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Prudential Requirements

Prudential Requirements. Manalur Sandilya Consulting Actuary. Outline. ICP’s 18 through 23 Interlinked by the same theme Interpretation of Prudent – Prudent Expert Non-Life Insurance Focus Ideas applicable to Life Insurance situations as well. Background.

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Prudential Requirements

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  1. Prudential Requirements Manalur Sandilya Consulting Actuary

  2. Outline • ICP’s 18 through 23 • Interlinked by the same theme • Interpretation of Prudent – Prudent Expert • Non-Life Insurance Focus • Ideas applicable to Life Insurance situations as well

  3. Background • Change in the Insurance Environment brought by movement from Tariff regime to a non-tariff regime • Actuarial Cycle -- a shorter version • Liability Valuation Standards • Suggested/Guidance/Approval • Available Methods

  4. Valuation Methodology • Paid Development • Weighted Average or BF • Incurred Development and BF • Frequency/Severity methods • Data Issues • Objective -- Robust Estimate

  5. Ratemaking Issues • Basic Premise -- Properly priced and marketed product will not create “reserving” issues • Where to begin -- given current conditions, start with reserving • A forward looking analysis • Data issues

  6. Rate Adequacy • Actuarial cycle • Evaluate impact of ratemaking • Rate Adequacy Analysis • Leading to IBNR studies

  7. Other Issues • Handling of Reinsurance • Appropriate Methods • Net Analysis and Gross Analysis • Testing of Analytical results • Applications to ECR and FCR • Future?

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