Sawasdee Actuary - 3 - SOA exam risk-based capital

Sep 27, 2026

Uploaded by gewufjwa

Sawasdee Actuary issue 3 focuses on key concepts used in SOA exam materials, especially risk-based capital (RBC) and solvency topics. The content discusses valuation foundations for assets and liabilities, including fair value, lower of cost or market value, and marked-to-market ideas. It also covers modified net premium and conservative assumptions, provision for adverse deviation (PAD), best estimate assumptions, risk margins, and non-guaranteed versus guaranteed treatment, connecting these to capital or solvency margin requirements and risk charges.

LanguageEnglish

CategoryExam

FormatPDF

Pages7

Reading Time18 min

AccessFree to download

Risk-Based Capital (RBC)

Solvency and margin requirements

Asset and liability valuation concepts

Modified net premium, assumptions, and PAD

Risk charges and market risk components

Sawasdee Actuary 􀀁􀀂􀀃􀀂􀀄􀀅􀀆 3 􀀈􀀉􀀊􀀋􀀌􀀍􀀎􀀏􀀐􀀑􀀒􀀓􀀔􀀕􀀖􀀍􀀗􀀃􀀒􀀘􀀙 2550 􀀁􀀂􀀃􀀄􀀅􀀆􀀇􀀈􀀉􀀃􀀊􀀈􀀋􀀁􀀊􀀄􀀌􀀍􀀊􀀈􀀈􀀋􀀁􀀎􀀈􀀏􀀎􀀈􀀈􀀎 􀀑􀀍􀀎􀀒􀀓􀀔􀀑􀀕􀀖􀀕􀀓􀀗􀀘􀀈􀀎􀀙􀀘􀀕􀀗􀀚􀀅􀀚 Sawasdee Actuary 􀀇􀀛􀀜􀀚􀀝􀀞􀀗􀀟􀀄􀀠􀀋􀀃􀀁􀀎􀀈􀀒􀀓􀀔􀀑􀀚􀀡􀀝􀀞􀀗􀀘 􀀕􀀍􀀊􀀚􀀊􀀉􀀃􀀚􀀏􀀔􀀊􀀄􀀢􀀊􀀒􀀁􀀆􀀄􀀝􀀑􀀎􀀈􀀌􀀂􀀚􀀆􀀋􀀕􀀗􀀘􀀣􀀤􀀔􀀠􀀋􀀃􀀁􀀊􀀘􀀣􀀍􀀎􀀚 SOA exam 􀀇􀀈􀀉􀀃􀀊􀀇􀀆􀀉􀀊􀀚􀀙􀀥􀀦􀀧􀀂􀀕􀀎􀀌􀀚􀀠􀀋􀀃􀀣􀀍􀀎􀀚􀀈􀀎 􀀁􀀨􀀎􀀩􀀞􀀗􀀘􀀣􀀤􀀔􀀠􀀋􀀃􀀣􀀂􀀆􀀩􀀑􀀗􀀄􀀕􀀖􀀢􀀊􀀅􀀩􀀔􀀕􀀨􀀎􀀓􀀗􀀄􀀅􀀧􀀠􀀋􀀃􀀧􀀡􀀪􀀫􀀎􀀬􀀭􀀚􀀊􀀮􀀛􀀁􀀞􀀞􀀝􀀧􀀚􀀛􀀞􀀡􀀁􀀘􀀝􀀑􀀎􀀈􀀁􀀨􀀎􀀇􀀞􀀖􀀧􀀅􀀚􀀕􀀎􀀞􀀁􀀊􀀘􀀝􀀞􀀗􀀟􀀄􀀏􀀍􀀊􀀯􀀰􀀛􀀚􀀡􀀝􀀞􀀗􀀘 􀀇􀀙􀀉􀀃􀀊􀀏􀀔􀀊􀀚􀀞􀀗􀀘􀀕􀀎􀀞􀀁􀀊􀀘 SOA 􀀝􀀞􀀗􀀟􀀄􀀏􀀍􀀊􀀰􀀛􀀅􀀚􀀇􀀆􀀉􀀊􀀚􀀙􀀥􀀱􀀲􀀎􀀝􀀈􀀠􀀋􀀃􀀧􀀡􀀳􀀴􀀄􀀚􀀋􀀟 􀀵􀀘􀀗􀀘􀀚􀀋􀀟􀀕􀀖􀀇􀀓􀀌􀀚􀀨􀀎􀀇􀀝􀀓􀀖􀀆􀀓􀀗􀀘􀀆􀀋􀀯􀀅􀀚􀀕􀀎􀀞􀀊􀀍􀀎􀀚􀀩􀀚􀀗􀀄􀀁􀀉􀀊􀀇􀀏􀀞􀀋􀀌􀀈􀀏􀀗􀀑􀀁􀀊􀀘􀀧􀀎􀀕􀀚􀀔􀀊􀀄􀀠􀀊􀀈􀀈􀀋􀀃 FSA 􀀝􀀚􀀰􀀠􀀌􀀠􀀋􀀃􀀁􀀊􀀘􀀣􀀍􀀎􀀚􀀰􀀆􀀔􀀇􀀞􀀖􀀑􀀠􀀋􀀃􀀁􀀮􀀆 