The P/C RBC Committee provided a report to the NAIC's SMI RBC Subgroup on risk correlation methodologies used to determine regulatory solvency capital requirements in advanced jurisdictions outside the U.S.
( )The Casualty Actuarial Society (CAS), Canadian Institute of Actuaries, Society of Actuaries, and the American Academy of Actuaries’ Property/Casualty Extreme Events Committee, with input from the CAS’s Climate Index Working Group, have published a report, “Determining the Impact of Climate Change on Insurance Risk and the Global Community,” responding to the emerging risk of climate change by collaborating to recommend, support, and perform research on climate change and assess the potential risk management implications for the insurance industry.
( )The Casualty Practice Council provided an actuarial perspective on the NAIC Catastrophe Risk Subgroup's recent proposed changes to the Risk-Based Capital formula spreadsheets to incorporate property catastrophe risk.
The Casualty, Life, Health, Professionalism, and Financial Reporting Councils submitted comments to the NAIC’s Corporate Governance Working Group concerning the WG’s Proposed Responses to a Comparative Analysis of Existing U.S. Corporate Governance Requirements.
( )The agenda for this Nov. 7–8 seminar includes new breakout sessions and hands-on workshops led by experienced faculty members who will guide you through the requirements and recent changes to those requirements for writing P/C loss reserve opinions for year-end 2012. (
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The Flood Insurance Subcommittee presented an actuarial perspective on flood insurance reform at the NAIC’s Center for Insurance Policy and Research summit on flood insurance reform.
( )Registration is now open for the Nov. 7–8 P/C Effective Loss Reserve Opinion Seminar: Tools for the Appointed Actuary. Actuaries who write P/C loss reserve opinions and who want to stay up to date on regulations and standards applicable in drafting loss reserve opinions should attend. New breakout sessions will focus on intercompany pooling, premium reserves, reinsurance, and extended reporting contracts. New workshops will cover sample opinions and report documentation. Don’t miss it!
( )The P/C Risk-Based Capital Committee has issued a letter to the Solvency Modernization Initiative RBC Subgroup concerning CAS Working Party research on potential improvements to the NAIC's P/C RBC framework.
( )The Flood Insurance Subcommittee has issued a comment letter to Congressional leaders concerning H.R. 4348, a bill to reform the National Flood Insurance Program and reauthorize it for five years.
The cross-practice-Actuarial Soundness Task Force has issued Actuarial Soundness, a Special Report. It provides an overview of the uses of the terms “actuarial soundness” and “actuarially sound” in state and federal legislative and regulatory contexts to inform regulators and the general public of the meanings and implications of these terms.
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COPLFR submitted comments to the NAIC on the Blanks Working Group’s proposed 2012 Actuarial Opinion Instructions.
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The Academy submitted comments to the NAIC on its draft white paper on the Solvency Modernization Initiative and insurance regulation offering suggestions encompassing RBC, ORSA, and NAIC model laws.
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The Natural Catastrophe Subcommittee provided comments to the National Conference of Insurance Legislators on natural catastrophe insurance reform options, focusing on damage prevention and risk financing.
( )The Academy's Medical Professional Liability Insurance Committee published a fact sheet on the Death, Disability, and Retirement (DDR) Extended Reporting Endorsement. This is the third in a series of fact sheets published by the Committee designed for actuaries as well as the general public.
( )The Medical Professional Liability Committee sent a letter to the leadership of the U.S. House of Representatives concerning H.R. 5, which would reform the medical professional liability system and repeal the Independent Payment Advisory Board.
( )Click here to order your copy. The law manual is designed to help appointed actuaries comply with the NAIC annual statement requirements for statements of actuarial opinion.
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The Casualty Practice Council submitted comments to the NAIC’s Casualty Actuarial & Statistical Task Force on its proposed 2012 Actuarial Opinion Instructions.
( )The Committee on Property and Liability Financial Reporting sent comments to the AICPA regarding its working draft of Audit and Accounting Guide Property and Liability Insurance Entities. (
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