Learn to Do Well in the Supplemental Checklist
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1 Supplemental Background Material Course CFE 4 Financial Analysis (Passing grade for this exam is 66) Please note that this study guide is a tool for learning the materials you need to effectively study for this examination. As new editions of the textbooks are published, the SOFE Testing committee makes every effort to update the page references in this guide, but it is not always possible to keep it current. Therefore, it is the student s responsibility to see the topic listed in the study guide and find it in the required textbooks. But if it is not on the page indicated, then you need to go the textbook s table of contents or index and locate the topic. If you are unable to locate the topic anywhere in the textbook you are using, please SOFE headquarters at info@sofe.org and tell us the topic you cannot locate, where that topic is in the study guide and what version of the textbook you are using.
2 Financial Analysis CFE Course #4 Table of Contents Unit: 1 Topic: Financial Analysis of Property/ Casualty Companies Text Required: NAIC Financial Analysis Handbook annual/2006 quarterly Property/ Casualty Edition Objectives: To introduce the new financial analyst to the basic principles on which property and casualty insurance companies are analyzed and to provide an overview of the analysis process. Assignment Outline: Preface I. Introductory Chapters A. Introduction Page 3-4 Financial Analysis Framework Level 1 Procedures Checklist Level 3 Supplemental Checklist B. Department Organization and Communication Page 8,10 Market Conduct examinations Financial Analysis Company Licensing & Admissions Communication with other divisions or areas C. Interstate Communication and Cooperation Page 13-14
3 D. External Information Page 17 SEC filings E. NAIC Information Page IRIS FAST Exam jumpstart Loss reserves RIRS SAD GRID F. SAP vs GAAP Page Accounting guidance G. Prioritization of Work Page 27 II. Financial Analysis Framework Page Annual financial statement Statement of actuarial opinion MD&A Annual audited financial report III. Analysts Reference Guide A. Level 1 B. Investments Page 49-50,53, 60, 61 Overview of investments Swaps Income generation C. Unpaid Losses and LAE page Overview of unpaid losses and LAE D. Income Statement and Surplus Page 69-73
4 Overview of Income Statement and Surplus Discussion of procedures in the supplemental checklist E. Risk-Based Capital Page Overview of RBC Discussion of procedures in the supplemental checklist F. Cash Flow and Liquidity Page 79 G. Reinsurance Page Overview of reinsurance Discussion of procedures in the supplemental checklist H. Affiliated Transactions I. MGAs and TPAs J. Financial Examination Reports K. Annual Audited Financial Report Page Annual audited financial report L. Actuarial Opinion M. Management's Discussion and Analysis N. Holding Company Analysis IV. Checklists A. Level 1 Procedures Checklist B. Level 2 Annual Statement General Checklist 1. Investments 2. Unpaid Losses and LAE 3. Income Statement and Surplus 4. Risk-Based Capital 5. Cash Flow and Liquidity 6. Reinsurance 7. Affiliated Transactions 8. MGAs and TPAs 9. Financial Examination Reports 10. Overall Conclusion
5 C. Quarterly Statement General Checklist 0. Level 1 Procedures 1. Investments 2. Unpaid Losses and LAE 3. Income Statement and Surplus 4. Cash Flow and Liquidity 5. Reinsurance 6. Affiliated Transactions 7. MGAs and TPAs 8. Financial Examination Reports 9. Overall Conclusion D. Level 3 Supplemental Checklist 1. Investments 2. Unpaid Losses and LAE 3. Income Statement and Surplus 4. Risk-Based Capital 5. Cash Flow and Liquidity 6. Reinsurance 7. Affiliated Transactions 8. MGAs and TPAs 9. Financial Examination Reports E. Annual Audited Financial Statement General Checklist F. Actuarial Opinion General Checklist G. Management's Discussion and Analysis General Checklist H. Holding Company Analysis General Checklist 1. Holding Company Analysis 2. Form A 3. Form B 4. Form D V. Guidance for Notes to Financial Statements Page 294, 296 Note #9 Income Taxes
