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#5
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
__________________
Touch me 
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#7
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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#9
06-28-2012, 05:18 PM
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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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