The Property and Casualty Risk-Based Capital Committee and the Health Solvency Subcommittee jointly submitted to the NAIC's Operational Risk Subgroup a comment letter on proposed changes to the operational risk factor in risk-based capital formulas for property/casualty and health.
( )The Academy released Managing the Risks in Cyberspace, an Essential Elements report that explores insurance issues surrounding cyberattacks, including risks from data theft or malicious software. The Essential Elements series is designed to make actuarial analyses of public policy issues clearer to general audiences.
( )The Academy, in conjunction with three other actuarial organizations, launched the Actuaries Climate Index (ACI) that provides a quarterly measure of changes in extreme events and sea levels to inform actuaries, public policymakers, and the public about climate trends in the U.S. and Canada. Read the news release.
( )The Property and Casualty Risk-Based Capital Committee submitted a report to the NAIC's Property/Casualty Risk-Based Capital (E) Working Group providing a detailed update of property and casualty risk-based capital underwriting factors.
( )The Casualty Practice Council (CPC) and the Committee on Product and Liability Financial Reporting (COPLFR) submitted a letter to the Actuarial Standards Board, commenting on the third exposure draft of the proposed Actuarial Standard of Practice (ASOP) for modeling.
The Financial Reporting Committee and the Committee on Property and Liability Financial Reporting sent a comment letter to the SEC on its concept release on the modernization of certain disclosure requirements in Regulation S-K.
( )The Committee on Property and Liability Financial Reporting (COPLFR) sent a comment letter to the NAIC noting certain inconsistencies in the instructions for certification of loss reserves for international insurers.
( )The Casualty Practice Council and the P/C Extreme Events Committee sent a letter to members of the U.S. Senate Banking, Housing and Urban Affairs Committee commenting on HR 2901, The Flood Insurance Market Parity and Modernization Act, concerning expansion of the role of private insurers in the flood insurance marketplace.
( )The Casualty Practice Council and the P/C Extreme Events Committee sent a letter to members of the U.S. House of Representatives commenting on HR 2901, The Flood Insurance Market Parity and Modernization Act, concerning expansion of the role of private insurers in the flood insurance marketplace.
( )The Casualty Practice Council (CPC) submitted comments to the Actuarial Standards Board (ASB) on the second exposure draft of the proposed actuarial standard of practice (ASOP) Property/Casualty Ratemaking.
( )The Price Optimization Task Force submitted comments to the NAIC’s executive committee on changes made to the proposed Price Optimization White Paper.
( )The Committee on Property and Liability Financial Reporting (COPLFR) submitted comments to the NAIC’s Actuarial Opinion (C) Working Group on the Actuarial Opinion Instructions.
( )Senior Property/Casualty Fellow Jim MacGinnitie submitted comments to the NAIC/IAIABC Joint (C) Working Group on the 2015 Workers’ Compensation Large Deductible Study draft.
The Committee on Property and Liability Financial Reporting (COPLFR) submitted comments to the NAIC's Statutory Accounting Principles (E) Working Group on the proposed Treatment for Fees Incurred for Salvage/Subrogation Recoveries.
( )The Committee on Property and Liability Financial Reporting (COPLFR) submitted comments to the NAIC/IAIABC Joint (C) Working Group on the 2015 Workers’ Compensation Large Deductible Study draft.
( )The Academy released its 2015 P/C Loss Reserve Law Manual, which is updated from 2014 and designed to help appointed actuaries comply with NAIC annual statement requirements. The manual includes SAO requirements and state laws and regulations establishing requirements; annual statement instructions for the SAOs for P/C, title loss, and loss expense reserves; and other pertinent annual statement instructions. The manual is available online or as a CD-ROM, and members can order online here.
( )The Committee on Property and Liability Financial Reporting (COPLFR) released the Statements of Actuarial Opinion on P/C Loss Reserves practice note.
( )The Academy continued its dialog with insurance regulators on a wide variety of issues, including long-term care insurance, automobile insurance, risk-based capital, and principle-based reserving at the National Association of Insurance Commissioners 2015 Fall National Meeting held November 19-22 at National Harbor, outside of Washington, DC. Read the Academy Alert here. (
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The Price Optimization Task Force submitted a comment letter to the NAIC’s Property/Casualty Committee on the Price Optimization White Paper after its adoption by the Casualty Actuarial and Statistical Task Force (CASTF).
( )Academy Senior Property/Casualty Fellow Jim MacGinnitie testified at the National Association of Insurance Commissioners’ (NAIC) public hearing on "The Pricing of Automobile Insurance."
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