The Committee on Property and Casualty Insurance Financial Reporting (PCFRC or the Committee) has prepared this educational note to provide guidance to the Appointed Actuary and valuation actuaries (referred to as “actuaries” in the rest of this note) in several areas affecting the valuation of the 2021 year-end insurance contract liabilities and other responsibilities of the Appointed Actuary of property and casualty insurers.
The educational note is structured in nine sections and two appendices. The nine sections provide guidance on recent and emerging guidance and issues. Appendix A contains a list of relevant educational notes and reference documents. Appendix B provides an update on IFRS 17.