CAS Exam 6 (US) Syllabus

Exam 6 (US) tests Regulation and Financial Reporting in the United States.

High-Level Syllabus Overview

  • Section A covers insurance regulation around P&C coverages, ratemaking, pricing, solvency, and U.S. tort law.
  • Section B covers markets, coverages, and private/government programs for the US P&C industry.
  • Section C covers statutory, GAAP, and International Financial Reporting Standards (IFRS) insurance accounting and taxation.
  • Section D covers the professional responsibilities of the appointed actuary according to the NAIC Annual Statement Instructions for Property and Casualty insurers.
  • Section E covers general concepts of reinsurance accounting.

Spring 2023 Exam 6 (US) Syllabus Changes

There are no announced changes to the Exam 6 syllabus for Spring 2023.

CAS Exam Syllabus Changes – 2023

Exam 6 (US) Syllabus – Spring 2023

You can download the syllabus here:

CAS Exam 6 (US) Syllabus – Fall 2022 and Spring 2023

Make sure to review the Knowledge Statements for each Learning Objective. They can give you an idea of what kinds of questions you’ll be asked on the exam and whether you’ll be asked more essay or calculation questions for a section.

Below is a breakdown of the learning objectives, syllabus weights, and readings by section for the syllabus:

Section A – Regulation of Insurance and United States Insurance Law

Weight 15% to 20%

Learning ObjectivesRange of Weight
1. Describe the historic development and the current state of insurance regulation3% to 7%
2. Discuss the historic development of solvency regulation; describe current programs used to monitor solvency3% to 7%
3. Describe current regulation addressing specialized insurance topics0% to 5%
4. Discuss the issues, outcome, rationale, and implications of landmark decisions and antitrust laws for the insurance industry including the division of responsibility between federal and state regulators3% to 7%


  • Kucera
  • McCarty
  • NAIC Price
  • NAIC Solvency Regulatory Framework
  • NAIC Telematics
  • Porter 1 and 2
  • CAS Financial Reporting
  • Vaughn
  • Baribeau
  • Emmanuel
  • Feldblum (Rating Agencies)

Section B – Government and Industry Insurance Programs

Weight 10% to 15%

Learning ObjectivesRange of Weight
1. Describe the origin and purpose of government and industry insurance programs3% to 5%
2. Describe the operations and risk transfer process for government/industry programs and their interaction with the voluntary private insurance sector3% to 5%
3. Evaluate the effectiveness of a government/industry program3% to 6%


  • Cook
  • Government Insurers Study Note
  • Horr & Webel
  • Porter 2
  • Webel

Section C – Financial Reporting and Taxation

Weight 35% to 55%

Learning ObjectivesRange of Weight
1. Describe the elements of the Annual Statement. Complete specific schedules and exhibits and use them to evaluate the financial health of an insurance entity20% to 25%
2. Using RBC formulas and IRIS rations, evaluate an insurer’s financial health10% to 15%
3. Differentiate between various accounting reporting principles and standards10% to 15%
4. Discuss and calculate specific elements of income tax and evaluate their implications for a property/casualty insurer0% to 5%


  • 2021 IEE
  • CAS Financial Reporting
  • Feldblum (surplus)
  • NAIC Annual Statement
  • NAIC Annual Statement Examples
  • NAIC SSAP 5R, 9, 53, 55, 62R, 63, 65, and 66
  • NAIC APPM, Preamble
  • NAIC Solvency Regulatory Framework

Section D – Professional Responsibilities of the Actuary in Financial Reporting

Weight 15% to 20%

Learning ObjectivesRange of Weight
1. Describe the users of the Statement of Actuarial Opinion, Actuarial Opinion Summary, and the Actuarial Report, and explain the purpose of these documents from each user’s perspective2% to 4%
2. Discuss the financial reporting responsibilities of the appointed actuary and Board of Directors, defined by standards of practice, regulators, and insurance laws2% to 4%
3. Construct and discuss the required content of the Statement of Actuarial Opinion, and the Actuarial Opinion Summary10% to 13%


  • AAA Materiality
  • ASOPs 20, 36, 41, and 43
  • CAS Financial Reporting
  • COPLFR P&C Practice Note

Section E – Reinsurance Accounting Principles

Weight 5% to 10%

Learning ObjectivesRange of Weight
1. Describe reinsurance accounting terminology and practice and evaluate considerations such as risk transfer testing and commutations5% to 10%


  • ASC 944-020-15
  • Cedar & Thompson
  • Freihaut & Vendetti
  • Klann

Source: CAS Exam 6 (US) Syllabus – Fall 2022 and Spring 2023

Syllabus Readings

The syllabus PDF has all the links to the syllabus readings that are available online (OP). 

Make you buy the Study Kit which has a number of required readings that aren’t available online. You can buy the study kit from the CAS Online Store. It’s usually not available until after the prior sitting’s results are released.

There is also a book (Porter, Insurance Regulation, 2008) you’ll need to buy. The syllabus PDF has links to sample NAIC annual statements from Allstate and Liberty Mutual as well.

Exam 6 (US) FAQ

How long is the exam?

CAS Exam 6 (US) is a four-hour exam.

What is the exam format?

You’ll take Exam 6 in the computer-based testing format at a Pearson Vue testing center. Calculation-based questions are in a spreadsheet format similar to Excel and essay-based questions are in a text-box format.

Here’s a list of computer-based testing resources and links you can use.

Other Helpful Links

Looking to Start Studying for Exam 6? 

If you’re starting to study for Exam 6 (US), you may be overwhelmed with the sheer amount of source material. We help you understand the source material better and get plenty of practice problems with our online course to help you to pass Exam 6. 

Start a free trial

We're Hiring! Assistant Course Instructor – Exam 8  Learn more »