Casualty Policy Analyst Rob Fischer provided an update on the Casualty Practice Council (CPC) activities of interest to the NAIC’s Casualty Actuarial (C) and Statistical Task Force (CASTF) at their recent meeting in Denver, including an update on recent and upcoming CPC publications, other Academy activity and key 2025 events.
(November 19, 2024)The Risk Management and Financial Reporting Council’s (RMFRC) Financial Reporting Committee, ERM/ORSA Committee, and the Life Practice Council’s Life GAAP Reporting Committee released a white paper, Hedging and Risk Management. The paper examines how insurance companies—life, health, or property and casualty—employ similar techniques to manage insurance risk. It uses life insurance management of mortality risk to illustrate examples and describes capital markets’ risks and how companies have adopted hedging as a risk management tool.
(November 18, 2024)The Economic Scenario Generator Subcommittee commented to the NAIC Generator of Economic Scenarios (GOES) (E/A) Subgroup on their exposure of SERT scenarios.
(November 14, 2024)The Health Practice Council’s Individual and Small Group Markets Committee submitted comments to the Centers for Medicare & Medicaid Services regarding the proposed rule for the 2026 Notice of Benefit and Payment Parameters.
(November 12, 2024)The Casualty Practice Council submitted comments to the Actuarial Standards Board (ASB) on the exposure draft of Actuarial Standard of Practice (ASOP) No. 30, Profit Margins and Contingency Provisions in Property/Casualty Risk Transfer and Risk Retention.
(November 06, 2024)Senior Casualty Fellow, Rich Gibson, incoming Casualty Practice Council Vice-President Susan Kent, and New Mexico OSI Chief Actuary, Christian Myers, presented a session at the Casualty Actuarial Society's Annual Meeting in Pheonix, AZ on “P&C Regulatory and Legislative Environment”.
(November 05, 2024)The latest release in the Cyber Risk Toolkit, “SEC Cybersecurity Disclosure Requirements and Related Directors & Officers Liability Risks,” details how the United States Securities and Exchange Commission is regulating cybersecurity and the reporting of cybersecurity incidents by publicly traded corporations to investors, as well as the implications of these regulations.
(October 30, 2024)The Casualty Practice Council (CPC) submitted comments regarding the California Department of Insurance’s Notice of Proposed Rulemaking on Catastrophe Modeling and Ratemaking. Specifically, the CPC weighed in on the inclusion of the phrase “most actuarially sound” in the state’s regulations.
(October 17, 2024)The Health Practice Council has released an issue brief, ERISA at 50: ERISA and Health Benefits. The issue brief covers the history of ERISA’s application to health benefits, subsequent amendments to the law, ERISA’s facilitation of coverage under employer-sponsored health plans, and its challenges. Released alongside the issue brief is an executive summary of the brief.
(October 17, 2024)The Life Practice Council provided comments to the entirety of the NAIC Life Actuarial Task Force (LATF)'s exposure, AAT for Reinsurance Actuarial Guideline Draft.
(October 10, 2024)The Life Practice Council provided comments to the Scope and Aggregation sections of the NAIC Life Actuarial Task Force (LATF)'s exposure, AAT for Reinsurance Actuarial Guideline Draft.
(October 03, 2024)The Long-Term Care (LTC) Committee submitted comments to the NAIC’s Long-Term Care Actuarial (B) Working Group (LTCAWG) in response to LTCAWG's August 12, 2024, request for comments on Proposals A and B as candidates for a Single LTCI Multistate Rate Review Approach.
(September 27, 2024)The Data Science and Analytics Committee released an issue paper, Defining Big Data. The paper is intended to build a shared language and concepts of big data and associated themes for the actuarial community, regulators, and other interested parties.
(September 25, 2024)
The Retirement Policy and Design Evaluation Committee released an issue brief, Collective Defined Contribution Plans. The issue brief defines Collective Defined Contribution (CDC) plans broadly, provides some examples of CDC plans that exist in various countries, discusses some advantages and criticisms of CDC plans—and considers possible options to address the criticisms.
(September 24, 2024)
The P/C Committee on Equity and Fairness (PCCEF) released an issue brief, Insurance Fraud: Impacts on Premiums, Claim Costs, and the Public. The brief discusses regulatory actions to prevent and report fraud and approaches actuaries can take to quantify the damage fraud causes.
(September 20, 2024)The Social Security Committee has released a public policy issue paper, Immigration and Social Security. Immigration is a crucial component to the trajectory of the financial condition of the Social Security system—this paper discusses how immigration affects the social insurance program.
(September 18, 2024)The Life Underwriting and Risk Classification Subcommittee submitted additional comments to the Colorado Division of Insurance on the ACLI draft proposed quantitative testing regulation, Concerning Quantitative Testing of External Consumer Data and Information Sources, Algorithms, and Predictive Models Used for Life Insurance Underwriting for Unfairly Discriminatory Outcomes.
(September 13, 2024)The Public Plans Committee released an issue brief, Public Pension Plans: Helping Members Evaluate Buyout Programs and Other Lump Sums. The issue brief suggests critical information that would help members compare the value of an offered buyout—a lump sum payment in exchange for some or all of their pension benefits—to the value of the lifetime benefits.
(September 11, 2024)The Extreme Events and Property Lines Committee submitted comments to the Federal Emergency Management Agency on their RFI on the redesign of the National Flood Insurance Program’s Community Rating System.
(September 09, 2024)The Life Underwriting and Risk Classification Subcommittee submitted comments to the NAIC's Special (EX) Committee on Race and Insurance Life Workstream on the July 17 Exposure of the Survey of Life Insurer Underwriting Guidelines as Applied to Justice Impacted Individuals.
(September 05, 2024)
