The Committee on Property and Liability Financial Reporting's practice note on Statements of Actuarial Opinion on P/C Loss Reserves (2024), including 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. (December 27, 2024)
( )Senior Casualty Fellow Rich Gibson presented to the NAIC Antifraud (D) Task Force at their recent meeting in Denver on the P&C Committee on Equity and Fairness' recently published issue brief, Insurance Fraud: Impacts on Premiums, Claim Costs, and the Public.
( )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.
( )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”.
( )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.
( )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.
( )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.
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The Extreme Events and Property Lines Committee submitted comments to the Federal Emergency Management Agency on their RFI on the redesign effort of the National Flood Insurance Program’s Community Rating System.
( )Academy Casualty Policy Analyst Rob Fischer provided an update on the Casualty Practice Council (CPC) activities of interest to NAIC’s Casualty Actuarial (C) Task Force, including an update on recent publications, and anticipated releases from other CPC workstreams of interest to the NAIC.
( )The Committee on Property and Liability Financial Reporting (COPFLR) asked the NAIC's Actuarial Opinion Working Group for clarification on 2024 regulatory guidance pertaining to immaterial long-duration unearned premium reserves.
( )The P/C Committee on Equity and Fairness sent a comment letter to the District of Columbia Department of Insurance, Securities and Banking (DISB) on the DISB’s recently released draft market conduct study, Evaluating Unintentional Bias in Private Passenger Automobile Insurance.
( )The Casualty Practice Council submitted comments on the exposure draft of Actuarial Standard of Practice (ASOP) No. 7, Analysis of Life, Health, or Property/Casualty Insurance Cash Flow Risk.
( )Academy Casualty Policy Analyst Rob Fischer, Senior Fellow Rich Gibson, and Will Davis of the South Carolina Department of Insurance presented at the Casualty Actuarial Society's Spring Meeting on current and future public policy considerations, covering how the current legislative and regulatory environment continues to evolve and respond to changes in actuarial practice and the broader insurance and financial environments. The presentation covered topics including the NAIC, homeowners insurance, AI governance, the National Flood Insurance Program, and bias.
( )The Casualty Practice Council submitted comments on the exposure draft of Actuarial Standard of Practice (ASOP) No. 12, Risk Classification (for All Practice Areas).
( )The P/C Extreme Events and Property Lines Committee submitted a comment letter to the California Department of Insurance in advance of the department’s public workshop on its draft regulation that would modify state law to allow for catastrophe modeling to be used for wildfire, terrorism, and flood lines of homeowners and commercial insurance lines.
( )Members of the Committee on Cyber Risk presented during the Midwestern Actuarial Forum (MAF) on the Academy’s Cyber Risk Toolkit, highlighting recent work around cyber data, the state of the cyber insurance market and recent trends in D&O, and the cyber vendor model paper.
( )Academy Senior Fellow Rich Gibson provided a brief overview of the Committee on Cyber Risk to NAIC’s Cybersecurity (H) Working Group. The presentation highlighted the cyber risk toolkit, including an overview on the papers in the toolkit, papers expected to be published in the toolkit later this year, the public policy department’s ongoing research project on cybersecurity, and how the Academy and the committee can be helpful to the Cybersecurity (H) Working Group now that cyber insurance is included in their charges.
( )Academy Casualty Policy Analyst Rob Fischer provided an update on the Casualty Practice Council (CPC) activities of interest to NAIC’s Casualty Actuarial (C) Task Force, including an update on recent publications, and anticipated releases from other CPC workstreams of interest to the NAIC.
( )The Academy’s Health, Life, and Casualty practice councils submitted comments on New York State Department of Financial Services’ proposed insurance circular letter on the use of Artificial Intelligence Systems (AIS) and External Consumer Data and Information Sources (ECDIS) in insurance underwriting and pricing. The councils support efforts to curb underwriting and pricing methods that “reflect systemic biases and can reinforce and exacerbate inequality.”
( )The Committee on Property and Liability Financial Reporting's practice note on Statements of Actuarial Opinion on P/C Loss Reserves (2023), including 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.
