General Insurance Financial Reporting Topics

By Society of Actuaries · 2021

A 479-page text from the Society of Actuaries presenting financial reporting topics that are important to general insurance actuaries. It covers a review of basic accounting concepts, key topics from U.S. statutory accounting for general insurers, the measurement of the financial health of general insurers, the Statement of Actuarial Opinion and federal income taxes for general insurers.

On the syllabus

Exam GI-302 — Outcomes 3a-c: Part 1, Insurance Accounting (sections 2.3, 2.5-2.8, 3.4, 4.4-4.6 and 4.8.3-4.9), Part 2, U.S. Statutory Accounting (chapters 5 to 9), and Chapter 15, Federal Income Taxes for General Insurers (sections 15.2-15.10, excluding the Canadian specific reference on p. 443); Outcome 3d: Part 3, General Insurance Financial Health Topics (sections 10.4.3, 10.8.3, 11.8, 11.10-11.11, 12.9, 12.10.2 and 12.11); Outcome 4c: Chapter 14, The General Insurance Actuarial Opinion (sections 14.2.2-14.4.1, 14.6 and 14.8, excluding 14.2.6.3 and all other Canadian specific references) (as the syllabus states it)

Exam GI-201 — chapter 1 (outcomes 5b-c); chapter 2, excluding 2.3.3-2.3.4, 2.5.1-2.5.2.1, 2.7.2-2.7.4 and 2.8 after the Insight box on p. 36 (5b-c); chapter 4, excluding 4.4.2, 4.6.3-4.6.5, 4.8.3 and 4.9 (5b-c); chapter 3, excluding 3.4.3 (5e); chapter 10, excluding 10.4.3 and 10.8.3.1-10.9.1 (6a); chapter 11, excluding 11.6.2, 11.7.1, 11.8 and 11.10-11.11 (6a-b); chapter 12, excluding 12.5.3, 12.9.2-12.9.3, 12.10.2, 12.11 and 12.13 (6c-e); chapter 13, excluding 13.4.3-13.4.6.4, 13.5.2 and the first paragraph on p. 376 after the Insight box (6f); chapter 14, excluding 14.2.6.1-14.3.6, 14.4 and 14.6-14.8 (7c)

1 Accounting Concepts for General Insurance

2 Accounting for Insurance Contracts

3 Accounting for Financial Instruments

4 Accounting for Reinsurance Contracts

5 The Annual Statement, Nonadmitted Assets and Surplus

6 Schedule F, Statutory Credit for Reinsurance

7 Schedule P, Statutory Loss Accounting

8 Notes to Financial Statements

9 Insurance Expense Exhibit (IEE)

10 Performance Measurement for General Insurers

11 Financial Ratios for Insurers

12 Solvency Monitoring

13 General Insurance Financial Ratings

14 The General Insurance Actuarial Opinion

15 Federal Income Taxes for General Insurers

Sources

Actuarial Books (Society of Actuaries) — the publisher's record of the fifth edition: Society of Actuaries, 2021, 479 pages, and its description of the contents and of the edition's revisions
Financial and Regulatory Environment Exam syllabus, Fall 2021 (Society of Actuaries) — the chapter titles and numbers of the Fifth Edition, 2021 (Chapters 1-9 and 15 in its first reading list, 10-13 in its second and 14 in its third); the book itself is sold by the SOA and was not read, so no section titles are listed
SOA Exam GI-302 Syllabus, Jul 2027 — the citation (General Insurance Financial Reporting Topics, SOA, 5th Edition, 2021), the parts, chapters and sections assigned and the outcomes they serve
Exam Book List, Nov 2026/Mar 2027/Jul 2027 FSA (Society of Actuaries) — the edition and ISBN 978-0-9913363-3-3
GI 201 Syllabus, Nov 2026/Mar 2027 (SOA) — the citation (General Insurance Financial Reporting Topics, SOA, 5th Edition, 2021), the chapters and exclusions assigned and the learning outcomes