􀀩􀀑􀀗􀀄􀀑􀀍􀀎􀀧􀀡􀀇􀀛􀀜􀀚􀀛􀀞􀀡􀀶􀀌􀀷􀀚􀀸􀀒􀀕􀀍􀀣􀀤􀀔􀀠􀀋􀀃􀀕􀀨􀀎􀀓􀀗􀀄􀀇􀀏􀀞􀀋􀀌􀀈􀀏􀀗􀀑􀀁􀀊􀀘􀀰􀀈􀀍􀀈􀀎􀀕􀀕􀀖􀀚􀀔􀀊􀀌 􀀚􀀊􀀕􀀧􀀎􀀕􀀚􀀋􀀟􀀕􀀖􀀌􀀗􀀄􀀈􀀋􀀇􀀚􀀉􀀟􀀊􀀩􀀎􀀑􀀂􀀷􀀎􀀕􀀎􀀞􀀆􀀋􀀯􀀠􀀋􀀃􀀁􀀞􀀞􀀩􀀎􀀈􀀎􀀘􀀊􀀕􀀇􀀓􀀍􀀎􀀁􀀤􀀍􀀕􀀗􀀚􀀇􀀛􀀜􀀚􀀛􀀞􀀡􀀧􀀨􀀎 􀀵􀀘􀀗􀀘􀀚􀀋􀀟􀀢􀀊􀀇􀀕􀀎􀀡􀀕􀀞􀀡􀀒􀀁 (􀀰􀀈􀀍􀀅􀀷􀀍􀀕􀀞􀀡􀀒􀀁􀀕􀀎􀀞􀀇􀀈􀀉􀀊􀀄􀀚􀀡􀀝􀀞􀀗􀀘) 􀀚􀀨􀀎􀀇􀀁􀀚􀀊􀀢􀀔􀀊􀀈􀀤􀀓 RBC 􀀢􀀊􀀄􀀛􀀞􀀡􀀇􀀠􀀦􀀁􀀂􀀄􀀝􀀶􀀛􀀞􀀸(􀀶􀀛􀀞􀀆􀀬􀀭􀀄􀀊􀀋􀀕􀀝􀀞􀀗􀀟􀀄􀀩􀀚􀀴􀀃􀀄 􀀰􀀈􀀍􀀇􀀕􀀋􀀃􀀌􀀑􀀕􀀗􀀘􀀕􀀎􀀞􀀇􀀈􀀉􀀊􀀄􀀚􀀡􀀝􀀞􀀗􀀘) 􀀚􀀍􀀎􀀧􀀡􀀇􀀛􀀜􀀚􀀛􀀞􀀡􀀶􀀌􀀷􀀚􀀸􀀅􀀚􀀕􀀎􀀞􀀙􀀗􀀻􀀚􀀎􀀒􀀓􀀡􀀘􀀗􀀄􀀝􀀗􀀘􀀅􀀷􀀔 RBC 􀀢􀀊􀀄􀀛􀀞􀀡􀀇􀀠􀀦􀀰􀀠􀀌􀀏􀀍􀀊􀀰􀀛 􀀁􀀮􀀆􀀠􀀔􀀎􀀌 􀀢􀀊􀀘􀀝􀀮􀀼􀀚􀀔􀀊􀀄􀀠􀀊􀀈􀀈􀀋􀀃􀀷􀀍􀀑􀀌􀀇􀀢􀀋􀀌􀀚􀀘􀀠􀀝􀀑􀀎􀀈􀀈􀀎􀀓􀀄􀀅􀀚􀀵􀀘􀀗􀀘􀀚􀀋􀀟􀀊􀀋􀀕 􀀒􀀓􀀡􀀢􀀊􀀢􀀊􀀘􀀝􀀮􀀼􀀠􀀮􀀕􀀠􀀍􀀎􀀚􀀠􀀋􀀃􀀅􀀩􀀔􀀝􀀑􀀎􀀈􀀷􀀍􀀑􀀌􀀇􀀩􀀓􀀉􀀊􀀅􀀚􀀕􀀎􀀞􀀧􀀗􀀆􀀠􀀨􀀎􀀒􀀓􀀡􀀇􀀣􀀌􀀒􀀙􀀞􀀍 Sawasdee Actuary 􀀈􀀎􀀶􀀆􀀌􀀏􀀓􀀊􀀆􀀧􀀚􀀈􀀎􀀳􀀴􀀄􀀵􀀘􀀗􀀘􀀠􀀋􀀃􀀁􀀎􀀈􀀚􀀋􀀟􀀰􀀆􀀔 􀀁􀀮􀀷􀀂􀀚 􀀙􀀄􀀱􀀸􀀙􀀴􀀃􀀄􀀙􀀂􀀠􀀗􀀕􀀱􀀸 [Sawasdee_Actuary@yahoo.com](Sawasdee_Actuary@yahoo.com) | | 􀀂􀀃􀀄 􀀅􀀆􀀇􀀈􀀉 􀀊􀀋􀀌􀀍􀀊􀀎􀀏􀀋􀀊􀀈􀀐􀀑􀀒􀀌􀀍 | | --- | --- | | 􀀅􀀚􀀢􀀼􀀡􀀠􀀋􀀃􀀛􀀞􀀡􀀇􀀠􀀦􀀰􀀠􀀌􀀕􀀨􀀎􀀓􀀗􀀄􀀦􀀴􀀕􀀱􀀎􀀙􀀗􀀻􀀚􀀎􀀞􀀡􀀘􀀘 Risk Based Capital 􀀩􀀞􀀉􀀊 RBC 