( )The P&C Committee on Equity and Fairness submitted comments to the Colorado Division of Insurance on its life insurance draft regulation on governance and risk management framework requirements and its applicability to private passenger automobile insurance.The P&C Committee on Equity and Fairness submitted comments to the Colorado Division of Insurance on its life insurance draft regulation on governance and risk management framework requirements and its applicability to private passenger automobile insurance.
( )Academy Casualty Policy Analyst Rob Fischer presented to the NAIC’s Casualty Actuarial and Statistical (C) Task Force (CASTF) on behalf of Casualty Practice Council and Committee on Property and Liability Financial Reporting (COPLFR) on recent publications and future work products expected for release in December 2023 and early 2024.
( )Ron Wilkins, chairperson of the P&C Risk-Based Capital Committee, presented to the NAIC Property and Casualty Risk-Based Capital (E) Working Group and the Catastrophe Risk (E) Subgroup on the Academy’s recently released report to the NAIC on P&C Underwriting Factors and Investment Income Adjustment (IIA) Factors.
( )Derek Jones, Chairman of the Workers’ Compensation Committee, presented on the committee's issue brief, Navigating Workers’ Compensation and Medical Marijuana, during the National Council of Insurance Legislator's Annual Meeting in Columbus, OH.
( )The Committee on Property and Liability Financial Reporting, submitted a comment letter to the Actuarial Standards Board (ASB) on the second exposure draft of ASOP no. 36, Statements of Actuarial Opinion Regarding Property/Casualty Loss and Loss Adjustment Expense Reserves.
( )The Committee on Cyber Risk released a new chapter in the Cyber Risk Toolkit, "Personal Cyber: An Intro to Risk Reduction and Mitigation Strategies." The chapter identifies some of the penetration points of cyberattacks from an individual’s perspective and examines how an individual can work to minimize their risk of being hacked.
( )The Life Practice Council and Casualty Practice Council submitted comments to the Colorado Division of Insurance on its draft regulation, Concerning Quantitative Testing of External Consumer Data and Information Sources, Algorithms, and Predictive Models Used for Life Insurance Underwriting for Unfairly Discriminatory Outcomes. The comments reiterated support for Colorado’s initiative to prevent unfairly discriminatory practices in insurance and shared actuarial perspectives related to the design of the data testing requirement.
( )Director of Research Steve Jackson presented on cyber risk at an International Workshop on Cyber Risk and Security during the Center of Research in Econo-finance and Actuarial sciences on Risk (CREAR) Cyber Conference in Paris, France. This is a continuation of the Academy’s ongoing Cyber Risk initiative, overseen by the Risk Management and Financial Reporting Council and the Casualty Practice Council.
( )The P/C Risk Basked Capital Committee released a Report to the NAIC P&C RBC (E) Working Group Update to P&C RBC Underwriting Factors and Investment Income Adjustment Factors.
( )P/C Committee on Equity and Fairness presentation to the Colorado Division of Insurance stakeholder meeting on Unfair Discrimination in Insurance Practices, focusing on private passenger auto insurance.
( )Mike Woods, member of the Property and Casualty Committee on Equity and Fairness, presented to the NAIC’s Casualty Actuarial and Statistical (C) Task Force (CASTF) on the findings of the committee's issue brief, "Approaches to Identify and/or Mitigate Bias in Property and Casualty Insurance."
( )Senior Casualty Fellow Rich Gibson presented to the NAIC’s Casualty Actuarial and Statistical (C) Task Force (CASTF) on behalf of the Casualty Practice Council (CPC) and Committee on Property and Liability Financial Reporting (COPLFR) on recent publications and future work products expected for release in 2023.
( )Ronald Wilkins, vice chairperson of the Property and Casualty Risk-Based Capital (P/C RBC) Committee, presented an update to NAIC's Property and Casualty Risk-Based Capital (E) Working Group on the committee's upcoming report on Underwriting Factors and Investment Income Adjustment Factors.
