The Extreme Events and Property Lines Committee issued a monograph, Uses of Catastrophe Model Output, on the development of catastrophe models and the uses of catastrophe model output in actuarial tasks.
Past Academy President Mary D. Miller submitted a letter with comments from the Academy to the National Association of Insurance Commissioners raising several concerns over a revised attestation proposal released for exposure on June 25 by the NAIC’s Casualty Actuarial and Statistical Task Force (CASTF).
( )Past Academy President Mary D. Miller submitted a letter with extensive comments from the Academy to the NAIC responding to an exposure draft that the Casualty Actuarial and Statistical Task Force (CASTF) issued on a CAS/SOA proposal regarding CASTF’s “Continued Competence” charge. This is a significant proposal that would affect many actuaries. Comments are due by Monday, July 23. Those interested may wish to consider filing their own comments.
The Extreme Events & Property Lines Committee submitted a paper to the NAIC highlighting regulatory questions that arise if the flood insurance market transitions from relying upon the National Flood Insurance Program to a greater role for private-market coverage.
Big Data Task Force presentation to the NAIC Casualty Actuarial and Statistical Task Force (CASTF) Predictive Analytics Book Club on the Big Data and the Role of the Actuary monograph.
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Past Academy President Mary D. Miller submitted a letter from the Academy to the NAIC responding to an exposure draft that the Casualty Actuarial and Statistical Task Force has issued containing potential changes to the P/C Statement of Actuarial Opinion Instructions to address the CASTF’s “Attestation” charge.
Senior Casualty Fellow Kevin Ryan sent a comment letter to the International Association of Insurance Supervisors on their draft paper on climate change risks to the insurance sector.
( )The Committee on Property and Liability Financial Reporting released a practice note on retained P/C insurance-related risk.
( )Craig Hanna, director of public policy, presented to the NAIC's Climate Change and Global Warming (C) Working Group on the Actuaries Climate Index and the Actuaries Climate Risk Index.
The Workers’ Compensation Committee provided comments to the NAIC’s Workers’ Compensation Task Force, describing the difficulty of comparing rates from one state to another.
( )Past Academy President Mary D. Miller submitted two letters from the Academy to the NAIC this week—one responding to NAIC’s Casualty Actuarial and Statistical Task Force’s (CASTF) request for comments on the appointed actuary’s public attestation and supporting confidential documentation, and a second responding to CASTF’s request for proposals on the three-year experience period.
The Academy provided these comments in response to the NAIC’s exposure draft of the proposed Revised Qualified Actuary Definition for the Property/ Casualty (P/C) Actuarial Opinion Instructions.
( )Senior Property and Casualty Fellow Kevin Ryan testified before the Maryland House Economic Matters Committee, commenting on legislation to prohibit the use of occupation, education, gender, and marital status as factors in determining private passenger automobile insurance rates.
( )The Joint P&C/Health Bond Factors Analysis Work Group submitted a discussion draft of a report on P/C and Health bond factors for consideration by the NAIC’s Joint Health RBC and P/C RBC Drafting Group.
The Committee on Property and Liability Financial Reporting has released an exposure draft of a new practice note on retained risk. Comments are due by March 30.
( )The Academy released a summary of select significant regulatory and legislative developments in 2017 at the state, federal, and international levels of interest to the U.S. actuarial profession.
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The Committee on Property and Liability Financial Reporting (COPLFR) released the Statements of Actuarial Opinion on P/C Loss Reserves practice note.
The winter StateScan Quarterly highlights state legislation in the past quarter related to auto insurance, health insurance marketplace changes, pension plans, principle-based reserving, and more. For a comprehensive review, log in to StateScan, the legislative and regulatory portal free for Academy members.
( )The Academy published a new Essential Elements paper, Tax Treatment of Pensions and Insurance Protections, highlighting select tax treatments of pensions and insurance protections, and outlining the potential public policy trade-offs of changes to the tax code. Essential Elements is a series designed to make actuarial analyses of public policy issues clearer to general audiences.
The Casualty Practice Council sent a letter to the U.S. House of Representatives providing comments on pending legislation to reauthorize and revise the National Flood Insurance Program. Read the news release.
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