􀀛􀀞􀀡􀀇􀀠􀀦􀀁􀀂􀀄􀀝􀀶􀀛􀀞􀀸􀀰􀀆􀀔􀀇􀀞􀀂􀀃􀀈􀀚􀀨􀀎􀀞􀀡􀀘􀀘􀀆􀀗􀀄􀀕􀀓􀀍􀀎􀀑􀀈􀀎􀀅􀀷􀀔􀀒􀀓􀀔􀀑 􀀰􀀆􀀔􀀈􀀋􀀶􀀊􀀕􀀎􀀁􀀰􀀛􀀊􀀍􀀎􀀚􀀇􀀧􀀊􀀇􀀞􀀉􀀃􀀊􀀄 RBC 􀀢􀀊􀀄􀀛􀀞􀀡􀀇􀀠􀀦􀀇􀀝􀀔􀀎􀀅􀀚􀀑􀀎􀀞􀀁􀀎􀀞 International News 􀀢􀀊􀀄 SOA 􀀕􀀖􀀇􀀓􀀌􀀚􀀨􀀎􀀈􀀎􀀇􀀓􀀍􀀎􀀁􀀤􀀍􀀕􀀗􀀚􀀬􀀭􀀄
􀀒􀀓􀀔􀀊􀀑􀀕􀀉􀀓􀀒􀀖􀀗􀀒􀀘􀀙􀀍 Risk-Based Capital 􀀚􀀛􀀋􀀅􀀈􀀋􀀜􀀂􀀝􀀔􀀍
􀀒􀀏􀀍􀀇􀀆􀀂􀀈􀀞􀀡􀀘􀀘􀀆􀀤􀀒􀀓 Solvency 􀀢􀀊􀀄􀀽􀀮􀀞􀀕􀀂􀀧􀀛􀀞􀀡􀀕􀀗􀀚􀀢􀀊􀀄􀀁􀀂􀀄􀀝􀀶􀀛􀀞􀀸􀀧􀀡􀀙􀀴􀀃􀀄􀀙􀀎􀀑􀀂􀀽􀀋􀀕􀀎􀀞􀀆􀀨􀀎􀀞􀀄􀀇􀀄􀀂􀀚􀀕􀀊􀀄􀀠􀀮􀀚􀀾􀀴􀀃􀀄􀀕􀀨􀀎􀀩􀀚􀀆􀀧􀀎􀀕􀀇􀀛􀀊􀀞􀀸􀀇􀀾􀀖􀀚􀀏􀀸􀀢􀀊􀀄􀀇􀀄􀀂􀀚􀀁􀀨􀀎􀀞􀀊􀀄􀀒􀀓􀀡􀀝􀀑􀀎􀀈􀀇􀀁􀀋􀀃􀀌􀀄􀀲􀀗􀀌􀀁􀀮􀀠􀀽􀀂 􀀅􀀚􀀢􀀼􀀡􀀠􀀋􀀃􀀇􀀄􀀂􀀚􀀁􀀨􀀎􀀞􀀊􀀄􀀛􀀞􀀡􀀕􀀗􀀚􀀲􀀗􀀌􀀧􀀡􀀝􀀨􀀎􀀚􀀑􀀼􀀧􀀎􀀕􀀑􀀂􀀽􀀋 modified net level premium 􀀲􀀎􀀌􀀅􀀏􀀔 assumption 􀀠􀀋􀀃􀀕􀀨􀀎􀀩􀀚􀀆􀀶􀀆􀀌􀀕􀀿􀀇􀀕􀀼􀁀􀀸􀀾􀀴􀀃􀀄􀀘􀀊􀀕􀀰􀀈􀀍􀀰􀀆􀀔􀀑􀀍􀀎􀀈􀀋 margin 􀀒􀀊􀀘􀀒􀀪􀀄􀀊􀀌􀀤􀀍􀀈􀀎􀀕􀀚􀀔􀀊􀀌􀀒􀀝􀀍􀀰􀀩􀀚 (􀀝􀀓􀀔􀀎􀀌􀀕􀀗􀀘􀀞􀀡􀀘􀀘􀀢􀀊􀀄􀀛􀀞􀀡􀀇􀀠􀀦􀀰􀀠􀀌􀀛􀀭􀀧􀀧􀀮􀀘􀀗􀀚􀀚􀀋􀀟) 􀀆􀀔􀀎􀀚􀀁􀀂􀀚􀀠􀀞􀀗􀀙􀀌􀀸􀀧􀀡􀀳􀀤􀀕􀀛􀀞􀀡􀀇􀀈􀀂􀀚􀀠􀀋􀀃 book value 􀀩􀀞􀀉􀀊 amortized value 􀀰􀀈􀀍􀀈􀀋􀀕􀀎􀀞􀀇􀀷􀀉􀀃􀀊􀀈􀀶􀀌􀀄􀀕􀀗􀀚􀀞􀀡􀀩􀀑􀀍􀀎􀀄􀀕􀀎􀀞􀀛􀀞􀀡􀀇􀀈􀀂􀀚􀀈􀀤􀀓􀀝􀀍􀀎􀀁􀀂􀀚􀀠􀀞􀀗􀀙􀀌􀀸􀀒􀀓􀀡􀀩􀀚􀀋􀀟􀀁􀀂􀀚 􀀩􀀓􀀗􀀄􀀧􀀎􀀕􀀠􀀋􀀃􀀈􀀋􀀕􀀎􀀞􀀙􀀗􀀻􀀚􀀎􀀒􀀘􀀘􀀛􀀞􀀡􀀕􀀗􀀚􀀒􀀓􀀡􀀇􀀝􀀞􀀉􀀃􀀊􀀄􀀈􀀉􀀊􀀕􀀎􀀞􀀓􀀄􀀠􀀮􀀚􀀠􀀋􀀃􀀈􀀋􀀝􀀑􀀎􀀈􀀇􀀁􀀋􀀃􀀌􀀄􀀠􀀋􀀃􀀾􀀗􀀘􀀾􀀔􀀊􀀚􀀇􀀕􀀂􀀆􀀢􀀴􀀟􀀚􀀅􀀚􀀏􀀓􀀎􀀆 