CIA Disclosure

Card Set Information

Author:
ED_6C3
ID:
270375
Filename:
CIA Disclosure
Updated:
2014-04-12 20:23:14
Tags:
6C
Folders:
CIA Requirements
Description:
6C
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  1. Disclosure of accounting policies for insurance contracts
    • description of the contract classification (insurance contract vs financial instrument)
    • description of the accounting policies used for premium, UEP, claims, discounting, etc
  2. Disclosure of components of policy liabilities
    • case outstanding claim provision for L&LAE
    • provision for L&LAE IBNR including pure IBNR, development, discounting, PfAD
    • salvage and subrogation
    • provision for unearned premium
    • premium deficiency
  3. Disclosures around assumptions
    • process used to determine assumptions that have the greatest effect
    • quantified disclosure of assumptions
    • effect of changes in assumptions used to measure assets and liabilities
    • qualitative disclosures include identification, rationale, and effect of change + trend
  4. Disclosure about contract risks
    • provide qualitative information about the nature of the risks
    • examples of risks include operational, cat, concentration, pricing, market, credit, etc.
    • additional disclosure concerning insurance risk in particular is required using either a sensitivity analysis or qualitative information about sensitivity
    • similarly, disclosure about concentration of insurance risk is required, including a discussion of how management determines concentrations

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