#S2016 #25 b - Annual Statement
What are all of the Exhibits that are incorporated in the Annual Statement?
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What are all of the Exhibits that are incorporated in the Annual Statement?
Comments
I don't understand your question. You can pull up an AS and see what exhibits there are in there.
There are just a lot of questions I've noticed where in the exam question "Where else in the Annual Statement could you find..." or "Give an example of where X condition can be found in the Annual Statement..."
So I just want a comprehensive list of what is included in the "Annual Statement", example: Sch P, Sch F, Balance Sheet, Income Statement, SAO, etc...
Is the Actuarial Opinion Summary included in the Annual Statement, what about the Actuarial Report?
Each Annual Statement section is reviewed separately in the syllabus and the wiki. As you get familiar with each of them, you will get better at answering that type of question.
That's not the answer that I'm looking for here. I really do need "a list" of what's included in "The Annual Statement" and what isn't.
Is the Actuarial Report included in the Annual Statement, Yes or no
Is the Actuarial Opinion Summary included in the Annual Statement, Yes or no
Is the Statement of Actuarial Opinion included in the Annual Statement , Yes or no
Is the Balance Sheet/ Income Statement included in the Annual Statement, Yes or no
Is Sch F, P, D, etc.. included in the Annual Statement, Yes or no
5 year Historical Exhibit, IEE, UEE etc.. included in the Annual Statement, Yes or no
The reason why I am pushing back on this is that there are several exam questions that ask for references to exhibits within "the Annual Statement" and I need to know what counts and doesn't count for all of these references.
Looking at the Odimirok text Part III Table of Contents it appears that the Parts that make up the Annual Statement are
Balance Sheet, Income Statement, Capital & Surplus Account, Notes to Financial Statements, 5-Yr Historical Data Exhibit, SCH F, SCH P (Possibly all schedules)
and items that "Accompany the Annual Statement" (so not directly included in the Annual Statement) are SAO, AOS, IEE, RBC, IRIS ratios etc..
Can anyone confirm?
These are not all of the sections. But, they are the ones for which you will be responsible.
Here's a comprehensive list:
Primary Financial Statements:
- Assets Page
- Liabilities, Surplus and Other Funds
- Summary of Operations (Income Statement)
- Capital and Surplus Account
- Cash Flow Statement
- Notes to Financial Statements
- General Interrogatories
- Five-Year Historical Data
Underwriting and Investment Exhibit:
- Part 1 – Premiums Earned
- Part 1A – Recapitulation of All Premiums
- Part 1B – Premiums Written
- Part 2 – Losses Paid and Incurred
- Part 2A – Unpaid Losses and Loss Adjustment Expenses
- Part 3 – Expenses
Insurance Expense Exhibit (IEE):
- Part I – Allocation of Net Written Premiums, Unearned Premium Reserves, and Incurred Losses by Line of Business
- Part II – Allocation of Underwriting and Investment Results by Line of Business
- Part III – Allocation of Other Expenses by Line of Business
Schedules:
- Schedule A – Real Estate
- Schedule B – Mortgage Loans
- Schedule BA – Other Long-Term Invested Assets
- Schedule C – Collateral Loans (rare in P&C)
- Schedule D – Bonds and Stocks
- Schedule DA – Short-Term Investments
- Schedule DB – Derivatives
- Schedule DC – Repurchase Agreements, Securities Lending, and Reverse Repos
- Schedule E – Cash and Cash Equivalents
- Schedule F – Reinsurance (Parts 1 through 6)
- Schedule P – Loss Development (10-year history by line of business)
- Schedule T – Interstate and International Exhibit (premiums/losses by state and country)
- Schedule Y – Information Concerning Activities of the Holding Company Group
- Schedule S – Reinsurance Summary by Country (sometimes included if foreign reinsurance is material)
Other Components:
- Jurat Page (company identifying information and signatures)
- Exhibits of Net Capital Gains (realized/unrealized)
- Investment Schedules and Summaries (part of D/DA/DB)
Awesome!