KPMG PACICC

Question 1

KPMG PACICC - Provincial regualtory responsiblities

Answer 1

licensing of companies; terms and conditions of insurance contracts; licensing of agents, brokers, claims adjusters; claim settlement practices; compulsary coverages; residual markets; filing and approval of premium rates

Question 2

KPMG PACICC - 1980s regulatory initiatives

Answer 2

initial and continuing surplus requirements; security from reinsurance; quality and collectibility of assets; opinion of actuary for adequacy of claims and other reserves

Question 3

KPMG PACICC - 1990s changes to ICA

Answer 3

strengthened surplus test provisions; addressed excessive unregistered reinsurance; creation of PACICC; creation of AA and duties

Question 4

KPMG PACICC - Duties of AA

Answer 4

report on value of actuarial and other liabilities; report of financial position (DCAT); report on matters that have material adverse affect

Question 5

KPMG PACICC - 2000s changes to regulation

Answer 5

liabiliites valuation reflect TVM; MCT and external review of AA reports; accounting changes of when to recognize asset on balance sheet

Question 6

KPMG PACICC - Objectives of CIA

Answer 6

advance and develop actuarial science; promote application of actuarial science to human affairs; promote standards of competence and conduct

Question 7

KPMG PACICC - Responsibilities of CIA

Answer 7

accredit actuaries in Canada; promote advancement of actuarial science through research; promote continuing deveopment of actuaries

Question 8

KPMG PACICC - Crawford report recommendations

Answer 8

purpose to give precedence of public over self interest; increase support of R&D for P&C; improve development of public policy issues