CAS Exam 6C Fall 2017, Question 28
Study guide: Exam 6C
The AA of a company is valuing the policy liabilities as at December 31, 2016. The report date is February 22, 2017.
For each of the following scenarios, justify the actions that the AA should take.
Part a (0.75 points)
There was a British Columbia snow storm which occurred on February 5, 2017, and the company has material exposure in this province.
Part b (0.75 points)
The AA received notice on February 15, 2017, that some previously reported losses as of December 31, 2016, experienced a large change in value. The change in value is in excess of the standard of materiality, and it was recorded in the insurance claims database in mid-January 2017.
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