The P/C Extreme Events and Property Lines Committee presented a report on the Academy’s issue paper Wildfire: Lessons Learned from the 2017-2018 California Events to the NAIC’s P/C RBC Catastrophe Risk Subgroup. They also updated the NAIC on the Actuaries Climate Index.
( )The Casualty Practice Council sent comment letters to the U.S. House Committee on Financial Services and to the U.S. Senate Committee on Banking, Housing, and Urban Affairs encouraging long-term extension of the Terrorism Risk Insurance Act.
( )The P/C Extreme Events and Property Lines Committee has released an updated monograph on the National Flood Insurance Program. Building on the 2017 document prepared by the Flood Insurance Work Group, the paper includes data from the 2017 and 2018 hurricane seasons.
( )The Academy’s Committee on Property and Liability Financial Reporting (COPLFR) sent a comment letter to the NAIC’s Casualty Actuarial and Statistical Task Force Actuarial Opinion Working Group (AOWG) on the Regulatory Guidance on Property and Casualty Statutory Statements of Actuarial Opinion, Actuarial Opinion Summaries, and Actuarial Reports for the Year 2019, which was issued on Aug. 30. COPLFR also sent a second comment letter to the AOWG on the Sept. 17 revision of the guidance document.
( )Academy President Shawna Ackerman submitted comments to the NAIC's Blanks Working Group, regarding proposed changes in required qualifications for casualty actuaries filing statements of actuarial opinion.
( )The Academy's Casualty Practice Council has submitted comments to the Actuarial Standards Board, regarding the proposed ASOP on Setting Assumptions.
( )The Academy's Extreme Events and Property Lines Committee has published a new document, Wildfire: An Issue Paper -- Lessons Learned from the 2017-2018 California Events. Read the news release.
( )The Academy presented a seminar on Predictive Modeling for regulators attending the NAIC's Insurance Summit in Kansas City.
( )The Academy submitted comments to the NAIC Casualty Actuarial and Statistical (C) Task Force regarding an exposure draft of proposed P/C Statement of Actuarial Opinion Instructions.
( )The Academy’s Senior Property/Casualty Fellow Rich Gibson and Assistant Director for Research (Public Policy) Steve Jackson outlined the Actuaries Climate Index and described the proposed Actuaries Climate Risk Index at a meeting of the Casualty Actuaries of Greater New York.
( )The Cyber Risk Task Force has published a new document, Cyber Risk Insurance: A Resource Guide for Actuaries.
( )The Committee on Property and Liability Financial Reporting sent a comment letter to the NAIC regarding ambiguity in instructions for reporting retroactive reinsurance.
( )The Casualty Practice Council submitted a comment letter to the Actuarial Standards Board on the fourth exposure draft of a proposed new actuarial standard of practice for modeling.
( )The P/C RBC Committee submitted a scope letter to the NAIC P&C Risk-Based Capital (E) Working Group outlining proposed research into various underwriting risk factors in the RBC formula for P/C insurers.
( )The Academy's senior casualty fellow, Rich Gibson, presented testimony on predictive modeling at a hearing on automobile insurance held by the District of Columbia's Department of Insurance, Securities and Banking.
( )The Academy’s senior casualty fellow, Rich Gibson, gave a presentation on the Actuaries Climate Index at Tulane University’s conference on environmental law.
( )Mary D. Miller, on behalf of the American Academy of Actuaries, submitted a comment letter to the Casualty Actuarial and Statistical (C) Task Force (CASTF) to the CASTF 's draft qualification and related documentation requirements and copy of a letter to the Executive (EX) Committee's Ad Hoc commissioner group’s proposed changes of the Property and Casualty 2019 Actuarial Opinion Instructions, including the Ad Hoc Group's draft qualified actuary definition.
Mary D. Miller, on behalf of the American Academy of Actuaries, submitted a comment letter pertaining to the Executive (EX) Committee's Ad Hoc commissioner group’s proposed changes of the Property and Casualty 2019 Actuarial Opinion Instructions, including the Ad Hoc Group's draft qualified actuary definition.
( )Academy Senior Property/Casualty Fellow Rich Gibson submitted comments to the NAIC's Casualty Actuarial and Statistical Task Force (CASTF) regarding CASTF’s proposed white paper on Regulatory Review of Predictive Models.
( )The Committee on Property and Liability Financial Reporting (COPLFR) released the Statements of Actuarial Opinion on P/C Loss Reserves practice note.
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