􀀞􀀡􀀘􀀘􀀕􀀎􀀞􀀕􀀨􀀎􀀕􀀗􀀘􀀆􀀤􀀒􀀓􀀒􀀘􀀘􀀇􀀆􀀂􀀈􀀆􀀤􀀓􀀔􀀎􀀩􀀓􀀗􀀄􀀇􀀕􀀂􀀚􀀕􀀑􀀍􀀎􀀧􀀡􀀏􀀊􀀘􀀶􀀧􀀠􀀌􀀸􀀇􀀩􀀓􀀍􀀎􀀚􀀋􀀟􀀰􀀞􀀡􀀘􀀘􀀇􀀄􀀂􀀚􀀁􀀨􀀎􀀞􀀊􀀄􀀰􀀈􀀍􀀘􀀍􀀄􀀘􀀊􀀕􀀝􀀑􀀎􀀈􀀇􀀙􀀋􀀌􀀄􀀙􀀊􀀒􀀓􀀡􀀞􀀗􀀘􀀛􀀞􀀡􀀕􀀗􀀚􀀑􀀍􀀎􀀁􀀎􀀈􀀎􀀞􀀳􀀘􀀞􀀞􀀓􀀮􀀲􀀎􀀞􀀡􀀣􀀤􀀕􀀙􀀗􀀚􀀏􀀍􀀊􀀓􀀤􀀕􀀝􀀔􀀎􀀅􀀚􀀊􀀚􀀎􀀝􀀏􀀰􀀆􀀔􀀆􀀋
􀀆􀀗􀀄􀀚􀀗􀀟􀀚􀀲􀀎􀀌􀀅􀀏􀀔􀀢􀀔􀀊􀀧􀀨􀀎􀀕􀀗􀀆􀀢􀀔􀀎􀀄􀀏􀀔􀀚􀀁􀀂􀀄􀀝􀀶􀀛􀀞􀀸􀀕􀀖􀀇􀀓􀀌􀀙􀀗􀀻􀀚􀀎􀀞􀀡􀀘􀀘􀀕􀀎􀀞􀀕􀀨􀀎􀀕􀀗􀀘􀀆􀀤􀀒􀀓􀀝􀀑􀀎􀀈􀀇􀀁􀀋􀀃􀀌􀀄􀀅􀀩􀀈􀀍􀀲􀀎􀀌􀀅􀀏􀀔􀀕􀀞􀀊􀀘􀀕􀀿􀀇􀀕􀀼􀁀􀀸 Risk-Based Capital 􀀾􀀴􀀃􀀄􀀈􀀋􀀑􀀗􀀏􀀳􀀮􀀛􀀞􀀡􀀁􀀄􀀝􀀸􀀁􀀨􀀎􀀝􀀗􀁁􀀆􀀗􀀄􀀏􀀍􀀊􀀰􀀛􀀚􀀋􀀟
􀀁 􀀧􀀡􀀏􀀔􀀊􀀄􀀁􀀚􀀗􀀘􀀁􀀚􀀮􀀚􀀁􀀍􀀄􀀇􀀁􀀂􀀈􀀞 􀀅􀀩􀀔􀀘 􀀂􀀞􀀱􀀗􀀠􀀛􀀞􀀡􀀕􀀗􀀚􀀈􀀮􀀍􀀄􀀇􀀚􀀔􀀚􀀕􀀎􀀞􀀘 􀀂􀀩􀀞 􀀎􀀞􀀝􀀑􀀎􀀈􀀇􀀃􀀌􀀄􀀊􀀌􀀍􀀎􀀄􀀧 􀀂􀀞􀀄􀀧􀀗􀀄
􀀁 􀀧􀀡􀀏􀀔􀀊􀀄􀀇􀀛􀀜􀀚􀀆􀀗􀀷􀀚􀀋􀀠􀀋􀀃􀀘􀀍􀀄􀀘􀀊􀀕􀀝􀀑􀀎􀀈􀀈􀀗􀀃􀀚􀀝􀀄􀀠􀀎􀀄􀀕􀀎􀀞􀀇􀀄􀀂􀀚􀀰􀀆􀀔􀀇􀀛􀀜􀀚􀀊􀀌􀀍􀀎􀀄􀀆􀀋
􀀁 􀀧􀀡􀀏􀀔􀀊􀀄􀀷􀀍􀀑􀀌􀀇􀀩􀀓􀀉􀀊􀀁􀀍􀀑􀀚􀀞􀀎􀀷􀀕􀀎􀀞􀀒􀀓􀀡􀀘􀀞􀀂􀀱􀀗􀀠􀀛􀀞􀀡􀀕􀀗􀀚􀀇􀀪􀁂􀀎􀀆􀀤􀀒􀀓􀀏􀀞􀀑􀀧􀀁􀀊􀀘􀀁􀀳􀀎􀀚􀀡􀀕􀀎􀀞􀀇􀀄􀀂􀀚􀀒􀀓􀀡􀀁􀀳􀀎􀀚􀀡􀀝􀀑􀀎􀀈􀀇􀀁􀀋􀀃􀀌􀀄( 􀀃􀀄􀀅􀀆􀀇􀀈􀀉􀀊􀀋􀀌􀀍􀀎) | | (Risk Based Capital 􀀑􀀅􀀒􀀓􀀔􀀒􀀕􀀖􀀎􀀗􀀘– 􀀃􀀄􀀅) 􀀕􀀞􀀊􀀘􀀕􀀿􀀇􀀕􀀼􀁀􀀸􀀅􀀩􀀈􀀍􀀧􀀡􀀏􀀔􀀊􀀄􀀇􀀛􀀜􀀚􀀰􀀛􀀅􀀚􀀒􀀚􀀑􀀠􀀎􀀄􀀠􀀋􀀃􀀁􀀊􀀆􀀝􀀓􀀔􀀊􀀄􀀕􀀗􀀘􀀈􀀎􀀏􀀞􀁃􀀎􀀚􀀁􀀎􀀕􀀓􀀾􀀴􀀃􀀄􀀈􀀊􀀄􀀩􀀎􀀑􀀂􀀽􀀋􀀕􀀎􀀞􀀛􀀞􀀡􀀇􀀈􀀂􀀚􀀈􀀤􀀓􀀝􀀍􀀎􀀒􀀘􀀘 “fair value” 􀀞􀀑􀀈􀀠􀀗􀀟􀀄􀀢􀀔􀀊􀀕􀀨􀀎􀀩􀀚􀀆􀀕􀀎􀀞􀀆􀀨􀀎􀀞􀀄􀀇􀀄􀀂􀀚􀀕􀀊􀀄􀀠􀀮􀀚􀀠􀀋􀀃􀀁􀀡􀀠􀀔􀀊􀀚􀀝􀀑􀀎􀀈􀀇􀀁􀀋􀀃􀀌􀀄􀀠􀀋􀀃􀀒􀀠􀀔􀀧􀀞􀀂􀀄􀀠􀀋􀀃􀀘􀀞􀀂􀀱􀀗􀀠􀀞􀀗􀀘􀀰􀀑􀀔 􀀕􀀞􀀊􀀘􀀕􀀿􀀇􀀕􀀼􀁀􀀸􀀝􀀑􀀞􀀧􀀡􀀶􀀛􀀞􀀍􀀄􀀅􀀁 􀀇􀀞􀀋􀀌􀀘􀀄􀀍􀀎􀀌􀀏􀀍􀀊􀀕􀀎􀀞􀀚􀀨􀀎􀀰􀀛􀀅􀀷􀀔􀀒􀀏􀀍􀀇 􀀚􀀇􀀝􀀞􀀉􀀃􀀊􀀄􀀈􀀉􀀊􀀠􀀞􀀄􀀛􀀞􀀡􀀁􀀂􀀠􀀽􀀂􀀲􀀎􀀙􀀅􀀚􀀕􀀎􀀞􀀘􀀞􀀂􀀩􀀎􀀞􀀝􀀑􀀎􀀈􀀇􀀁􀀋􀀃􀀌􀀄 􀀒􀀓􀀔􀀝􀀔􀀞􀀗􀀟􀀈􀀉􀀟􀀠􀀡􀀜􀀢􀀓􀀅􀀈􀀉􀀐􀀔􀀑􀀊􀀄􀀍􀀣􀀡􀀞􀀤􀀉􀀥􀀦􀀅􀀈􀀉 (Valuation of Assets and Liabilities) 􀀠􀀎􀀄􀀆􀀔􀀎􀀚􀀁􀀂􀀚􀀠􀀞􀀗􀀙􀀌􀀸 􀀕􀀎􀀞􀀛􀀞􀀡􀀇􀀈􀀂􀀚􀀈􀀤􀀓􀀝􀀍􀀎􀀁􀀂􀀚􀀠􀀞􀀗􀀙􀀌􀀸􀀒􀀘􀀘 “lower of cost or market value”(􀀇􀀚􀀔􀀚􀀝􀀑􀀎􀀈 conservative) 􀀲􀀎􀀌􀀅􀀏􀀔􀀕􀀿􀀇􀀕􀀼􀁀􀀸􀀇􀀆􀀂􀀈􀀳􀀤􀀕􀀇􀀛􀀓􀀋􀀃􀀌􀀚􀀰􀀛􀀅􀀷􀀔􀀕􀀎􀀞􀀛􀀞􀀡􀀇􀀈􀀂􀀚􀀈􀀤􀀓􀀝􀀍􀀎􀀒􀀘􀀘 “marked to market” 􀀚􀀗􀀃􀀚􀀝􀀉􀀊􀀁􀀡􀀠􀀔􀀊􀀚􀀞􀀎􀀝􀀎􀀏􀀓􀀎􀀆􀀠􀀋􀀃􀀒􀀠􀀔􀀧􀀞􀀂􀀄􀀩􀀞􀀉􀀊􀀞􀀎􀀝􀀎􀀠􀀋􀀃􀀏􀀓􀀎􀀆􀀁􀀎􀀈􀀎􀀞􀀳􀀞􀀗􀀘􀀞􀀤􀀔􀀰􀀆􀀔 􀀅􀀚􀀢􀀼􀀡􀀠􀀋􀀃􀀆􀀔􀀎􀀚􀀕􀀎􀀞􀀏􀀗􀀟􀀄􀀇􀀄􀀂􀀚􀀁􀀨􀀎􀀞􀀊􀀄􀀲􀀎􀀌􀀅􀀏􀀔􀀕􀀞􀀊􀀘􀀇􀀆􀀂􀀈􀀠􀀋􀀃􀀇􀀝􀀌􀀅􀀷􀀔􀀑􀀂􀀽􀀋 Modified net premium 􀀏􀀎􀀈􀀊􀀗􀀏􀀞􀀎􀀆􀀊􀀕􀀇􀀘􀀋􀀟􀀌􀀒􀀓􀀡􀀊􀀗􀀏􀀞􀀎􀀈􀀞􀀼􀀡􀀠􀀋􀀃􀀕􀀨􀀎􀀩􀀚􀀆􀀶􀀆􀀌􀀕􀀿􀀇􀀕􀀼􀁀􀀸 (􀀾􀀴􀀃􀀄􀀈􀀮􀀍􀀄􀀇􀀚􀀔􀀚􀀝􀀑􀀎􀀈 conservative) 􀀁􀀡􀀠􀀔􀀊􀀚􀀛􀀭􀀧􀀧􀀗􀀌􀀝􀀍􀀎􀀅􀀷􀀔􀀧􀀍􀀎􀀌􀀘􀀎􀀄􀀁􀀍􀀑􀀚􀀏􀀎􀀈􀀁􀀤􀀏􀀞 