Actuarial Notes

Exam 6I

The International Regulation and Financial Reporting Exam 6I is the international version of the CAS's Exam 6, which every ACAS candidate sits in one version — Canada, United States, International or Taipei. It is a 4-hour computer-based exam, sat at Pearson VUE centres. It covers the regulatory systems and the International Financial Reporting Standards used outside the United States and Canada, including IFRS 17, Solvency II, Takaful (Islamic) regulation and the regulation specific to China. Candidates should know how to apply its frameworks and concepts to specific examples from four markets: China, Hong Kong, Malaysia and Singapore.

About the exam

The appointment is 4.5 hours: a 4-hour exam, a 15-minute scheduled break, and 15 minutes for the tutorial, the confidentiality agreement and the end-of-exam survey. Items may be multiple choice, multiple selection, point and click, fill in the blank, matching, constructed response or spreadsheet.

Every item is written to one of four cognitive levels: Remember (5–10%), Understand and Apply (65–85%), Analyze and Evaluate (10–20%) and Create (0–5%).

The Fall 2026 window was October 19–27, 2026, with registration closing September 29, 2026. The fee was 850, or 680 for full-time students (CAS exam page, read 2026-10-17). The CAS offers registered candidates a digital study kit free of charge. The syllabus's supplemental readings aren't covered on the exam.

Learning Objectives

A. Regulation of Insurance (15–20%) Candidates will be able to understand the role of the insurance business as a supplier of a vital service.

  1. Understand marketplace regulation within a risk-based capital framework.
  2. Describe the necessity, operations, and risk transfer processes of mainstream government and industry programs, and how these programs interact with the voluntary private insurance sector in disaster, catastrophe and health insurance, including programs for catastrophes, terrorism, and agriculture.
  3. Understand market discipline in insurance imposed by regulators (e.g., financial reporting, product and rate filing).
  4. Understand conditions of effective insurance supervision.
  5. Understand marketplace conduct and related issues (e.g., professional codes of conduct for marketing and distribution activities, consumer regulation).

Readings: Avraham · Atreya et al. · Chaplin et al. · Dror and Piesse · Eling Europe · Eling Discipline · Fang and Xu · Feldblum · FDC · Frees · Government Insurers Study Note · IAIS ICP1, ICP2 · Klein · Kousky · Kurniandi · MAPFRE · McAneney et al. · OCED · Swartz · Takaful · Tipping · Webel

B. Solvency (15–25%)

  1. Understand solvency components.
  2. Understand capital adequacy components of solvency regulation.
  3. Understand own risk and solvency assessment (ORSA) and enterprise risk management (ERM) in general.
  4. Understand mainstream global solvency assessment.
  5. Calculate and compare capital measures (e.g., available capital, required capital) under different financial reporting or solvency standards. This task does not apply to the October 2026 administration.

Readings: Geneva · IAA Solvency · IAA ISAP · IAA ORSA · IAA Risk Book · IAA Stress · MAPFRE · New Zealand

C. Financial Reporting (35–40%) Candidates will be able to understand the key principles underlying IFRS 17 including the financial statement presentation.

  1. Understand the various risk-based capital frameworks, their implementation, and their purpose in aligning insurers with economic capital-based decision making.
  2. Compare and contrast key principles and concepts of major financial reporting practices around the world (e.g., USGAAP, IFRS 17).
  3. Describe the key components of IFRS 17 reporting.
  4. Evaluate the financial health of an insurance entity based on various solvency frameworks.

Readings: Cai et al. · IFRS Study Note · EY IFRS 17 · EY PAA Eligibility · EY Illustrative Financials · IAA ISAP · IAA Stress

D. International Reinsurance (5–15%) The candidates will be able to understand reinsurance accounting terminologies and practices.

  1. Understand the impact of reinsurance and risk transfer on the financial health and capital of an insurer.
  2. Understand the main cause of reinsurance failure and associated impact.
  3. Understand reinsurance commutation basics, including commutation impact evaluation.
  4. Understand the basics of reinsurance accounting.
  5. Understand reinsurance accounting and its impact on financial statements.
  6. Evaluate risk transfer (e.g., risk transfer test, calculating premium and loss) in a reinsurance contract utilizing numerical techniques (e.g., ERD, 10-10 rule) while understanding their limitations.

Readings: Blanchard & Klann · Cedar & Thompson · EY IFRS 17 · EY Illustrative Financials · IFRS Example · IFRS Study Note · Klann · Ollodart · Pocket Guide · Ruhm et. al.

E. Professional Responsibilities of the Actuary in Financial Reporting (10–20%) The candidates will be able to apply professional responsibilities of an actuary as defined by standards of practice, regulators, and insurance laws for financial reporting from an international viewpoint.

