Archive Fall 2021: Financial and Regulatory Environment Exam
September 23, 2021 - ERRATA is available for the Fifth Edition of General Insurance Financial Reporting Topics (candidates using the Fourth Edition should also make these changes.)
July 28, 2021 – The case study is now available
July 23, 2021 - Notice regarding updates to General Insurance Financial Reporting Topics
The textbook General Insurance Financial Reporting Topics has been updated to the Fifth Edition. This edition will be used beginning with the Fall 2021 administration of the GI FREU exam. The Fifth Edition of the text will be made available in early August.
ACTEX notes the following regarding those that have purchased the Fourth Edition:
The Society of Actuaries will release a new, Fifth Edition of General Insurance Financial Reporting Topics in August 2021. As a courtesy, customers who purchased and received the Fourth Edition text since December 1, 2020, will automatically receive an edition upgrade for access to the new edition, free of charge, once it is released. Eligible customers will receive an email confirmation from the vendor (ACTEX or The Actuarial Bookstore) (sent to the “ship to” email address of the original order) after their digital textbook license for the Fourth Edition has been upgraded to the Fifth Edition in their account on the text distribution platform, www.actuariallearning.com. The expiration date for the Fifth Edition will be inherited from the Fourth Edition license, set to expire 5 years from the date that your license to the Fourth Edition was originally activated.
The Fifth Edition includes some significant revisions. The following summarizes the major changes from the fourth edition to the fifth edition:
- A re-structuring of Chapter 5. It was originally a review of nonadmitted assets. The chapter now also includes a summary of the NAIC Annual Statement and a review of accounting transactions with direct charges and credits to surplus.
- A re-write of Chapter 6 to follow the current Schedule F (from the NAIC’s 2018 revision).
- Insertion of a new Chapter 9 which covers the NAIC Insurance Expense Exhibit. This material was previously included within Chapter 9 of the fourth edition.
- Creation of a new chapter 10 which blends material from Chapters 9 and 10 of the fourth edition (excluding material that was placed in the new Chapter 9). The section on risk adjusted returns was significantly revised.
- An update of Chapter 12 to remain current with the NAIC RBC calculation.
- Deletion of extraneous material in Chapter 13.
NOTE: Candidates writing the Fall 2021 administration of the GI FREU exam may respond to questions based upon topics from the General Insurance Financial Reporting Topics textbook using information from either the Fourth or Fifth Edition to receive full credit.