TIA’s Exam ILA-CSP Blog

I have updated the condensed outline and notecards for the updated SOA Research Report. The revision is in section AB4.

I am not adding the appendices to the Mutli-Stakeholder Approach to Capital Adequacy to the condensed outline or notecards.  That material will only be in the Manual and the Online seminar.  It is too technical for the condensed outline/notecards.

Anita

Anita 2012 CSP U

Welcome to the 2012 ILA-CSP-C seminar! Updates for 2012 are well under way. Here is a summary of how the syllabus changed from 2011 to 2012:

Brand New Material:

• Memorandum: Initial Communication of a Promulgation of Prescribed Mortality Improvement Rates Referenced in the Standards of Practice for the Valuation of Policy Liabilities: life and Health (Accident and Sickness) Insurance (Subsection 2350) (September 2010, exclude appendix)
• ILA-C632-12: OSFI B-3 Sound Reinsurance Practices and Procedures
• Accounting for Reinsurance Contracts under International Financial Reporting Standards
• CIA Educational Note: Valuation of Gross Policy Liabilities and Reinsurance Recoverables, December 2010
• ILA-C606-12:OSFI: Guideline Minimum Continuing Capital and Surplus Requirements for Life Insurance Companies Chapter 10
• ILA-C633-12: OSFI E-18 Stress Testing

Modified or Updated Material:

• ILA-C634-12: CIA Consolidated Standards of Practice – Section 2100, 2300, 2500
• ILA-C606-12:OSFI: Guideline Minimum Continuing Capital and Surplus Requirements for Life Insurance Companies Chapters 1-5, 8, 9

Dropped Material:

• ILA-C630-11:IFRS and the Canadian Actuary (PD-6 from Proceedings of the CIA, Vol. 20, September 2009
• CIA Educational Note: Implications of CICA Accounting Standard 3855 and 1530 – Jan 2007
• Canadian Insurance Taxation, Third Edition, 2009, by PriceWaterhouseCoopers Ch 30
• ILA-C624-10:Discussion Paper on OSFI’s Regulatory and Supervisory Approach to Reinsurance
• Submission by the Canadian Institute of Actuaries to the Office of the Superintendent of Financial Institutions, CIA, March 2009
• ILA-C107-07: Securitization of Life Insurance Assets and Liabilities
• ILA-C627-10: PD #9 Economic Capital Models, June 2008
• Transitioning to RBC C3 Phase III, Financial Reporter, March 2010
• Life Insurance Products and Finance, by Atkinson and Dallas Ch 15
• ILA-C119-07: Chapter 19 of Life Insurance and Accident and Health Insurance Accounting, “Management Reports and Reports to Regulatory Bodies”
• ILA-C126-10: KPMG SEC Guidance on Internal Control Over Financial Reporting, June 2007

Eddie 2012 CSP C Canadian

There are 2 additional changes from the 2011 syllabus:

• Updated version of SOA Research Project on Financial Reporting for Insurance Contracts under Possible Future International Accounting Standards
• The Appendices to A Multi-Stakeholder Approach to Capital Adequacy are now included

The Study Manual and online seminar have been updated to reflect these changes.  The condensed seminar and notecards will be updated shortly.

Sorry I missed these the first time.

Anita

Anita 2012 CSP U

Welcome to the 2012 version of the CSP exam.  There are very few changes from the previous syllabus.

Updated reading:  C808–changes to description of stochastic reserves

Deleted readings:

• US GAAP: Chapters 1, 2, 18, and 19

• Tiller & Tiller: Chapter 14

• C107: Securitization

• Atkinson & Dallas: Chapter 15

• Valuation of Life Insurance Liabilities: Chapter 3

There are NO NEW readings for 2012.

The updated manual has been posted.  I am in the process of updating the other materials.  Will be done by end of 2011.

Let me know if you have any questions.

Anita

Anita 2012 CSP U

Congratulations. You’ve made it to the final week of your exam prep. It’ll be over soon. Here are some tips to keep in mind as you approach the big day.

Get a good night’s sleep before the exam. Six hours of writing requires energy and focus.

Use your 15-minute read-through time wisely. Look at every question. Make a mental note of questions that you know you know. You’ll want to be sure you get to all of those, especially toward the end.

Know the time. It is very easy to lose track of time on exam day. Time management is critical to passing, however. Routinely look at the clock, or make a note of the time at which you need to move on for each question. For example, for a 5-point question, add 15 minutes to the current time, and write that at the top of the exam question page.

Relax. There will be parts of questions that you don’t know or seem difficult. You do not need to answer every question perfectly. Do your best, then move on. Don’t waste too much time on questions that seem hard. You’ll want to spend that time on questions you know.

Answer every question. Even if you are totally clueless, write down something. No one ever got any points for white space.

Be easy on the grader. Clearly write the number of each question (or sub-question) at the top of the page. Write in lists. Write legibly. Write out formulas. Write out acronyms that the grader may not know.

Be positive throughout the exam. Give yourself the benefit of the doubt. Don’t get discouraged if you encounter several difficult questions in a row. Remember that everyone is taking the same exam.

Focus on each question. Block out thoughts about past questions while you’re working on a question. However, if an answer pops into your head about a previous question, it’s ok to jump back and write a little more. Just keep up with the time!

Good luck. It’ll be over soon!

Eddie 2011 CSP C, 2011 CSP U

I will be attending the SOA Annual Meeting in Chicago this week and will have limited access to email. Responses to email questions may be delayed, but I should be able to respond no later than October 22. Thanks for your patience, and please look for me in Chicago if you’re attending.

Eddie 2011 CSP C Canadian

All solutions have been posted for the published 2011 SOA ILA-CSP-C exam.

Eddie 2011 CSP C Canadian

Some of the solutions for the Spring 2011 ILA-CSP-C exam are now available. The remaining solutions will be posted in the coming weeks.

Eddie 2011 CSP C Canadian

I have posted the solutions to the quantitative parts of the Spring 2011 exam.  Please also check the SOA website for the solutions to the rest of the problems.

GAAP 3.11 is no longer on the syllabus.  This is the material on reserving for sales inducements (part of SOP-03-1).  I have not had a chance to remove from the materials, but please skip.

Hope your studying is going well.

Anita

Anita 2011 CSP U

One of the most requested items for the Canadian ILA-CSP seminar has been flash cards. I’m happy to say that a full set covering the entire Canadian syllabus will be posted this sitting.  I did not think that I would be able to put them out this year, but I’ve made a lot of progress, and I’m now putting the finishing touches on them.

Look for them in the coming weeks.

Eddie 2011 CSP C Canadian