CAS Exam 6 (US) study guide
CAS Exam 6 (US) · Work through your exam, one topic at a time.
Exam 6-United States (Regulation and Financial Reporting-US) is one of the ACAS exams listed by the Casualty Actuarial Society, sitting alongside Exam 5, PCPA, and the Canada, International, and Taipei variants of Exam 6. The CAS describes itself as the trusted global authority advancing property and casualty actuarial science, with nearly 12,000 members worldwide, and its exam program is the route to the Associate and Fellow designations. This US version is aimed at candidates who work with, or intend to work with, US insurers and who need the regulatory and financial reporting side of the credential rather than the ratemaking or reserving content of Exam 5. Expect the syllabus to centre on US insurance regulation, statutory accounting and reporting, and the financial statements that regulators and other users rely on. Preparation is self-directed: work from the official syllabus, study the listed readings closely, and practise applying concepts to statement and disclosure scenarios rather than memorising isolated rules. Candidates should confirm the current syllabus, exam date, and fee directly with the CAS, since the association's own Exam 6-US page returned an error when checked and this page is not affiliated with the CAS. Topics on this exam: Regulation and Financial Reporting (United States). The CAS Exam 6 (US) study guide has 1 section and about 485 words.
01Regulation and Financial Reporting (United States)
This domain tests how US state regulation and statutory reporting shape a P&C insurer’s balance sheet and solvency monitoring. Expect questions on statutory accounting principles (SAP), the NAIC Annual Statement, Schedule P, the actuarial opinion, risk-based capital (RBC), IRIS ratios, ORSA, and holding-company regulation. The exam asks you to read a financial fact pattern and identify the regulatory consequence, not just recite a definition. The McCarran-Ferguson Act leaves insurance regulation primarily to the states; NAIC model laws and the Annual Statement are influential but become binding only through state adoption.
485 words, about 2 minMore study resources for CAS Exam 6 (US)
- Practice questionsUnder the NAIC annual statement instructions, which statutory balance sheet item is reported net of any nonadmitted portion, with the nonadmitted amount disclosed in the notes or the appropriate schedule?
- FlashcardsStatutory accounting principles. The NAIC-prescribed accounting basis used in statutory financial statements; it is conservative and oriented toward policyholder protection and solvency rather than matching revenues with expenses.
- Cheat sheetStatutory accounting (SAP) is prescribed by the NAIC and state regulators and emphasizes liquidation-basis solvency; GAAP (US SAP vs.
- Key termsAnnual Statement (Statutory Financial Statement). The yearly financial report insurers file with state regulators using NAIC-prescribed formats, prepared on a statutory accounting basis rather than GAAP.
- Study planMap the entire Exam 6 US syllabus into a one-page outline that lists each regulatory and financial-reporting topic area, its stated weight, and the source reading that covers it.
- Common mistakesCandidates study the two frameworks back-to-back and default to whichever was reviewed most recently; exam prompts often bury the basis in a phrase like 'as reported to regulators' rather than naming SAP explicitly, so the cue is missed under time pressure.
- Exam-day guidePrint or save the scheduling confirmation from the testing provider.