Syllabus/Content Outline Updates

2024 April/May Examinations

New 2024 Announcement - Exam Offerings in Quebec

Sunsetting of Diversity Reimbursement Program

Update to Examination Results, Exams MAS-I, MAS-II, and 5 through 9 - Updated for clarification

Updates to Transition Programs and Waivers for Exam 3F

Update to Languages Other Than English (for Exams MAS-I, MAS-II, and 5 through 9, and CAS DISCs)

Exam 5

No Changes to Readings

 

Exam 6C –

Updates from April/May 2024 Syllabus to Current Content Outline:

Additions:

• 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.
• Market-Security Analysis & Research Inc., “MSA Legend of P&C KPI’s and Descriptions,” Revised: September 15, 2023.

Modifications:

• Morneau Shepell Handbook of Canadian Pension and Benefit Plans, 16th edition, LexisNexis Canada, 2016, Chapters 17-19. Candidates will not be responsible for specific values and figures included in the text. >> Updated to 17th Edition 2020.
• Canadian Institute of Actuaries, Consolidated Standards of Practice, 1240, 1400, 1510, 1520, 1600, 1700, 2100, 2200, 2300, 2400, 2500, and 2600, January 1, 2023. >>Updated to February 2024.

 

Exam 6U

Updates to current Content Outline since initial publication:

Modifications:

• Actuarial Standards Board of the American Academy of Actuaries, “Actuarial Standard of Practice No. 20, Discounting of Property/Casualty Unpaid Claim

Estimates,” September 2011. >> Updated to June 2023

• Committee on Property and Liability Financial Reporting, American Academy of Actuaries, “A Public Policy Practice Note, Statements of Actuarial Opinion on Property & Casualty Loss Reserves, 2022. >> Updated to December 2023

• 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. >>Updated to September 2023

Updates to current Content Outline from April/May 2024 Syllabus:

Modifications:

• 2022 Insurance Expense Exhibit >> Updated to 2023
• National Association of Insurance Commissioners, Accounting Practices and Procedures Manual, 2022, Preamble. >> Updated to 2023
• National Association of Insurance Commissioners, “NAIC Insurance Regulatory Information System (IRIS) Ratios Manual,” 2022, Section II, Property/Casualty Ratios, pp. 5-26. >> Updated to 2023
• National Association of Insurance Commissioners, Official 2022 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 to 2023

 

Exam 6I

Updates to current Content Outline since initial publication:

Remove:

• Yan, Henry, FIAA FIA, et. al., “Assessing Risk and Proportionate Actuarial Services in Inclusive Insurance Markets,”, International Actuarial Association, November 2018.

Updates to current Content Outline from October/November 2023 Syllabus:

Add:

• American Academy of Actuaries, “Estimating the Uncollectible Reinsurance Reserve for Property/Casualty Companies New GAAP Requirements,” July 2019, pp. 4-15.
• Cedar, D. and Thompson, A., “Reinsurance Accounting & Strategy for the Actuary,” Casualty Actuarial Society, CAS Study Note, January 2020. Including errata.
• International Actuarial Association, “Stress Testing and Scenario Analysis,” July 2013.
• Klann, J., “Reinsurance Commutation,” 2013. Candidates should refer to Edition 5 of the Odomirok, K.C., et al., paper, Financial Reporting Through the Lens of a Property/ Casualty Actuary, when reviewing this paper.
• Webel, Baird, “Terrorism Risk Insurance: Overview and Issue Analysis for the 116th Congress,” Congressional Research Service, R45707, updated December 2019. Candidates are only responsible for the material in pp. 1-10 of this document, excluding the “Terrorism Insurance Market” section

 

Exam 7

No Changes to Readings

 

Exam 8

Updates to current Content Outline from October/November 2023 Syllabus:

Modifications:

• National Council on Compensation Insurance, Experience Rating Plan Manual for Workers Compensation and Employers Liability Insurance, 2003 Edition, Issued 10 Jan 2022. >> Updated to 2023 Edition, Issued 06/23/2023
• National Council on Compensation Insurance, Retrospective Rating Plan Manual for Workers Compensation and Employers Liability Insurance, Circular Circular CIF-2018-28, 06/21/2018, selected pages are included in the Study Kit. >> Updated to 11/15/2022

Deletions:

• Bernegger, S., “Swiss Re Exposure Curves and the MBBEFD Distribution Class,” ASTIN Bulletin, Vol. 27, No. 1, May 1997, pp. 99-111.
• Clark, D. R., “Basics of Reinsurance Pricing,” CAS Study Note, Revised 2014.
• Grossi, P. and Kunreuther, H., Editors, Catastrophe Modeling: A New Approach to Managing Risk, 2005, Springer, Chapters 2-6 (excluding references at the end of each chapter) and including errata for Section 2.4, updated March 2021.
• Robertson, J.P., “NCCI’s 2007 Hazard Group Mapping,” Variance, Vol. 3, Issue 2, 2009, Casualty Actuarial Society, pp. 194-213.

 

Exam 9

No Changes to Readings

 

MAS I

No Changes to Readings

 

MAS II

Updates to current Content Outline since initial publication:

Modifications:

• James, G., et al., An Introduction to Statistical Learning, with Application in R, 2nd ed., Springer, 2021.
  - Chapters 1 (Background reading only), 2.2, 4.4.2 (Confusion matrix only), 8, 10, 12. Exam questions will not be sourced directly from Chapter 1.