III IC-46 study plan

Map the full accounting cycle for an insurer from underwriting entry through to published financial statements, listing each ledger and journal involved

Distinguish technical account (premium, claims, expenses) from non-technical account items and place each on a pro-forma revenue account

Build a one-page glossary of 25 insurance accounting terms (earned premium, unexpired risk, IBNR, UPR, deferred acquisition cost) in your own words

Solve five basic premium-and-claims journal entry exercises without reference notes

Compute unearned premium reserve using both the 1/365 and 1/24 methods and compare the resulting figures on the same book of business

Calculate deferred acquisition costs and explain how they are amortised in step with premium earning

Prepare an outstanding claims provision including a basic IBNR estimate using a simple chain-ladder or loss-ratio approach

Reconcile a worked claims triangle to a closing claims reserve figure

Assemble a complete set of statutory financial statements (revenue account, profit and loss, balance sheet) from a supplied trial balance

Apply the correct treatment for reinsurance recoveries, including amounts recoverable from reinsurers as an asset

Identify and correct five common errors in a deliberately flawed draft balance sheet

Explain how solvency margin is derived from the balance sheet and which asset categories are admissible

Analyse the investment income line within the revenue account and show how realised and unrealised gains are treated

Prepare the notes to the accounts covering related-party transactions, contingent liabilities and subsequent events

Complete a timed 40-question mock on Domain 1 and log every wrong answer by root cause

Re-teach your two weakest Domain 1 topics aloud in under five minutes each

Map the regulatory framework governing insurer investments and name the body responsible for each layer of rule-making

List the permitted asset classes and the quantitative limits (percentage of admissible assets or of liabilities) attached to each

Explain the matching and localisation principles that constrain currency and duration of assets against liabilities

Draft a compliance checklist that a treasurer could use to test a portfolio against the limits

Apply the limits matrix to three sample portfolios and flag every breach with the exact rule breached

Explain how derivative use is restricted and what hedging versus speculation means in the regulatory test

Describe the valuation rules for each asset class and identify which valuation bases are admissible for solvency purposes

Summarise the reporting and disclosure obligations an insurer owes the regulator regarding its investment portfolio

Link investment policy to the accounting outcome by tracing a bond purchase through valuation, income recognition and the balance sheet

Explain how regulatory limits interact with solvency margin and capital adequacy calculations

Work through two integrated case studies that require both an accounting adjustment and a regulatory compliance judgement

Complete a timed 50-question mixed mock and categorise errors by domain

Re-drill every logged error from weeks 4 and 7 until each is answered correctly twice in a row

Sit two full-length timed mocks under exam conditions and review both in full

Condense both domains into a single two-page revision sheet of formulas, limits and definitions

Rehearse the five calculation types most likely to appear (UPR, DAC, claims reserve, solvency margin, asset limit test) from memory