U.S. Signing Actuary

2 sequenced courses

GI 101
Ratemaking and Reserving ▼
  • The candidate will understand key considerations and concepts underlying general insurance actuarial work.
  • The candidate will demonstrate the ability to prepare claims and exposure data for general insurance actuarial work.
  • The candidate will know how to calculate and evaluate projected ultimate values.
  • The candidate will understand financial reporting of claim liabilities.
  • The candidate will understand trending procedures as applied to ultimate claims, exposures and premiums.
  • The candidate will understand how to apply the fundamental ratemaking techniques of general insurance.
  • The candidate will be able to define an approach for actuarial analyses supporting financial reporting and ratemaking analyses under various real-life scenarios.
GI 201
Financial, Regulatory, and Legal ▼
  • Assumes knowledge from GI 101
  • The candidate will understand the structure and functions of a general insurance company.
  • The candidate will understand the different types of general insurance products offered.
  • The candidate will understand the reasons for, and the types of, general insurance regulation.
  • The candidate will understand tort law and insurance law with respect to its effect on general insurance.
  • The candidate will understand the elements of financial reporting for general insurance companies.
  • The candidate will understand elements of financial economics relevant to general insurance.
  • The candidate will understand the analysis of a general insurer’s financial health.
  • The candidate will demonstrate knowledge of ORSA.
  • The candidate will understand standards of practice and professionalism required of the actuary.

2 additional courses

GI 301
Further Topics in General Insurance ▼
  • Assumes knowledge from GI 101
  • The candidate will be able to use stochastic loss development models to estimate reserve variability.
  • The candidate will understand and apply the considerations in the development of losses for excess limits and layers.
  • The candidate will be able to estimate premium liabilities.
  • The candidate will understand the considerations in selecting a risk margin for unpaid claims.
  • The candidate will be able to apply methods to monitor actual versus expected experience.
  • The candidate will understand excess of loss coverages and retrospective rating.
  • The candidate will understand reinsurance topics including the issues encountered when performing a reserve analysis on reinsurance, how to apply the fundamental techniques of reinsurance pricing and risk transfer testing of reinsurance contracts.
  • The candidate will understand and be able to apply ratemaking techniques for the following situations: classification ratemaking, deductible options, increased limit options, claims-made polices and individual risk rating.
  • The candidate will understand catastrophe modeling and how its output may be used in actuarial tasks.
GI 302
General Insurance in the U.S. ▼
  • Assumes knowledge of GI 101 and GH 201
  • The candidate will understand the personal lines insurance products offered in the United States.
  • The candidate will understand the commercial general insurance products offered in the United States.
  • The candidate will understand the structure of insurance regulation and its development in the United States.
  • The candidate will understand the different financial reporting standards for U.S. general insurance companies and be able to use the statutory financial statement to measure the financial health of an insurer (e.g., NAIC RBC and IRIS ratios).
  • The candidate will understand the requirements for signing the U.S. P&C Statement of Actuarial Opinion (SAO).
  • The candidate will be able to describe and apply the concept of materiality with respect to the U.S. P&C SAO.
  • The candidate will be able to apply the standards of practice regarding the responsibilities of the signing actuary as defined by regulators and the American Academy of Actuaries.