ASP Exams

ASP Integrated Fellowship Examinations (Effective 2014)
ASP Integrated Exam I

ASP Integrated Exam I is a six-hour written exam which covers the following topics:

  • Philippine Statutory and PFRS Accounting on Life, Pre-Need and Non-Life
  • Life Insurance
  • Non-Life Insurance

The student is expected to:

  • Understand the regulatory financial statements and reports of insurance companies and be able to analyze the financial data in the context of the Philippine Financial Reporting Standards.
  • Understand the business of insurance as stated in the insurance code, pre-need code and other pertinent regulations/circulars with respect to capitalization requirement, assets, reserves, investments, reinsurance.
  • Understand and apply the valuation principles and other standards of actuarial practice issued by regulatory bodies and the actuarial society of the Philippines

More details will be posted on the new exam system and the timing of the exams as soon as the June 2014 Exam Catalogue is released.

ASP Integrated Exam II

ASP Integrated Exam II is a six-hour written exam which covers the following topics:

  • Social Insurance (Microinsurance, SSS, GSIS)
  • Employee Benefits (Group Life, Medical, HMO and Pension)
  • Pre-Need
  • Philippine Law and Taxation

The student is expected to:

  • Understand social insurance systems
  • Understand pension fund management practices including valuation methods and acceptable accounting standards
  • Evaluate the actuarial considerations in plan set-up, plan options and administration of employee benefits with respect to life insurance, health, medical and retirement benefits
  • Understand the business law and legal issues relating to life insurance, non-life insurance, HMO and pre-need companies
  • Evaluate the regulatory policies and restrictions as they affect the life, nonlife, medical and preneed plans
  • Understand the pertinent provisions of the Insurance Code and various laws and regulations governing the life, non-life, medical and preneed industries with respect to contracts of insurance/preneed
  • Know the history of the changes in taxation and the current applicable taxes as stated in the latest revenue provisions