FAK 2632 Insurance Economics 1

FAK 2632 Insurance Economics 1

Course code: 
FAK 2632
Department: 
Law and Governance
Credits: 
7.5
Course coordinator: 
Ina Due-Tønnessen
Product category: 
Executive
Portfolio: 
Course in Insurance
Semester: 
2018 Autumn
Active status: 
Active
Teaching language: 
Norwegian
Course type: 
One semester
Introduction

The course is primarily intended for employees who have worked in the insurance business for a while but may also be useful for younger managers and trainees. The course will be relevant for decision-makers and advisers both in the insurance industry and for users of insurance services in public or private enterprises. It will be particularly useful for employees in accounting departments. The course is compulsory for Risk and Insurance

Learning outcomes - Knowledge

The students shall understand the insurance company’s role as part of the finance sector. They shall also understand the structure of the company’ investment strategy and be familiar with the regulatory framework. The students must read and understand the profit and loss account and the balance sheet of the annual accounts. They must also understand how and why stress tests are carried out.

 

Learning outcomes - Skills

The students shall have an overall understanding of the general regulatory framework for insurance companies. Based on the balance sheet of a life insurance or general insurance company the students shall be able to explain the accountancy of the main items in the accounts such as financial assets and insurance appropriations. The students shall also understand the fundament for calculating capital requirements They must also be able to interpret stress tests and be able to explain which measures that perhaps must be implemented. The students shall be able to explain basic forms of reinsurance and when an insurance company needs to employ various forms of reinsurance.
 

Learning Outcome - Reflection

The students are expected to gain a conscious attitude to the laws and regulations that apply for the finance industry and to be aware that the choices they make and the advice they give in their profession may be very important for other people

Course content

Course outline

  • - Trends – changes, the insurance company as part of a financial conglomerate
  • - General parameters for insurance companies’ activities (capital backing, capital adequacy requirements, regulations, performance management)
  • - Asset management and capital requirement, Investment risk and insurance risk
  • - Profit and loss account and balance sheet, Basic accounting principles, Valuation rules
  • The requirements for annual accounts and the annual report, - Reinsurance
Learning process and requirements to students

Course structure
Part-time

The course is given as E-learning with self-tuition and voluntary assignments. Intensive teaching is given in a 5-day session, attendance is compulsory

The spread sheet program Excel is used.

Software tools
No specified computer-based tools are required.
Qualifications

Higher Education Entrance Qualification

Required prerequisite knowledge

The course assumes that the students have a basic understanding of the Norwegian industry. The course Introduction to insurance should have been completed.

Exam categoryWeightInvigilationDurationSupport materialsGroupingComment exam
Exam category:
Submission
Form of assessment:
Written submission
Exam code:
FAK 26321
Grading scale:
ECTS
Grading rules:
Internal and external examiner
Resit:
Examination when next scheduled course
100Yes4 Hour(s)
  • All printed and handwritten support materials
  • BI-approved exam calculator
  • Simple calculator
Individual A four-hour individual written exam concludes the course.
Exams:
Exam category:Submission
Form of assessment:Written submission
Weight:100
Invigilation:Yes
Grouping (size):Individual
Support materials:
  • All printed and handwritten support materials
  • BI-approved exam calculator
  • Simple calculator
Duration:4 Hour(s)
Comment:A four-hour individual written exam concludes the course.
Exam code:FAK 26321
Grading scale:ECTS
Resit:Examination when next scheduled course
Exam organisation: 
Ordinary examination
Total weight: 
100
Workload activityDurationType of durationComment student effort
Teaching35Hour(s)Participation at intensive teaching 5 days
Prepare for teaching10Hour(s)
Self study95Hour(s)Work on syllabus
Group work / Assignments30Hour(s)Exercises/activites on its learning
Submission(s)26Hour(s)Do hand-ins
Examination4Hour(s)
Expected student effort:
Workload activity:Teaching
Duration:35 Hour(s)
Comment:Participation at intensive teaching 5 days
Workload activity:Prepare for teaching
Duration:10 Hour(s)
Comment:
Workload activity:Self study
Duration:95 Hour(s)
Comment:Work on syllabus
Workload activity:Group work / Assignments
Duration:30 Hour(s)
Comment:Exercises/activites on its learning
Workload activity:Submission(s)
Duration:26 Hour(s)
Comment:Do hand-ins
Workload activity:Examination
Duration:4 Hour(s)
Comment:
Sum workload: 
200

A course of 1 ECTS credit corresponds to a workload of 26-30 hours. Therefore a course of 7,5 ECTS credit corresponds to a workload of at least 200 hours.

