CAS Exam 6C Fall 2019, Question 31
Study guide: Exam 6C
For each scenario, describe the course of action in response to a potential subsequent event. Note that the actuarial report is as at December 31, 2018 with a report date of January 20, 2019.
Part a (0.5 points)
The actuary learns of a series of small missing claims due to miscoding from the claims department. The claims department became aware of this problem on December 28, 2018 but only informed the actuary on January 24, 2019.
Part b (0.5 points)
The actuary's insurance company acquired another small insurance company on January 10, 2019; the actuary was made aware of the acquisition on the same day. The acquired company has been extremely unprofitable in recent years.
Part c (0.5 points)
A major ice storm, having a very significant impact on the insurance company's financial results, occurred in Eastern Canada from January 2 to January 5, 2019. The actuary became aware of this event as it occurred.
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