The spring and fall 2021 LFMC syllabus is now available on the SOA’s LFMU page. Overall, the changes were pretty light. Most of the new readings relate to IFRS 17 updates. We expect all course updates to be finished by end of 2020, and there is already a wealth of material available to use in the course right now for anyone getting started now.
New readings added to the 2021 syllabus:
- CIA Educational Note: Considerations in the Valuation of Segregated Fund Products, Nov 2007
- LFM-655-21: IFRS Standards Exposure Draft Amendments to IFRS 17, Jun 2019
- LFM-656-21: PwC – In transition: The latest on IFRS 17 implementation, Feb 2020
- CIA Educational Note: IFRS 17 Discount Rates for Life and Health Insurance Contracts, Jun 2020
- CIA Educational Note: IFRS 17 Coverage Units for Life and Health Insurance Contracts, Dec 2019
- CIA Educational Note: IFRS 17 Market Consistent Valuation of Financial Guarantees for Life and Health Insurance Contracts, May 2020
- LFM-149-21: Insurance Contracts, PwC (Accounting Guide for Insurance Contracts), 2020, Sections 1.1 (pg. 1.2), 3.5 (pp. 3.20-3.30) & 5.1-5.10 (pp. 5.1-5.56) and Figures IG 2-1 (pp. 2.4-2.6) & IG 2-2 (pp.2.15- 2.18)
Existing readings that were modified:
- Final Communication of Updated Promulgations of the Ultimate Reinvestment Rates and Calibration Criteria for Stochastic Risk-Free Interest Rates, Jul 2019
- Update from July 2017 to July 2019
- LFM-649-20: International Actuarial Note 100: Application of IFRS 17 (excluding section C: Ch.11 & section D)
- Exclude Section C, chapter 11
- LFM-645-19: OSFI Guideline – Life Insurance Capital Adequacy Test (LICAT), Oct 2018, Ch. 1-11 (excluding Sections 4.2-4.4 & 7.3-7.11)
- Exclude sections 4.2-4.4 & 7.3-7.11
Readings that were dropped from the syllabus:
- LFM-648-19: PwC In depth A look at current financial reporting issues IFRS 17, Jun 2017
- LFM-142-20: In Depth – Detailing the New Accounting for Long-Duration Contracts of Insurers
- LFM-651-20: Capital Allocation in the Insurance Sector
- LFM-653-20: Economic Capital Modeling Practical Considerations, Milliman 2006
- LFM-654-20: Market Value Margins for Insurance Liabilities in Financial Reporting and Solvency Applications, E&Y, 2007 (pp 2- 41 & 46-65)