ASP Fellowship 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

Click on this link to download a copy of the June 2013 ASP Examination Catalogue. Please refer to Section X for a discussion of the new examination system that will take effect on 2014.

 

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