  1. Describe the oversight role of the actuarial function as part of the lines of defense of effective risk management of an insurance company (e.g., signing statements of opinion, financial statements).
  2. Describe the role of actuarial professional standards and their relationships with regulations.
  3. Understand the professional principles upon which the profession is founded and describe how these principles guide an actuary’s professional conduct and the outcomes of their work.
  4. Describe common actuarial standards of practice applicable to general actuarial work and to financial reporting.

Readings: IAA Professionalism · IAA ISAP · IAA Risk Book

Source Material

Source Material

  • Avraham, “Discrimination and Insurance,” The Routledge Handbook to Discrimination, 2017
    • A3, A5
  • Atreya et al., “A Comparison of Residential Flood Insurance Markets In 25 Countries,” Wharton, June 2015
    • A2; pp. 1–14
  • Blanchard & Klann, “Basic Reinsurance Accounting – Selected Topics,” CAS Study Note, October 2012
    • D1, D4–D5
  • Cai et al., “Actuarial Considerations Associated with IFRS 17 Implementation for General Insurers in Asia,” CAS Research Paper, 2025
    • C2–C3; excluding the market survey subsections 4.2.2, 4.3.2, 4.4.2, 4.5.2 and 4.6.2
  • Caramagno, Mamane & Neilson, “An Introduction to IFRS 17 for P&C Actuaries,” CAS Study Note, September 2021 (IFRS Study Note)
    • C2, D4–D5; candidates are responsible for the Excel illustrations
  • Reinsurance Accounting and Strategy for the Actuary (Cedar & Thompson - 2020)
    • D1, D4–D5; including errata
  • Chaplin et al., “The Standard Formula: Encyclopaedia of Prudential Solvency – Chapter 7: The Prudential Solvency Regime of China,” Skadden, September 2025
    • A1–A2, A5
  • Dror and Piesse, “What is Microinsurance?,” Chapter 2 in A Practical Guide to Impact Assessments in Microinsurance, May 2014
    • A2; pp. 23–39
  • EY, “Applying IFRS 17,” 2021
    • C1–C4, D4–D5; Chapters 1, 3, 6, 7, 8, 9.1–9.9, 10, 11, 15 and 16; use the paper archived on the CAS website
  • EY, “Determining eligibility of the premium allocation approach under IFRS 17 for Non-Life insurers,” 2021
    • C2–C3; use the paper archived on the CAS website
  • EY, “Good General Insurance (International) Limited: Illustrative disclosures to meet requirements of IFRS 17 and IFRS 9 for groups of insurance contracts accounted for under the PAA in IFRS 17,” 2020
    • C2–C3, D4–D5; the Introduction, Note 6 (Insurance service expense) and Note 11 (Insurance and reinsurance contracts); use the paper archived on the CAS website
  • Eling, “Insurance Regulation in Europe: An Analysis of Effectiveness and Efficiency,” Journal of Insurance Regulation, 2021
    • A1
  • Eling, “What Do We Know About Market Discipline in Insurance?,” University of St. Gallen, 2011
    • A2, A5
  • Fang and Xu, “Chinese Insurance Markets: Developments and Prospects,” NBER Working Paper 31292, November 2023
    • A1–A2, A5; pp. 8–15 (section 3) and pp. 28–30 (section 5.3)
  • Feldblum, “Rating Agencies,” CAS Study Note, October 3, 2011
    • A1, A5; pp. 1–7, 14–15 (stop at Best’s Capital Adequacy Ratio), and Appendix A
  • Foundation for Development Cooperation, “BRIEF 7 Microinsurance for Risk Mitigation and Crisis Recovery,” 2009
    • A2
  • Frees and Huang, “The Discriminating (Pricing) Actuary,” SSRN, March 2021
    • A3
  • “General Takaful: A Conceptual Framework”
    • A1–A2; pp. 2–5, 8–10, 14–17, 25–26
  • Government Insurers Study Note
    • A2; pp. 1–5, excluding Crop Insurance
  • IFRS Foundation, “Reinsurance contracts held: an example of proportional coverage”
    • D4–D5; pp. 1–4
  • International Actuarial Association, IAA Professionalism Committee, 2025: PG 1 – Principles of Professionalism
    • E3–E4
  • International Actuarial Association, IAA Professionalism Committee, 2025: PG 2 – Principles in Relation to the Governance of International Actuarial Work
    • E3–E4
  • International Actuarial Association, “A Global Framework for Insurer Solvency Assessment,” 2004
