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Which 1945 federal statute confirms that the regulation of the business of insurance is the responsibility of the states and provides a limited reverse-preemption of federal antitrust laws?

Sherman Antitrust Act

McCarran-Ferguson Act

Gramm-Leach-Bliley Act

Dodd-Frank Wall Street Reform Act

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2026 Statistics

Key Facts: CAS Exam 6 (US) Exam

100 Qs

Exam Questions

Mixed format, 4-hour CBT

~$1,200

Sitting Fee

CAS 2026

300-450 hrs

Recommended Study

CAS guidance

Apr 14-21

Spring 2026 Window

CAS calendar

Oct 19-27

Fall 2026 Window

CAS calendar

5 of 5

ACAS Upper Exams

Exams 5-9 for Associate

CAS Exam 6U is a 4-hour computer-based exam offered each Spring (April 14-21, 2026) and Fall (October 19-27, 2026) for an exam fee of about $1,200. Topic weights set by CAS for the 2026 syllabus are: U.S. regulation 15%, statutory accounting 25%, Annual Statement schedules 15%, reinsurance accounting 10%, tax 5%, solvency (RBC/IRIS/ORSA) 10%, anti-fraud/AML/privacy 5%, specialty topics 10%, and professionalism/ASOPs 5%. CAS publishes Exam 6 in three jurisdictional versions — 6U (United States), 6C (Canada), and 6I (International); 6U is the form taken by most U.S. candidates.

Sample CAS Exam 6 (US) Practice Questions

Try these sample questions to test your CAS Exam 6 (US) exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1Which 1945 federal statute confirms that the regulation of the business of insurance is the responsibility of the states and provides a limited reverse-preemption of federal antitrust laws?

A.Sherman Antitrust Act

B.McCarran-Ferguson Act

C.Gramm-Leach-Bliley Act

D.Dodd-Frank Wall Street Reform Act

Explanation: The McCarran-Ferguson Act of 1945 grants states the primary authority to regulate insurance and provides that no federal law shall be construed to invalidate, impair, or supersede any state law regulating the business of insurance unless the federal law specifically relates to insurance. It also gives a limited antitrust exemption for activities regulated by state law.

2The Federal Insurance Office (FIO), established under Dodd-Frank Section 502, has which of the following authorities?

A.Direct rate-approval authority over property-casualty insurers

B.Authority to license insurance companies in lieu of state regulators

C.Authority to monitor the insurance industry and identify systemic risks, but no general regulatory authority

D.Authority to set minimum risk-based capital standards across all states

Explanation: FIO was created by Dodd-Frank Section 502 within the U.S. Treasury to monitor all aspects of the insurance industry, identify gaps in regulation that could contribute to systemic risk, and represent the U.S. on international insurance matters. It has information-gathering authority but no general regulatory or supervisory authority over insurers — primary regulation remains with the states.

3Which of the following best describes the role of the NAIC in U.S. insurance regulation?

A.A federal regulator with binding authority over all U.S. insurers

B.A standard-setting and support organization for state insurance regulators with no direct regulatory authority

C.An industry trade association representing insurance carriers

D.A self-regulatory organization that licenses producers

Explanation: The NAIC is a voluntary association of the chief insurance regulators of the 50 states, D.C., and U.S. territories. It develops model laws, accreditation standards, financial reporting blanks (the Annual Statement), and shared services such as IRIS and SERFF. The NAIC itself does not regulate insurers; states must adopt NAIC models for them to have legal force.

4NAIC accreditation of a state insurance department is intended primarily to ensure that the state has:

A.Adopted federal solvency rules

B.Sufficient resources, statutory authority, and processes to effectively regulate solvency of multi-state insurers

C.Identical rate-filing rules across all jurisdictions

D.Authority to regulate health-insurance exchanges

Explanation: NAIC accreditation focuses on solvency oversight. To be accredited, a state must demonstrate adequate laws and regulations (including adoption of key NAIC model laws), regulatory practices, and organizational/personnel resources. Accreditation supports interstate deference: regulators in other states can rely on the domiciliary regulator's solvency oversight.

5Under the U.S. state-based system, which regulator is principally responsible for the financial solvency oversight of a property-casualty insurer?

A.The state of domicile

B.The state of incorporation of the parent

C.Each state where the insurer writes premium

D.The Federal Insurance Office

Explanation: Solvency regulation is led by the insurer's state of domicile (the state in which it is chartered). Other states rely on the domiciliary regulator's review under the NAIC accreditation system, focusing their own efforts on market-conduct issues, rate/form filings, and licensing within their borders.

