examples: The following companies post their annual statements online. Candidates may use these (or their own company’s statements) as illustrations to better understand the annual statement but are not responsible for any company-specific data: (1) Allstate (no update) and (2) The Liberty Mutual Group (updated from 2022).
  • National Association of Insurance Commissioners, The Center for Insurance Policy and Research, Risk Retention Groups, updated February 7, 2023 (updated from March 23, 2021). 

Exam 6I

 Updates to October 2025 Content Outline from October/November 2024 Content Outline:

• Additions:
  • Cai D., et al., “Actuarial Considerations Associated with IFRS 17 Implementation for General Insurers in Asia,” CAS Research Paper, 2025, excluding the following market survey subsections: 4.2.2, 4.3.2, 4.4.2, 4.5.2, and 4.6.2.
  • International Actuarial Association, Insurance Regulation Committee, “IAA Risk Book Professional Standards,” May 2023.

Exam 7

Updates to October 2025 Content Outline from April/May 2025 Content Outline:

No Changes to Readings

Exam 8

Updates to October 2025 Content Outline from October/November 2024 Content Outline:

• Additions:
  • Actuarial Standards Board of the American Academy of Actuaries, “Credibility Procedures Applicable to Accident and Health, Group Term Life, and Property/Casualty Coverages,” October 1996, updated for deviation language in May 2011.
  • Holmes, T. & Casotto, M, “Penalized Regression and Lasso Credibility,” CAS Monograph #13, November 2024  

MAS I

Updates to August 2025/October 2025 Content Outline from April/May 2025 Content Outline:

No Changes to Readings

MAS II

Updates to August 2025/October 2025 Content Outline from April/May 2025 Content Outline:

No Changes to Readings