    • B1–B2; Chapter 3 excluding Section 3.2.5; Chapter 4; Chapter 5 excluding Section 5.2.4, paragraphs 5.48–5.50, Sections 5.4.2 and 5.4.3; Chapter 6, Sections 6.1, 6.2 and 6.4; Chapter 7, pp. 60–66 excluding Section 7.3 (excluding appendices and details of items referenced)
  • International Actuarial Association, ISAP 1 – General Actuarial Practice, April 2019
    • B2, C1–C3, E2–E4
  • International Actuarial Association, ISAP 4 – IFRS 17 Insurance Contracts, 2019
    • B2, C1–C3, E2–E4
  • International Actuarial Association, ISAP 5 – Insurer Enterprise Risk Models, 2018
    • B2, C1–C3, E2–E4
  • International Actuarial Association, ISAP 6 – Enterprise Risk Management Programs and IAIS Insurance Core Principles, 2018
    • B2, C1–C3, E2–E4
  • Deriving Value from ORSA - Board Perspective (International Actuarial Association - 2015)
    • B3
  • International Actuarial Association, IAA Risk Book: Actuarial Function, March 2023
    • B3, E1, E4
  • International Actuarial Association, IAA Risk Book: Distribution Risks, March 2025
    • B3, E1, E4
  • International Actuarial Association, IAA Risk Book: Professional Standards, May 2023
    • B3, E1, E4
  • International Actuarial Association, IAA Risk Book: Materiality, Proportionality and Similar Terms, April 2023
    • B3, E1, E4
  • International Actuarial Association, IAA Risk Book: Governance of Models, May 2023
    • B3, E1, E4
  • International Actuarial Association, IAA Risk Book: ORSA, May 2023
    • B3, E1, E4
  • International Actuarial Association, “Stress Testing and Scenario Analysis,” July 2013
    • B3, C1
  • International Association of Insurance Supervisors, Insurance Core Principles and ComFrame, December 2024: ICP1 – Objectives, Powers and Responsibilities of the Supervisor; ICP2 – Supervisor
    • A4; only the material related to ICP1 and ICP2 on pp. 18–27
  • Reinsurance Commutation (Klann - 2013)
    • D3; refer to Edition 5 of Odomirok et al., Financial Reporting Through the Lens of a Property/Casualty Actuary, when reviewing it
  • Klein, “Principles for Insurance Regulation: An Evaluation of Current Practices and Potential Reforms,” The Geneva Papers, 2012
    • A1, A3–A5; pp. 175–199
  • Kousky and Kunreuther, “Risk Management Roles of the Public and Private Sector,” Risk Management and Insurance Review, 2018
    • A2; pp. 181–204; a book, to be purchased from the publisher or a bookstore
  • Kurniandi, “Classification of Takaful Contracts,” International Actuarial Association, 2025
    • A1–A2; Sections A and B, excluding Section C
  • MAPFRE Economic Research, “Insurance Solvency Regulation Systems: An Analysis of Progress Toward Risk-Based Regulations,” 2024
    • A1, B4
  • McAneney et al., “Government-sponsored Natural Disaster Insurance Pools: A view from down-under,” International Journal of Disaster Risk Reduction, December 2015
    • A2
  • Ollodart, “Uncollectible Reinsurance Reserves,” 1999
    • D2; section Sources of Uncollectible Reinsurance, pp. 1–17
  • OECD, “Summary on Private Health Insurance in OECD Countries,” The OECD Health Project, 2004
    • A2
  • Reserve Bank of New Zealand, “Review of Insurance Solvency Standards: Structure and IFRS 17,” November 2020
    • B1–B2, B4; pp. 5–38 excluding Sections 2.1, 2.3, 3.3.1, 5.4 and 5.5; not the life/annuity sections, nor the approach New Zealand currently uses (including N.Z. IFRS 4)
  • Ruhm and Brehm, “Risk Transfer Testing of Reinsurance Contracts: A Summary of the Report by the CAS Research Working Party on Risk Transfer Testing,” 2007
    • D6
  • Scott, “IFRS17 Pocket Guide on reinsurance contracts held,” IFRS Foundation, 2018
    • D4–D5
  • Swartz and Coetzer, “Takaful: An Islamic insurance instrument,” Journal of Development and Agricultural Economics, 2010
    • A1–A2; pp. 333–339
  • The Geneva Association, “Modernising Insurance Solvency Regimes — Key Features of Selected Markets,” September 2016
    • B2, B4
  • Tipping, “Insurance Regulation in Asia Pacific 2025,” Norton Rose Fulbright, 2025
    • A1; only China (pp. 10–11), Hong Kong (pp. 12–14), Malaysia (pp. 30–31) and Singapore (pp. 41–42)
  • Terrorism Risk Insurance Overview and Issue Analysis (Webel - 2019)
    • A2; pp. 1–10, excluding the “Terrorism Insurance Market” section