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The examiner's answer is outdated. Here is the relevant passage from Odomirok since 2021: ". . .The RBC charge for reinsurance recoverable is split 50%/50% between R3 and R4 in circumstances where the reserve RBC charge (see discussion below) ex…
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It is listed in Porter.3-Roles-Fed, because part a is related to this section.
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The note says the unauthorized reinsurance provision is capped by T. This is still correct.
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Ok. It seems the examiner tried to fashion a tiered response, based on the answers they received. I don't find their four examples to be representative of buyer sophistication. Despite what they say about the tiers, I think they would accept an a…
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The examiner answer does use the "half". I read this: Total R4 charge = $75,000 + ($4,300 / 2) = $77,150
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Sure, good luck.
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Here, for 2016, we discount the 7000 to be paid at 12/2017 back to 12/2016, as a reserve. For 2017, the beginning reserve is 6666 and the ending reserve is 0, for a reserve change of -6666.
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That answer is incorrect. It's stated in the wiki answer to the question.
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I need to know where in the wiki you see the two presented as distinct to be able to comment.
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It is true that it's a residual market where voluntary market participants share the premium and loss. FAIR plans are organized by individual states. Federal Role in FAIR Plans: * Support and Oversight via HUD (historically): When FAIR P…
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Timing risk is a condition that must necessarily be satisfied for it to count as transfer of risk. Once it is not satisfied, the contract is not deemed a risk transfer, regardless of the 10-10 rule.
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The examiner is incorrect. Here is the relevant wiki note: https://battleacts6us.ca/wiki6us/Cook.Personal#:~:text=1%20The%20examiner%27s%20report%20says%20a%20common%20candidate%20error%20was%20to%20state%3A%20profit/loss%20allocation%20for%20Rei…
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The examiner's report is in error. Here is the relevant passage from the source text: ". . .The private insurer services the policies including adjusting and settling any claims resulting from the policies. The RMA acts as a reinsurer, reimburs…
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The two new articles added to 6U syllabus in 2024 were: "Nuclear Verdicts, Tort Liability, and Legislative Responses" by Cole and Marzen "FHCF 2022 Annual Report" by the Florida Hurricane Catastrophe Fund (FHCF)
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Thank you
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In the practice template in Mini Battle Quiz 4, the change in net deferred income tax is added. +10, in item N.
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This problem's answer specifically says "loss reserves reduced by ceded amount" and "no negative write-in liability." The claim increases the cedent's liability, as opposed being put into write-in. Cedent's liability is then reduced by the portio…
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The page 28 language seems like a generalization that dispensed with some details. Page 325 language, and this Table 102, seems to get into the detail.
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There is inconsistency between page 28 and page 325. Page 28 should probably have included "cost."
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37 is "received from reinsurer in the last 90 days at 12/31/xxxx". 25 does not fit this.
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Insurance risk here is not exactly a technical term. The "insurance" is reinsurers insuring the reporting entity. The question is whether the reinsurance portfolio is diversified.
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"Reporting entity" is the company ceding to the certified reinsurer. Less RP means more surplus.
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Here are two relevant excerpts from Odomirok: 1 ANTICIPATED SALVAGE AND SUBROGATION In Schedule P reserves can be stated either gross or net of anticipated salvage and subrogation. If the reserves are stated net, column 23 in Schedule P disc…
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By "intervention," their meaning seems to be the cases where the federal government provides insurance, as in TRIA and NFIP.
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"Net Recoverables from Reinsurer" is a "balancing item." It starts out as zero. You make all the adjustments to assets and liabilities that involve reversing reinsurance. At the end, you take the difference of total-asset-adjustment and total-liabil…
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Could you tell me in which thread you found the answer?
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Both SAP and GAAP are net of S&S, received and anticipated. In P, there are two columns that show the amount of S&S that was netted.
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Here is paragraph 6 from SSAP 9: _6. An entity shall recognize in the financial statements the effects of all material Type I subsequent events that provide additional evidence about conditions that existed at the date of the balance sheet, inclu…
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One-year excludes current AY. Two year excludes current and one-prior AYs. For one-year, you subtract column 9 from column 10 of Part 2. For two-year, you subtract column 8 from column 10.
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Follow the instructions in IRIS 13 text. An average developed reserve ratio to premium is applied to current year premium, and from this, current year undeveloped reserve is subtracted, giving the reserve deficiency/redundancy.