6 Background Limitations
7 Financial Analysis CFE Course #4 Table of Contents Unit: 2 Topic: Financial Analysis of Life/ Health Companies Text Required: NAIC Financial Analysis Handbook annual/2006 quarterly Life/ Health Edition Objectives: To introduce the new financial analyst to the basic principles on which life and health insurance companies are analyzed and to provide an overview of the analysis process. Assignment Outline: Preface I. Introductory Chapters A. Introduction B. Department Organization and Communication Page 9-10 Communication from other divisions or areas to the financial analyst C. Interstate Communication and Cooperation C. External Information Page 15 SEC filings D. NAIC Information Page 17 IRIS F. Statutory Accounting Practices vs Generally Accepted Accounting Principles G. Prioritization of Work Page 24 II. Financial Analysis Framework III. Analysts Reference Guide 0. Level 1 A. Investments Page 45, 47 Overview of investments
8 A.A Investments: Primer on Derivatives Page Primer on Derivatives Derivative instrument basics Uses of derivative instruments Replication Reporting of derivative instruments B. Life Reserves Page 59 Overview of Life Reserves C. Accident and Health Reserves Page 63-64, 66 Overview of A&H reserves Discussion of procedures in the supplemental checklist D. Annuity Reserves Page Overview of annuity reserves E. Income Statement and Surplus Page Overview of the income statement and surplus F. Risk-Based Capital Page Overview of RBC G. Cash Flow and Liquidity Page 78 H. Reinsurance Page Overview of Reinsurance I. Affiliated Transactions Page Overview of affiliated transactions J. MGAs and TPAs
9 J. Separate Accounts Page Overview of separate accounts K. Financial Examination Reports Page 97 Overview of financial examination reports L. CPA Reports Page Overview of annual audited financial reports Annual audited financial reports N. Actuarial Opinion O. Management's Discussion and Analysis P. Holding Company Analysis Page , 123 Holding Company structure Mutual Holding Company Understanding the holding company structure Understanding the lead state role Discussion of procedures in the Forms A, B and D Checklists IV. Checklists Page 125 A. Level 1 Procedures Checklist Page , 133 B. Level 2 Annual Statement General Checklist 1. Investments Page Life Reserves Page Accident and Health Reserves 4. Annuity Reserves Page Income Statement and Surplus Page Risk-Based Capital 7. Cash Flow and Liquidity Page Reinsurance Page Affiliated Transactions Page MGAs and TPAs 11. Separate Accounts Page Financial Examination Reports 13. Overall Conclusion C. Quarterly Statement General Checklist 0. Level 1 Procedures Page Investments 2. Life Reserves
10 3. Accident and Health Reserves 4. Annuity Reserves 5. Income Statement and Surplus 6. Cash Flow and Liquidity 7. Reinsurance 8. Affiliated Transactions 9. MGAs and TPAs 10. Separate Accounts 11. Financial Examination Reports 12. Overall Conclusion D. Level 3 Supplemental Checklist 1. Investments Page , Life Reserves 3. Accident and Health Reserves Page Annuity Reserves 5. Income Statement and Surplus Page Risk-Based Capital Page Cash Flow and Liquidity Page Reinsurance Page Affiliated Transactions Page MGAs and TPAs Page Separate Accounts 12. Financial Examination Reports Page 218 E. Annual Audited Financial Statement General Checklist Annual audited financial report Page 221 CPA Letter of Qualifications Page 222 F. Actuarial Opinion General Checklist G. Management's Discussion and Analysis General Checklist H. Holding Company Analysis General Checklist 1. Holding Company Analysis 2. Form A 3. Form B Page 249 Form B Insurance Holding Company System Annual Registration Statement 4. Form D
11 V. Guidance for Notes to Financial Statements Page , 264, , 271, 273 Note 1 Summary of Significant accounting policies Note 2 Accounting Changes and Correction of Errors Note 8 Derivative Instruments Note 9 Income Taxes Note 11 Debt Note 14 - Contingencies VI. Specialized Health Insurance Topics
