Comment letter from the Committee on Property and Liability Financial Reporting, submitted to the Actuarial Standards Board (ASB) on the exposure draft of ASOP 36, Statements of Actuarial Opinion Regarding Property/Casualty Loss and Loss Adjustment Expense Reserves.
( )The Casualty Practice Council submitted written comments to the Washington, D.C. Department of Insurance, Securities and Banking's (DISB) Request for Comments on evaluating unintentional bias in private passenger automobile insurance. The letter expanded on the Academy's previous comments to the DISB on recommended actuarial considerations for determining unintentional bias in auto insurance.
( )The Workers' Compensation Committee released an issue brief discussing the growing importance of telehealth for workers' compensation insurers, the variations across different states, and the opportunities for the actuarial profession to help all parties involved better direct their efforts and maximize the return of any telehealth initiatives.
( )The Casualty Practice Council submitted written comments following the Washington, D.C. Department of Insurance, Securities and Banking (DISB) on their hearing, "Initiative to Evaluate Unintentional Bias in Private Passenger Automobile Insurance." The letter expanded on the Academy's verbal presentation on the recommended actuarial considerations for determining unintentional bias in auto insurance.
( )Academy Casualty VP, Lauren Cavanaugh, provided testimony on June 29 before the Washington, D.C. Department of Insurance, Securities and Banking (DISB) on their upcoming "Initiative to Evaluate Unintentional Bias in Private Passenger Automobile Insurance. " She provided a verbal presentation on the recommended actuarial considerations for determining unintentional bias in auto insurance.
( )The Racial Equity Task Force released an issue brief discussing the potential options to obtaining protected class information on insureds in the P&C insurance industry to test for practices that may disproportionally harm members of any protected classes. It also evaluates three general data collection methods—collecting additional data, capturing existing external data, or imputing data—for desirable attributes such as accuracy, efficiency, and the size of the data set.
( )P/C Extreme Events and Other Lines Committee comments to the Senate Banking Committee regarding their hearing, “Reauthorization of the National Flood Insurance Program: Protecting Communities from Flood Risk”
( )The Academy's Extreme Events and Property Lines Committee published a paper, Insurance Linked Securities and Catastrophe Bonds, a public policy issue paper.
( )The American Academy of Actuaries’ Cyber Risk Toolkit, developed by the Academy’s Cyber Risk Task Force, is comprised of a series of papers addressing issues pertinent to cyber risk insurance and cyber exposure. This document has been updated to include the “Autonomous Vehicles and Cyber Risk” section. The toolkit will continue to be updated periodically to reflect new and emerging work from the task force.
( )The Casualty Practice Council submitted comments to the Actuarial Standards Board (ASB) on the exposure draft of ASOP No. 29, Expense Provisions.
( )Extreme Events Committee comments to the House Financial Services Subcommittee on Housing, Community Development, and Insurance on the committee's proposed reauthorization and reforms of the National Flood Insurance Program, in advance of the congressional hearing.
( )Cyber Risk Task Force comments to the U.S. Department of the Treasury and Federal Insurance Office (FIO) request for comment (RFC) on the effectiveness of the cyber considerations of the Terrorism Risk Insurance Program, originating from the Terrorism Risk Insurance Act of 2002.
( )The American Academy of Actuaries’ Cyber Risk Toolkit, developed by the Academy’s Cyber Risk Task Force, is comprised of a series of papers addressing issues pertinent to cyber risk insurance and cyber exposure. Since the initial publication of the Cyber Risk Toolkit, this document has been updated to include the “War, Cyberterrorism, and Cyber Insurance” section and the “Cyber Risk Resource Guide” section. The toolkit will continue to be updated periodically to reflect new and emerging work from the task force.
( )Academy President Maryellen Coggins submitted a letter to the Colorado Division of Insurance in advance of the upcoming stakeholder engagement process for the recently passed state law aimed to protect consumers from unfair discrimination in insurance practices. The comments addressed potential concerns of the law’s impact on casualty, health, and life insurance.
( )The Extreme Events and Property Lines Committee published a new document, Wildfire: An Issue Paper—Lessons Learned from the 2017-2021 Events.
( )The Committee on Property and Liability Financial Reporting (COPLFR) released the practice note, Statements of Actuarial Opinion on P/C Loss Reserves (2021), which includes discussion regarding changes in the NAIC Annual Statement Instructions—Property/Casualty (NAIC Annual Statement Instructions) regarding the Actuarial Opinion, the Actuarial Opinion Summary, and Actuarial Report, as well as COVID-19 considerations.
( )Senior Casualty Fellow Rich Gibson presented to the NAIC’s Property and Casualty Insurance (C) Committee on behalf of the Academy’s Automobile Insurance Committee to provide general and actuarial considerations on the topic of auto insurance refunds.
( )The Workers' Compensation Committee released an issue brief on potential impacts to injured workers, employers and insurers involved in the opioid epidemic, and explores the effects on these stakeholders before, during, and after the COVID-19 pandemic.
( )Casualty Practice Council (CPC) Vice Chairperson Dee Dee Mays and Committee on Property and Liability Financial Reporting (COPLFR) Chairperson Derek Freihaut presented to the NAIC’s Casualty Actuarial and Statistical (C) Task Force (CASTF) on behalf of the CPC and COPLFR on recent publications and future work products expected for release in early 2022.
( )Casualty Vice President Lauren Cavanaugh presented to the NAIC’s Special Committee on Race and Insurance (SCORI) Workstream 3 (Property and Casualty) on behalf of the Academy’s Racial Equity Task Force (RETF) on the work RETF has completed and is currently doing; she also provided comments to SCORI Workstream 3 on proxy discrimination and disproportionate impact.
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