Exam 6C Practice Question 1
Study guide: Exam 6C
A newly hired actuary becomes the Appointed Actuary of a Quebec-chartered property and casualty insurer. She has previously worked only for federally regulated insurers, where she followed OSFI's guidance to the Appointed Actuary and the CIA's educational notes.
Which statement best describes how the Autorité des marchés financiers (AMF) affects her valuation and financial condition testing (FCT) work?
- A) The AMF issues its own annual guides for her liabilities report and her FCT, which she follows alongside the CIA's guidance
- B) The AMF regulates only securities markets, so OSFI's instructions alone govern her actuarial reports
- C) The AMF guides replace the CIA's guidance, so the CIA's FCT educational notes no longer apply to her work
- D) The AMF has no role until the insurer applies for a federal charter under the Insurance Companies Act
- E) The AMF reviews only market conduct, so it sets no requirements for the content of actuarial reports
Answer this question and see the worked solution