George Levine
Chair, Syllabus Committee
TO:
CAS Candidates and Educators
FROM:
Steve Armstrong, Vice President-Admissions
DATE:
4 August 2015
RE:
Changes for the Spring 2016 CAS Syllabus of Basic Education
The CAS Executive Council has approved the following changes for the Spring 2016. In addition the
changes for Exam S will apply for Fall 2015. Other changes that may be made include modifications to
learning objectives and knowledge statements as well as edition changes to current citations.
The Spring 2016 syllabus will be posted in November 2015 and the CAS Study Kits will be available
December 2015.
Exam 5
•
Delete:
Insurance Services Office, Inc., Personal Automobile Manual (Effective 6-98)
Werner, G, and Modlin, C., Basic Ratemaking, Casualty Actuarial Society, Fourth Edition,
October 2010. (Chapter 2 only)
American Academy of Actuaries Committee on Risk Classification, “Risk Classification
Statement of Principles,” June 1980.
Friedland, J.F., Estimating Unpaid Claims Using Basic Techniques, Casualty Actuarial Society,
Third Version, July 2010, Appendices A and B
•
Add:
Statement of Principles Regarding Property and Casualty Unpaid Claim Estimates, Casualty
Actuarial Society, November 2014.
Actuarial Standard of Practice No. 12: Risk Classification (for all Practice Areas), American
Academy of Actuaries, 2005
Actuarial Standard of Practice No. 43: Property/Casualty Unpaid Claim Estimates, American
Academy of Actuaries, 2007 and Updated for Deviation Effective May 2011
Exam 7
•
Delete:
Feldblum S., “Dependency Modeling,” CAS Study Note, September 2010 (Updated March 25
2013)
International Actuarial Association, “A Global Framework for Insurer Solvency Assessment,” a
research report of the Insurer Solvency Assessment Working Party, 2004, Chapters 1, 2, 5, 7, 8,
and 9; Appendices B, D, E, H, and I
Venter, G.G., “ERM for Strategic Management—Status Report,” Society of Actuaries, 2010
Venter, G.G., “Non-tail Measures and Allocation of Risk Measures,” CAS Study Note, 1/11/2010
Venter, G.G., “Tails of Copulas,” PCAS LXXXIX, 2002, pp. 68-113
Venter, G.G.; and Underwood, A., “Value of Risk Reduction,” CAS Study Note, 2010
•
Modify:
Brehm, P.; Gluck, S.; Kreps, R.; Major, J.; Mango, D.; Shaw, R.; Venter, G.; White, S.; and
Witcraft, S., Guy Carpenter, “Enterprise Risk Analysis for Property & Liability Insurance
Companies,” Chapter 1, 2 (excluding Section 2.6), 3 (excluding Section 3.4), 4, and 5 (Section
5.4 only)
•
Add:
Meyers, G., “Stochastic Loss Reserving Using Bayesian MCMC Models “ CAS Monograph
Series, Number 1
Exam 9
•
Remove:
American Academy of Actuaries, “Report of the Life Liquidity Work Group of the American
Academy of Actuaries to the NAIC’s Life Liquidity Working Group,” December 2, 2000, pp. 1-9
(up to but excluding “Possible Sources of Liquidity Risk: Embedded Liquidity Options”), 12 (last
paragraph) – 16 (first paragraph)
Venter, G., “Modeling and Managing Liquidity Risk,” Society of Actuaries.
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Statistics and Probabilistic Models (Applies to Fall 2015 Administration of Exam S)
Knowledge statements and learning objectives have been added to or clarified to better match the type of
questions that will be asked, reflecting the feedback of the Examination Committee chair for this exam.
These changes have been posted to the online syllabus already.
In addition, the website has been updated to reflect that the exam will have 40-50 multiple-choice
questions and that a guessing adjustment will be used in grading this exam.
Online Courses
Online Course 2 has added some high-level introductory material on life insurance, annuities, and health
insurance. The new material will be available in September 2015 and will be tested starting in January
2016.
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