12 Financial Analysis CFE Course #4 Table of Contents Unit: 3 Topic: Financial Analysis of Health Companies Text Required: NAIC Financial Analysis Handbook annual/2006 quarterly Health Edition Objectives: To introduce the new financial analyst to the basic principles on which health insurance companies are analyzed and to provide an overview of the analysis process. Assignment Outline: Preface I. Introductory Chapters A. Introduction B. Department Organization and Communication Page 6-7 Financial condition examinations Market conduct examinations C. Interstate Communication and Cooperation D. External Information E. NAIC Information F. Statutory Accounting Practices vs Generally Accepted Accounting Principles G. Prioritization of Work II. Financial Analysis Framework Overview of the financial analysis process Page 25 III. Analysts Reference Guide 0. Level 1 Page 39, 41 Overview of Level 1 Procedures Discussion of procedures in the level 1 checklist A. Investments Page 43-47
13 Overview of investments B. Other Assets Page Overview of other assets C. Health Reserves and Liabilities Page Overview of health reserves and liabilities D. Other Provider Liabilities Page 68 Overview of Other Provider Liabilities E. Income Statement and Surplus Page 71, 75 Overview of the income statement and surplus F. Risk-Based Capital Page 81 Overview of RBC G. Cash Flow and Liquidity Page H. Risk Transfer Other Than Reinsurance H. Reinsurance Page Overview of reinsurance I. Affiliated Transactions Page Overview of affiliated transactions J. TPAs, IPAs and MGAs Page 106 Overview of TPA, IPA and MGA K. Financial Examination Reports Page 110 Overview of financial examination reports L. CPA Reports Page Procedures related to the Level 1 Procedures Checklist Discussion of procedures in the annual audited financial reports general checklist M. Actuarial Opinion Page 119 Overview of statement of actuarial opinion
14 N. Management's Discussion and Analysis Page 123 Discussion of Procedures in the MD&A general checklist O. Holding Company Analysis Page , 136 Holding company structure Understanding the lead state role Forms A, B and D IV. Checklists A. Level 1 Procedures Checklist B. Level 2 Annual Statement General Checklist 1. Investments 2. Other Assets 3. Health Reserves and Liabilities 4. Other Provider Liabilities 5. Income Statement and Surplus 6. Risk-Based Capital 7. Cash Flow and Liquidity 8. Risk Transfer Other Than Reinsurance 9. Reinsurance Only 10. Affiliated Transactions Page TPAs, IPAs and MGAs Page Financial Examination Reports 13. Overall Conclusion C. Quarterly Statement General Checklist 0. Level 1 Procedures Page Investments Page Other Assets Page Health Reserves and Liabilities 4. Other Provider Liabilities 5. Income Statement and Surplus Page Cash Flow and Liquidity Page Risk Transfer Other Than Reinsurance 8. Reinsurance Page Affiliated Transactions Page TPAs, IPAs and MGAs 11. Financial Examination Reports 12. Overall Conclusion D. Level 3 Supplemental Checklist
15 1. Investments Page Other Assets Page Health Reserves and Liabilities Page Other Provider Liabilities 5. Income Statement and Surplus Page Risk-Based Capital 7. Cash Flow and Liquidity Page Risk Transfer Other Than Reinsurance Page Reinsurance Page Affiliated Transactions 11. TPAs, IPAs and MGAs 12. Financial Examination Reports E. Annual Audited Financial Statement General Checklist F. Actuarial Opinion General Checklist G. Management's Discussion and Analysis General Checklist H. Holding Company Analysis General Checklist 1. Holding Company Analysis 2. Form A 3. Form B 4. Form D V. Guidance for Notes to Financial Statements VI. Health Insurance Industry A. Medical Insurance Markets Page 310 Health care cost increases insurance issues B. Health Lines of Business C. Product Types D. Company Financial Structure E. Types of Ownership Structure F. Solvency and Liquidity
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