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  #1  
Old 04-18-2012, 08:30 AM
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Default 2012 Study Kit and Update

Dear exam takers,

Is the update still necessary if I purchase 2012 study kit for Oct sitting?

Thanks,

GP
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  #2  
Old 06-16-2012, 10:56 PM
p51dray p51dray is offline
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No, the update is for the people who have the 2011 study kit.

Is it just me or did the CAS forgot to mark the "OSFI Vision" paper as NEW?
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Old 06-18-2012, 10:52 AM
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Has anyone received their SK or SKU yet?
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Old 06-19-2012, 10:42 AM
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Got it (SKU) a few days ago......

I sent the CAS some emails regarding syllabus errors but have yet to see an update on the website
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Old 06-23-2012, 08:51 PM
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So....the latest syllabus error is:

OSFI Vision is supposed to be the July 2011 version according to the syllabus but the link in this same syllabus points to the December 2011 version
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  #6  
Old 06-23-2012, 10:50 PM
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There's quite a few links error in the syllabus
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  #7  
Old 06-23-2012, 10:53 PM
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December 2011
To: Property and Casualty Insurance Companies
Subject: Canadian Vision for Property and Casualty Insurer Solvency Assessment
In July 2011, the Property & Casualty Minimum Capital Test (MCT) Advisory Committee (P&C
MAC) published for comments its Canadian Vision for Property and Casualty Insurer Solvency
Assessment.
Comments received were supportive of the approach outlined in the paper. The P&C MAC is
therefore now releasing its final vision, or structural outline, for new principles-based solvency
financial requirements for Canadian P&C insurers to regulators and the industry.
These are
outlined in the attached paper, Canadian Vision for Property and Casualty Insurer Solvency
Assessment. The P&C MAC began the development of its vision for P&C insurer solvency
assessment with the publication of the Key Principles for the Future Direction of the Canadian
Regulatory Capital Framework for Property & Casualty Insurance in January 2010.
The Vision Paper calls for regulatory asset requirements to be calculated on two bases – a Target
Asset Requirement (TAR) and at a minimum level, the Minimum Asset Requirement (MAR).
All insurers will be required to use the standard approach to calculate the MAR. The most
sophisticated method of calculating TAR would be the internal model approach which uses
models integrated with the insurer’s risk management system. The internal model approach will
be made available only to those insurers that can demonstrate that they have robust controls in
place and that they meet minimum standards set by the regulators.
Recently, the P&C MAC industry working group on economic capital models has been formed.
The working group will undertake projects that fall within the group’s scope parameters. These
include helping the P&C MAC in defining the appropriate characteristics of economic capital
models and outlining best practices in the use of these models for the P&C insurance industry in
Canada. This will commence with a focus on insurance risk and its components, but will later be
expanded to include other forms of risk.- 2 -
Currently, the P&C MAC is concentrating its efforts on criteria and best practices, for example
whether a Value at Risk (VaR) or a Tail Value at Risk (TVaR) should be used to measure the
insurance risk. It is also studying whether a one-year or a lifetime time horizon should be used
for regulatory capital requirement purposes. In addition, the P&C MAC is helping to develop
considerations in modeling P&C insurance risk and the criteria and standards that P&C insurers
will have to meet in order to use internal models for regulatory capital purposes.
While a definitive timetable has yet to be approved, the implementation of the internal model
approach in the new capital framework should be done gradually starting with the measure for
insurance risk for regulatory capital purposes expected no sooner than 2015. As part of this
process, a minimum of three years of parallel runs, comparing the internal model and standard
approaches, will be required. The approval for the use of internal models to measure the other
risks will follow thereafter.
Questions may be directed to Judith Roberge at OSFI, 613-990-4412 or via e-mail at
judith.roberge@osfi-bsif.gc.ca.
Mark Zelmer
Assistant Superintendent
Regulation Sector
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  #8  
Old 06-23-2012, 10:56 PM
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I guess that this document wasn't available when the syllabus was released. They should however, accept any answers that is in line with the december 2011 version.
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  #9  
Old 06-28-2012, 05:18 PM
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Default GAA By-Law version?

Did anyone else find that the GAA paper in the study kit update is the same old version as last year? I.e. they sent the 2008 Manual with the 2006 by-law, instead of what's on the syllabus (2011 manual and by-law)?
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  #10  
Old 06-29-2012, 07:08 AM
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Will check when I receive it.
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