Insurance Risk 101
Capitol Hill briefing
July 9, 2001
It was back to basics on July 9, as the Academy hosted "Insurance Risk 101" — the second in a series of educational briefings the Academy is holding this summer on Capitol Hill.
The briefing was attended by a select audience that included House Financial Services Committee staff, as well as other House and Senate staff and policy-makers. It was held in the Financial Services Committee room, and luncheon was provided.
Afterwards, Pat Teufel, vice chairperson of the Academy's Financial Reporting Council, talked briefly with the "Actuarial Update" about why this event mattered:
"Gramm-Leach-Bliley changed the landscape for the insurance industry and for actuaries," said Teufel, who moderated the briefing."No longer is the state insurance department our sole regulator. We need to focus on what Congress is thinking about insurance, and what the Federal Reserve Bank is thinking about insurance, and we need to educate those constituencies about insurance risk."
The main speakers at the briefing were Tim Tongson and Jim Rech. Tongson, chairperson of the AcademyÕs Banking and Financial Services Task Force, explained the basics of life insurance risk. Jim Rech, vice chairperson of the task force, provided an overview of property-casualty insurance risk.
Tongson said that the task force will follow up the July 9 event with "Insurance Risk 201," likely to be held on Capitol Hill later this year.
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