6A regulator approves only those rates filed in advance and sometimes orders changes before they may be used. This regulatory approach is known as:

A.File-and-use

B.Use-and-file

C.Prior approval

D.No-file (open competition)

Explanation: In a prior-approval state, an insurer must file proposed rates and may not use them until the regulator affirmatively approves them. File-and-use lets the insurer use rates immediately upon filing; use-and-file permits use first with a filing shortly after; open competition relies on market forces with limited rate filing.

7Under most state rate-regulation statutes, rates for personal lines insurance must be:

A.Adequate, not excessive, and not unfairly discriminatory

B.Lowest in the market

C.Identical to NAIC benchmark rates

D.Approved by the FIO

Explanation: The standard rate-regulatory test, derived from NAIC model laws, is that rates must be adequate (sufficient to cover expected losses, expenses and a reasonable profit), not excessive (not unreasonably high in relation to the benefits provided), and not unfairly discriminatory between insureds of like risk.

8The NAIC's primary mechanism for collecting uniform financial information from insurers is:

A.Form 10-K

B.The Statutory Annual Statement (the 'Yellow Book' for P&C)

C.IFRS financial statements

D.Federal Form 1120-PC

Explanation: All U.S.-domiciled insurers must file the NAIC Annual Statement (the Property & Casualty 'Yellow Book' for P&C insurers) with their state of domicile and each state where they are licensed. It uses statutory accounting principles and includes the Statement of Income, Balance Sheet, and supporting schedules such as Schedules F, P, and Y.

9A surplus lines (non-admitted) insurer can typically write business in a state only if:

A.It is licensed by that state

B.The risk cannot be procured from licensed carriers and is placed through a licensed surplus lines broker

C.It files rates and forms with the state regulator

D.It is approved by the FIO

Explanation: Surplus lines insurance is intended for hard-to-place risks. A surplus lines broker, licensed in the home state of the insured, may place coverage with an eligible non-admitted carrier after a diligent search of the admitted market. Surplus lines insurers are not subject to most rate and form regulation but are subject to financial-eligibility requirements and surplus lines premium tax.

10A state insurance guaranty association generally pays unpaid covered claims of an insolvent property-casualty insurer up to:

A.Unlimited amounts

B.A statutory cap (commonly $300,000 per claim, with higher limits for workers compensation)

C.The full policy limit regardless of amount

D.Only earned but unpaid premium

Explanation: State P&C guaranty associations, organized under the NAIC Post-Assessment Property & Liability Insurance Guaranty Association Model Act, pay covered claims of policyholders of insolvent member insurers up to statutory caps that vary by state but commonly are about $300,000 per claim. Workers compensation claims are typically paid in full (statutory benefits). Funding is by post-insolvency assessments on solvent member insurers.

About the CAS Exam 6 (US) Exam

CAS Exam 6U (Regulation and Financial Reporting — United States) is the fifth of the CAS upper-level exams toward the ACAS designation. It tests U.S. insurance regulation, statutory accounting (SAP) for P&C insurers, the Annual Statement (Schedules F, P, and Y), reinsurance accounting under SSAP 62R, federal income tax for non-life insurers (IRC §832), insurer solvency (RBC, IRIS, ORSA), anti-fraud/AML/privacy compliance, specialty topics (NFIP, cyber, WC residual market, TRIA), and professionalism/ASOPs.

Questions

100 scored questions

Time Limit

4 hours

Passing Score

Scaled (CAS does not publish a fixed cut score)

Exam Fee

~$1,200 (CAS Spring/Fall 2026 standard sitting fee) (Casualty Actuarial Society (CAS))

CAS Exam 6 (US) Exam Content Outline

15%

US Insurance Regulatory System

McCarran-Ferguson 1945, NAIC role and accreditation, FIO under Dodd-Frank, FSOC, NRRA, surplus lines, guaranty associations, rate regulation.

25%

Statutory Accounting (SAP) for P&C Insurers

Admitted vs nonadmitted assets, SSAPs 5R/9/26R/30/55/62R/65/72/97/101, DAC expensing, gross UPR, undiscounted reserves, equity in UPR, deferred tax.

15%

Statutory Annual Statement (Schedules F, P, Y)

Page 3 liabilities, Page 4 income statement, Schedule F reinsurance and provision for reinsurance, Schedule P 10-year loss & LAE triangles, Schedule Y holding co structure, IEE, SAO.

10%

Reinsurance Accounting (SSAP 62R)

Risk transfer, prospective vs retroactive, deposit accounting, ceded UPR, recoverables on paid/unpaid losses, ceding & contingent commissions, finite risk, retrocession, commutations.

Federal Income Tax for Non-Life Insurers (IRC §832)

Discounted loss reserves under IRC §846, 80/20 UPR rule, IRC §848 DAC tax (5.7-yr non-life), proration on tax-exempt interest, 21% TCJA corporate rate.