( )Digital assets and their roles in cybercrime continue to increase. This paper seeks to provide a baseline understanding of digital assets for insurance industry practitioners whose lines of business may interact with digital assets and highlight recent trends surrounding their use within cybercrime.
( )The P/C Extreme Events and Property Lines Committee submitted a comment letter to the California Department of Insurance for the Department's upcoming public workshop on Catastrophe Modeling and Insurance.
( )The Committee on Property Liability and Financial Reporting (COPLFR) submitted a comment letter to the Internal Revenue Service (IRS) on an exposure on Micro-Captive Listed Transactions and Micro-Captive Transactions of Interest.
( )The Casualty Practice Council submitted a comment letter to the Actuarial Standards Board (ASB) on the second exposure draft of ASOP No. 29, Expense Provisions in Property/Casualty Insurance Ratemaking.
( )The Committee on Property Liability and Financial Reporting (COPLFR) submitted a comment letter to the National Association of Insurance Commissioners (NAIC) Casualty Actuarial and Statistical (C) Task Force proposing a modification to the Annual Statement blank that would eliminate the distinction between “short-tailed” and “long-tailed” lines of business in Schedule P.
( )The Committee on Property Liability and Financial Reporting (COPLFR) and the Health Practice Council’s Committee on Financial Reporting and Solvency submitted a comment letter to the National Association of Insurance Commissioners (NAIC) Blanks Working Group on proposed exposure to add instructions for the appointed actuary and qualified actuary contacts to the Jurat electronic only section in order to address any actuarial questions.
( )The Workers' Compensation Committee released an issue brief providing an overview of medical marijuana laws and court cases—and the impact they have on the workers’ compensation system—to help actuaries navigate the complicated legal landscape.
( )Ronald Wilkins, Vice Chairperson of the Academy's Property and Casualty Risk-Based Capital (P/C RBC) Committee, presented preliminary results to the NAIC's Property and Casualty Risk-Based Capital (E) Working Group to recalibrate the reserve and premium risk charges, notably, for investment income.
( )Casualty Practice Council (CPC) Vice Chairperson, Dee Dee Mays and Committee on Property and Liability Financial Reporting (COPLFR) Chairperson Stephen Koca 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 2023.
( )The Life Practice Council, Health Practice Council, and Casualty Practice Council submitted a joint comment letter to the Colorado Division of Insurance on its recent exposure of a draft regulation on Governance and Risk Management Framework Requirements for Life Insurance Carriers’ Use of External Consumer Data and Information Sources, Algorithms, and Predictive Models: the first exposed implementation regulation for Colorado Revised Statute (C.R.S.) § 10-3-1104.9, signed into law on July 6, 2021.
( )The Life Practice Council and the Casualty Practice Council submitted a joint comment letter to the National Association of Insurance Commissioner’s Big Data and Artificial Intelligence (H) Working Group on its Artificial Intelligence/Machine Learning Model and Data Regulatory Questions Exposure.
( )The latest update to the Committee on Cyber Risk’s Cyber Risk Toolkit includes a revised section on ransomware. The toolkit, released originally in 2021, is updated regularly with the latest information on cyber risk and cybersecurity-related developments.
( )The Committee on Property and Liability Financial Reporting's practice note on Statements of Actuarial Opinion on P/C Loss Reserves (2022), including 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.
( )Committee on Cyber Risk comments to the U.S. Department of the Treasury and Federal Insurance Office (FIO) request for comment (RFC) on cyber insurance and catastrophic cyber incidents in order to inform a joint assessment being conducted by the Department of the Treasury's Federal Insurance Office (FIO) and the Department of Homeland Security's Cybersecurity and Infrastructure Security Agency (CISA).
( )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 “Autonomous Vehicles and Cyber Risk" section. The toolkit will continue to be updated periodically to reflect new and emerging work from the task force.
( )Casualty Practice Council (CPC) Outgoing Vice President, Lauren Cavanaugh 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 2023.
