[[Actuarial Notes Wiki|Wiki]] / **Exam 6C (CAS)** ## Exam 6C (CAS) The **Canada Regulation and Financial Reporting (6C) Exam** is a 4 hour exam with mixed question types about Canadian insurance regulation, government insurance programs, financial reporting, and solvency. <div class="callout-cols-2"> > [!answer]- 📅 Exam Schedule {2026} > > <div class="highlight-upcoming" data-date-col="0"></div> > > Dates | Exams > -|- > Apr 14 - Apr 21 | 6C > Oct 19 - Oct 27 | 6C > > - [Register](https://www.casact.org/exams-admissions/exam-registration) ($850 USD registration fee) > [!answer]- 📄 Download Resources {2 PDFs} > - [Exam 6C Content Outline (Spring 2026)](https://www.casact.org/exam/exam-6c-regulation-and-financial-reporting-canada) > - [Complete Online Text References](https://www.casact.org/exam/exam-6c-regulation-and-financial-reporting-canada) </div> >[!answer]- 📕 Source Material {37 Sources} > > | Source | Domains/Tasks | > | --- | --- | > | [[Alberta Auto Reform]] | A1 | > | [[Baer and Rendall]] | A2 | > | [[CCIR Instructions]] | C1 | > | [[CIA Appointed Actuary]] | C1 | > | [[CIA Bias]] | A1 | > | [[CIA CSOP]] | A1, C1-C5 | > | [[CIA Discount Rates]] | C1, C2 | > | [[CIA Duration]] | C1, C5 | > | [[CIA FCT 1]] | C4, C5 | > | [[CIA FCT 2]] | C4, C5 | > | [[CIA IFRS 1]] | C1-C3 | > | [[CIA IFRS 17 - Comparison]] | C1 | > | [[CIA IFRS 17 - LRC]] | C1, C2 | > | [[CIA IFRS 2]] | C1-C3 | > | [[CIA Materiality]] | C1, C5 | > | [[CIA Models]] | C5 | > | [[CIA PAA]] | C1, C2 | > | [[CIA Reinsurance Treatment]] | C1, C3 | > | [[CIA Runoff]] | C1, C5 | > | [[CIA Subsequent Events]] | C1, C5 | > | [[CIA Territories]] | A1 | > | [[CIA Valuation]] | C1-C5 | > | [[Agricultural Programs]] | B1-B3 | > | [[CAS Financial Reporting]] | C4, C5 | > | [[Davidson]] | A2 | > | [[Dutil]] | B1-B3 | > | [[Feldblum]] | C2-C4 | > | [[Freihaut and Vendetti]] | C1, C3 | > | [[GOC Flood Risks]] | B1-B3 | > | [[Government Insurers Study Note]] | B1-B3 | > | [[Harris]] | A2 | > | [[IAA Climate]] | C4 | > | [[IBC Code of Conduct]] | A1 | > | [[IFOA]] | C4 | > | [[Landmark Legal]] | A2 | > | [[Marshall]] | A1 | > | [[McDonald]] | A2 | > | [[Morneau Shepell]] | B1-B3 | > | [[MSA Legend]] | C4 | > | [[Ontario Reg. 664]] | A1 | > | [[OSFI AA]] | C5 | > | [[OSFI Annual Return]] | C1-C4 | > | [[OSFI Climate]] | C4, C5 | > | [[OSFI Concentration]] | C5 | > | [[OSFI Core Return]] | C1-C4 | > | [[OSFI Corporate Governance]] | C4, C5 | > | [[OSFI Earthquake]] | C1, C5 | > | [[OSFI MCT]] | C2-C4 | > | [[OSFI Memorandum]] | C1, C5 | > | [[OSFI Minimum Capital]] | C1-C4 | > | [[OSFI ORSA]] | C2-C4 | > | [[OSFI Quarterly Return]] | C1-C4 | > | [[OSFI Reinsurance]] | C5 | > | [[OSFI Stress Testing]] | C2-C4 | > | [[OSFI Target Capital]] | C2-C4 | > | [[PACICC]] | B1-B3 | > | [[FSCO Coverages]] | A1 | > | [[FSCO Private Auto]] | A1 | > | [[FSCO Tech Notes]] | A1 | > | [[FSRA Risk Management]] | A1 | > | [[KPMG PACICC]] | A1, C5 | > | [[KPMG Regulatory Oversight]] | A1 | ### Learning Objectives > [!example]- A. Regulation of Insurance and Canadian Insurance Law {20-25%} > ### A. Regulation of Insurance and Canadian Insurance Law > Understand the role of the insurance business as a supplier of a vital service, and navigate Canadian [[Insurance Legislation]], regulations, and judicial decisions that affect [[Insurance Regulation]] and insurance benefits. > 1. Discuss the current state of [[Insurance Regulation]] in Canada. > 2. Discuss the issues, outcomes, rationale and implications of [[Court Case]] decisions for the insurance industry. > 3. Discuss trends in [[Tort Litigation]] (e.g., [[Tort Reform]], [[Class Action]] suits). > > **Readings:** Alberta Auto Reform · Baer and Rendall · CIA Bias · CIA CSOP · CIA Territories · Davidson · FSCO Coverages · FSCO Private Auto · FSCO Tech Notes · FSRA Risk Management · Harris · IBC Code of Conduct · KPMG PACICC · KPMG Regulatory Oversight · Landmark Legal · Marshall · McDonald · Ontario Reg. 664 > [!example]- B. Canadian Government and Industry Insurance Programs {10-15%} > ### B. Canadian Government and Industry Insurance Programs > Understand and apply the objectives, operations, and effectiveness of government and industry insurance programs, including [[Agricultural Insurance]], [[Employment Insurance]], [[Flood Insurance]], [[Guaranty Funds]] (including [[PACICC]]), [[Health Care Insurance]], residual personal insurance markets, and [[Workers Compensation Insurance]]. > 1. Describe the origin, purpose, historical significance, and philosophy of specific government and insurance industry programs (e.g., Agricultural programs, FARM, RSP, PRR). > 2. Describe the operations and [[Risk Transfer]] process for each government and insurance industry program and interactions with the voluntary private insurance sector. > 3. Evaluate the effectiveness of a government and insurance industry program (e.g., [[Solvency]], efficiencies, stability, viability and long-term prospects, effects of external factors). > > **Readings:** Agricultural Programs · Dutil · GOC Flood Risks · Government Insurers Study Note · Morneau Shepell · PACICC > [!example]- C. Canadian Financial Reporting, Solvency, and Professional Responsibility {60-70%} > ### C. Canadian Financial Reporting, Solvency, and Professional Responsibility > Demonstrate detailed knowledge of the [[Canadian Annual Return]], including guidelines from [[OSFI]] and provincial regulatory authorities. Understand the [[Appointed Actuary]]'s professional responsibilities related to financial reporting under the [[Insurance Companies Act]] and Provincial Insurance Acts. > 1. Describe the elements of the [[Canadian Annual Return]] using standards (e.g., [[Financial Position]], [[Net Income]], [[Comprehensive Income]], changes in equity, OSFI annual return, notes to financial statements). > 2. Value liabilities in accordance with accepted actuarial practice in Canada (e.g., [[Insurance Contract Liabilities]], [[Reinsurance Contract Liabilities]]). > 3. Understand how [[Reinsurance Accounting]] relates to the Canadian Annual Return (e.g., [[Risk Transfer]], effect of different types of reinsurance on the financial statements, [[Commutations]]). > 4. Evaluate the financial health of an insurance entity based on various [[Solvency]] frameworks (e.g., [[MCT]], [[Stress Testing]], key financial measures used by rating agencies, rules-based and principles-based solvency regulation — [[ORSA]], [[FCT]], [[Solvency II]]). > 5. Evaluate the responsibilities of an actuary as defined by standards of practice, regulators, and insurance laws for financial reporting (e.g., [[Statement of Actuarial Opinion]], Contents of [[Appointed Actuary]]'s Report, [[Standards of Practice]], Educational Notes, [[Insurance Companies Act]], Actuary and Auditor relationship, regulatory requirements). > > **Readings:** CAS Financial Reporting · CCIR Instructions · CIA Appointed Actuary · CIA CSOP · CIA Discount Rates · CIA Duration · CIA FCT 1 · CIA FCT 2 · CIA IFRS 1 · CIA IFRS 17 - Comparison · CIA IFRS 17 - LRC · CIA IFRS 2 · CIA Materiality · CIA Models · CIA PAA · CIA Reinsurance Treatment · CIA Runoff · CIA Subsequent Events · CIA Valuation · Feldblum · Freihaut and Vendetti · IAA Climate · IFOA · KPMG PACICC · MSA Legend · OSFI AA · OSFI Annual Return · OSFI Climate · OSFI Concentration · OSFI Core Return · OSFI Corporate Governance · OSFI Earthquake · OSFI MCT · OSFI Memorandum · OSFI Minimum Capital · OSFI ORSA · OSFI Quarterly Return · OSFI Reinsurance · OSFI Stress Testing · OSFI Target Capital