10%

Insurance Company Solvency (RBC, IRIS, ORSA)

P&C RBC R0–R5 components and covariance, action levels (Company/Regulatory/Authorized/Mandatory), 13 IRIS ratios and usual ranges, ORSA Summary Report, CGAD.

Anti-Fraud, AML & Privacy

State fraud bureaus, NAIC Antifraud Database, FinCEN AML for covered products (life/annuity), OFAC SDN screening, GLBA Privacy & Safeguards, NAIC Model #668, NY DFS 23 NYCRR Part 500.

10%

Specialty Topics

NFIP and Write-Your-Own program, cyber insurance market, workers compensation residual market and NCCI, TRIA reauthorization through 2027, FAIR Plans, captives, RRGs, ILS / cat bonds, vendor cat models.

Professionalism & ASOPs

CAS Code of Professional Conduct (Precepts incl. #13), ASOP 36 statements of actuarial opinion on P&C reserves, ASOP 38 catastrophe modeling, ASOP 41 actuarial communications, ASOP 43 unpaid claim estimates.

How to Pass the CAS Exam 6 (US) Exam

What You Need to Know

Passing score: Scaled (CAS does not publish a fixed cut score)
Exam length: 100 questions
Time limit: 4 hours
Exam fee: ~$1,200 (CAS Spring/Fall 2026 standard sitting fee)

Keys to Passing

Complete 500+ practice questions
Score 80%+ consistently before scheduling
Focus on highest-weighted sections
Use our AI tutor for tough concepts

CAS Exam 6 (US) Study Tips from Top Performers

1Memorize SAP-vs-GAAP key differences (nonadmitted assets, DAC expensing, gross UPR, undiscounted reserves) — these appear every sitting

2Practice Schedule F provision-for-reinsurance and Schedule P triangle mechanics by working full numerical examples

3Build a one-page summary of all 13 IRIS ratios (formula, usual range, what it indicates) and review weekly

4Drill IRC §832 mechanics: §846 discount factors, §832(b)(4) 80/20 UPR rule, §848 DAC tax, proration on tax-exempt interest

5Work every CAS past exam since 2019 (the syllabus is stable) — past questions are the most predictive prep tool

Frequently Asked Questions

What is the difference between CAS Exam 6U, 6C, and 6I?

CAS publishes Exam 6 in three jurisdictional versions because regulation and statutory accounting are country-specific. 6U covers the United States (NAIC-based SAP, IRC §832, RBC, IRIS, ORSA, U.S. Annual Statement). 6C covers Canada (OSFI, IFRS 17 with Canadian capital requirements such as MCT, P&C-1 statement). 6I covers International / non-US-non-Canada markets and emphasizes Solvency II, IFRS 17, and the IAIS framework. Candidates choose the version that matches their employer market. This question bank covers the 6U syllabus.

When is CAS Exam 6 offered in 2026?

CAS administers Exam 6 in two computer-based windows in 2026: Spring (April 14-21, 2026) and Fall (October 19-27, 2026). Both windows are 4-hour CBT sittings administered through CAS-approved test centers and remote-proctored options. Registration opens roughly two months before each window via the CAS website.

What is the format of CAS Exam 6?

CAS Exam 6 (all jurisdictions) is a 4-hour computer-based exam with a mix of multiple-choice and constructed-response (essay-style) questions. Questions test both knowledge of regulation/accounting concepts and the ability to apply them to insurer financial reporting and solvency situations. CAS does not publish a fixed cut score; pass/fail is determined by a scaled score set after each sitting.

How much does CAS Exam 6 cost?

The 2026 standard CAS Exam 6 sitting fee is approximately $1,200 USD, with discounted early-registration fees and surcharges for late registration. CAS members pay the same as non-members for the upper-level exams. Costs do not include study materials (most candidates use Mahler, Coaching Actuaries, or RM Bird/All 10 manuals).

How long should I study for CAS Exam 6?

CAS recommends 300-450 hours of study for Exam 6, comparable to other CAS upper-level exams. Most candidates devote 4-6 months and use a study manual plus past CAS exam questions (the most efficient prep, since CAS publishes prior exams). Heavy reading load makes Exam 6 one of the most time-demanding exams; budget extra hours for SAP-vs-GAAP comparisons and Schedule P mechanics.

What ACAS pathway does Exam 6 fit into?

CAS Exam 6 is one of five upper-level exams (Exams 5, 6, 7, 8, 9) required for the Associate of the Casualty Actuarial Society (ACAS) designation, in addition to the joint SOA/CAS preliminary exams (Probability, FAM, ASTAM/ALTAM, MAS-I, MAS-II equivalents), VEEs, and CAS-specific online courses. After ACAS, three additional FCAS Fellowship exams (Exam 7, 8, 9 plus regulation/finance specialization) lead to the Fellow (FCAS) designation.