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Old 01-19-2018, 02:48 PM
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Default assumed from RSP and FA?

I was under the belief that companies can only cede business to RSP and the FA. I found a question that says they have assumed business from RSP and FA in addition to ceded business. How does this work?
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Old 01-19-2018, 03:48 PM
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Could you expand RSP and FA?
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Old 01-19-2018, 03:49 PM
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Sorry . . . I thought this was the US Exam 6 forum.


Never you all mind!
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Old 01-22-2018, 08:44 AM
a5chen a5chen is offline
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Quote:
Originally Posted by AbedNadir View Post
I was under the belief that companies can only cede business to RSP and the FA. I found a question that says they have assumed business from RSP and FA in addition to ceded business. How does this work?
Think of the RSPs (risk sharing pools) as reinsurance pool arrangements.

To write auto insurance in any jurisdiction FA operates in, insurance companies must be members of FA.

Based on eligibility rules, companies can cede selected business to the pools. In return, based on predefined sharing rules (generally as a % of written business in the jurisdiction), companies need to assume their "share" of FA's results (losses).

OSFI has rules around how the RSP ceded to FA and RSP assumed from FA are booked (direct written).
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Old 01-23-2018, 08:07 PM
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Quote:
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Think of the RSPs (risk sharing pools) as reinsurance pool arrangements.

To write auto insurance in any jurisdiction FA operates in, insurance companies must be members of FA.

Based on eligibility rules, companies can cede selected business to the pools. In return, based on predefined sharing rules (generally as a % of written business in the jurisdiction), companies need to assume their "share" of FA's results (losses).

OSFI has rules around how the RSP ceded to FA and RSP assumed from FA are booked (direct written).
thanks
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