Talis literature

Obligatorisk/Compulsory

Book
Authors/Editors År Tittel Edition Publisher StudentNote
Clausen, Tore; Engelsen, Bjørnar; Hovelsen, Per; Jordet, Thore; Opsjøn, Kari 2016 Forsikringsøkonomi : en innføring 16. utg. BI Forsikring  
Gleditsch, Jon 2016 Reassuranse - en innføring   BI Forsikring Hefte som etter hvert vil komme i bokformat. Mindre rettelser gjort i 2016 versjonen.
Document
Authors/Editors År Tittel Edition Publisher StudentNote
Finanstilsynet   Finanstilsynets tilsynsmetodikk med bruk av risikomoduler, Modul for markeds- og kredittrisiko i forsikring: Evaluering av styring og kontroll   Finanstilsynet  
  2014 Prop. 125 L (2013–2014) Lov om finansforetak og finanskonsern (finansforetaksloven)   regjeringen.no Kapittel 6.1, 6.2, 6.5, 6.7, 6.8, 6.9, 11.1, 13.8, 13.9, 13,13 (kommentarene til §§ 13-1 til og med 13-17) og 13.14 (kommentarene til §§ 14-7 til og med 14-16) Virksomhetskrav og kapitalkrav mv. for finansforetak, endringer i forsikringsvirksomhetsloven og merknader til enkelte bestemmelser
  1998 Lov om årsregnskap m.v. (regnskapsloven)   Lovdata  
    Implementing Technical Standards supplementing Directive 2009/138/EC (Solvency II Directive)      
  2007 Høringsnotat om tilpasning av årsregnskapsforskrift for forsikring til IFRS   regjeringen.no  
Pacter, Paul   Pocket Guide to IFRS® Standards: the global financial reporting language     Punkt 6 og 7 unntatt 7.5 og 7.8
Webpage
Authors/Editors Tittel Journal URL Publisher StudentNote
  Lov om finansforetak og finanskonsern (finansforetaksloven) - Lovdata Lov om finansforetak og finanskonsern (finansforetaksloven) - Lovdata Resource   Kapittel 8 og 9, Kapittel 13 - underkapittel I og II, Kapittel 14 - underkapittel II og III, § 18-3
  Forskrift til finansforetaksloven om gjennomføring av Solvens II-direktivet (Solvens II-forskriften) - Lovdata Forskrift til finansforetaksloven om gjennomføring av Solvens II-direktivet (Solvens II-forskriften) - Lovdata Resource    
  Forskrift om overgangsregler mv. til lov 10. april 2015 nr. 17 om finansforetak og finanskonsern (finansforetaksloven) Forskrift om overgangsregler mv. til lov 10. april 2015 nr. 17 om finansforetak og finanskonsern (finansforetaksloven) Resource regjeringen.no  
  Lov om forsikringsvirksomhet (forsikringsvirksomhetsloven) - Lovdata Lov om forsikringsvirksomhet (forsikringsvirksomhetsloven) - Lovdata Resource   Kapittel 1 - Kapittel 7 i endret lov gjeldende fra 1.januar 2016.
  Tekniske standarder for gjennomføring av Solvens II : rundskriv - Finanstilsynet.no Tekniske standarder for gjennomføring av Solvens II : rundskriv - Finanstilsynet.no Resource    
  Forskrift om årsregnskap for livsforsikringsselskaper - Lovdata Forskrift om årsregnskap for livsforsikringsselskaper - Lovdata Resource    
  Forskrift om årsregnskap for skadeforsikringsselskaper - Lovdata Forskrift om årsregnskap for skadeforsikringsselskaper - Lovdata Resource    
  Solvens II - (Informasjonsside fra Finanstilsynet) Solvens II - (Informasjonsside fra Finanstilsynet) Resource    
  Solvency II (including “Omnibus II”) - Informasjonsside fra European Commission Solvency II (including “Omnibus II”) - Informasjonsside fra European Commission Resource European Commission  
  Forskrift av 21. desember 2015 om utfyllende regler til Solvens II-forskriften Forskrift av 21. desember 2015 om utfyllende regler til Solvens II-forskriften Resource Finanstilsynet  
  Forskrift om finansforetak og finanskonsern (finansforetaksforskriften) - Lovdata Forskrift om finansforetak og finanskonsern (finansforetaksforskriften) - Lovdata Resource    
  Forskrift om pensjonsforetak - Lovdata Forskrift om pensjonsforetak - Lovdata Resource    
  Forskrift til forsikringsvirksomhetsloven (livsforsikring mv.) - Lovdata Forskrift til forsikringsvirksomhetsloven (livsforsikring mv.) - Lovdata Resource