modified premium 􀀒􀀏􀀍􀀰􀀈􀀍􀀝􀀂􀀆􀀞􀀑􀀈􀀊􀀗􀀏􀀞􀀎􀀕􀀎􀀞􀀢􀀎􀀆􀀊􀀎􀀌􀀮􀀕􀀞􀀈􀀽􀀞􀀞􀀈􀀸 􀀞􀀑􀀈􀀠􀀗􀀟􀀄􀀰􀀈􀀍􀀝􀀂􀀆􀀞􀀑􀀈􀀲􀀎􀀞􀀡􀀣􀀤􀀕􀀙􀀗􀀚􀀅􀀚􀀊􀀚􀀎􀀝􀀏􀀧􀀎􀀕􀀣􀀓􀀛􀀞􀀡􀀶􀀌􀀷􀀚􀀸􀀠􀀋􀀃􀀇􀀛􀀜􀀚 non-guaranteed (􀀇􀀷􀀍􀀚􀀶􀀘􀀚􀀗􀀁􀀩􀀞􀀉􀀊􀀇􀀄􀀂􀀚􀀛􀀭􀀚􀀣􀀓􀀢􀀊􀀄􀀣􀀤􀀔􀀳􀀉􀀊􀀕􀀞􀀈􀀽􀀞􀀞􀀈􀀸) 􀀲􀀎􀀌􀀅􀀏􀀔􀀕􀀞􀀊􀀘􀀕􀀿􀀇􀀕􀀼􀁀􀀸􀀅􀀩􀀈􀀍􀀕􀀎􀀞􀀛􀀞􀀡􀀇􀀈􀀂􀀚􀀈􀀤􀀓􀀝􀀍􀀎􀀇􀀄􀀂􀀚􀀁􀀨􀀎􀀞􀀊􀀄􀀧􀀡􀀅􀀷􀀔􀀑􀀂􀀽􀀋 gross premium valuation 􀀾􀀴􀀃􀀄􀀝􀀨􀀎􀀚􀀑􀀼􀀧􀀎􀀕􀀕􀀞􀀡􀀒􀀁􀀇􀀄􀀂􀀚􀀁􀀆􀀏􀀎􀀈􀀕􀀞􀀈􀀽􀀞􀀞􀀈􀀸􀀠􀀗􀀟􀀄􀀩􀀈􀀆􀀞􀀑􀀈􀀳􀀴􀀄􀀣􀀓􀀛􀀞􀀡􀀶􀀌􀀷􀀚􀀸􀀠􀀋􀀃􀀇􀀛􀀜􀀚 non-guaranteed 􀀒􀀓􀀡􀀅􀀷􀀔 assumption 􀀠􀀮􀀕􀀊􀀌􀀍􀀎􀀄􀀠􀀋􀀃􀀈􀀋􀀣􀀓􀀏􀀍􀀊􀀈􀀤􀀓􀀝􀀍􀀎􀀇􀀄􀀂􀀚􀀁􀀨􀀎􀀞􀀊􀀄 􀀰􀀆􀀔􀀒􀀕􀀍 􀀊􀀗􀀏􀀞􀀎􀀆􀀊􀀕􀀇􀀘􀀋􀀟􀀌 􀀊􀀗􀀏􀀞􀀎􀀝􀀊􀀈􀀈􀀂􀀷􀀷􀀗􀀃􀀚 􀀊􀀗􀀏􀀞􀀎􀀝􀀍􀀎􀀅􀀷􀀔􀀧􀀍􀀎􀀌 􀀊􀀗􀀏􀀞􀀎􀀈􀀞􀀼􀀡/􀀊􀀗􀀏􀀞􀀎􀀕􀀎􀀞􀀇􀀧􀀖􀀘􀀛􀀫􀀑􀀌 􀀒􀀓􀀡􀀊􀀗􀀏􀀞􀀎􀀕􀀎􀀞􀀢􀀎􀀆􀀊􀀎􀀌􀀮􀀕􀀞􀀈􀀽􀀞􀀞􀀈􀀸 􀀾􀀴􀀃􀀄 assumption 􀀧􀀡􀀳􀀤􀀕􀀕􀀨􀀎􀀩􀀚􀀆􀀲􀀎􀀌􀀅􀀏􀀔 best estimate basis 􀀒􀀓􀀡􀀘􀀑􀀕􀀇􀀙􀀂􀀃􀀈􀀆􀀔􀀑􀀌 Provision for Adverse Deviation (PAD) 􀀾􀀴􀀃􀀄􀀇􀀛􀀜􀀚 margin 􀀁􀀨􀀎􀀩􀀞􀀗􀀘􀀝􀀑􀀎􀀈􀀰􀀈􀀍􀀒􀀚􀀍􀀚􀀊􀀚􀀒􀀓􀀡􀀝􀀑􀀎􀀈􀀒􀀛􀀞􀀛􀀞􀀑􀀚􀀢􀀊􀀄 best estimate

FAQs

What is the main theme of this issue of Sawasdee Actuary?

It concentrates on SOA exam-related material centered on Risk-Based Capital (RBC), solvency, and related valuation and risk charge concepts.

Which valuation approaches for assets and liabilities are mentioned?

The material references fair value, lower of cost or market value, and marked-to-market-style concepts used in valuation discussions.

How are PAD and risk margin connected to the RBC/solvency framework?

The document introduces provision for adverse deviation (PAD) and risk margin as part of conservative assumption structure that supports margin requirements under solvency and capital calculations.

Sep 27, 2026

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