( )The Committee on Property and Liability Financial Reporting (COPLFR) released the update to the Risk Transfer Practice Note (last updated in 2007). The Risk Transfer Practice Note includes definitions and relationships between regulatory treatments of risk transfer, e.g., U.S. statutory, U.S. GAAP, IFRS 4 and IFRS 17, and Solvency II; the process for determination of risk transfer; current techniques used in practice for determining risk transfer; and risk transfer documentation.
( )Comment letter from the Casualty Practice Council, submitted to the Actuarial Standards Board (ASB) on the exposure draft of ASOP 41, Actuarial Communications.
( )Comment letter from the Casualty Practice Council, submitted to the Actuarial Standards Board (ASB) on the exposure draft of ASOP 20, Discounting of Property/Casualty Unpaid Claim Estimates.
( )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.
( )Workers' Compensation Committee issue brief discussing the growing importance of telehealth for workers' compensation insurers, variations across different states, and 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, testified 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," providing a verbal presentation on the recommended actuarial considerations for determining unintentional bias in auto insurance.
( )Racial Equity Task Force issue brief discusses 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.
( )Comment Letter to the Senate Banking, Housing and Urban Affairs on NFIP
( )The Academy's Extreme Events and Property Lines Committee published a paper, Insurance Linked Securities and Catastrophe Bonds, a public policy issue paper.
( )Comment letter from the Casualty Practice Council, submitted 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. This toolkit is intended to be a resource for interested readers of the general public, public policymakers, the actuarial profession, the insurance sector, and other stakeholders. 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. ( )
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 Academy's 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's practice note on Statements of Actuarial Opinion on P/C Loss Reserves (2021), including 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.
( )Workers' Compensation Committee 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 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 on behalf of CPC and COPLFR on the recent publications and future work products expected for release in early 2022.
( )Casualty Vice President Lauren Cavanaugh presented [MM1] 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.
( )Climate Change Joint Task Force comments to the U.S. Department of the Treasury and Federal Insurance Office (FIO) request for information (RFI) relating to regarding FIO's future work relating to the insurance sector and climate-related financial risks.
( )David Traugott, Chairperson of the Academy's Property and Casualty Risk Based Capital (P/C RBC) Committee, presented an update on premium risk and Investment Income Adjustment to the NAIC's P/C RBC (E) Work Group.
( )The Committee on Property and Liability Financial Reporting (COPLFR) sent an updated version of its comment letter to the National Association of Insurance Commissioners (NAIC) Blanks Working Group on proposed changes to P/C annual statements. Many of the Committee’s previous comments stand unchanged but were edited in response to the modified exposure draft.
( )Medical Professional Liability Committee issue brief on considerations stemming from the COVID-19 pandemic related to changes in health care delivery, the regulatory environment, and coverage and exposure consideration.
( )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 toolkit is intended to be a resource for interested readers of the general public, public policymakers, the actuarial profession, the insurance sector, and other stakeholders. Cyber risk issues have been in the news regularly recently, and those using the toolkit can benefit from the perspectives offered in the papers.
( )The Committee on Property and Liability Financial Reporting (COPLFR) sent a comment letter to the National Association of Insurance Commissioners (NAIC) Casualty Actuarial and Statistical (C) Task Force on proposed changes to P/C annual statements. The letter addresses such areas as definition of exposure, calendar date alignment, and existing alternative data sources.
( )Automobile Insurance Committee comments to the U.S. Department of the Treasury and Federal Insurance Office (FIO) request for information (RFI) relating to regarding FIO's future work relating to monitoring the availability and affordability of automobile (auto) insurance.
( )The Committee on Property and Liability Financial Reporting (COPLFR) sent a comment letter to the National Association of Insurance Commissioners (NAIC) Blanks Working Group on proposed changes to P/C annual statements. The letter addresses such areas as definition of exposure, calendar date alignment, and existing alternative data sources.
( )The Climate-Related Financial Disclosures Work Group and the Actuaries Climate Index/Actuaries Climate Risk Index Work Group comments to the New York State Department of Financial Services on financial risks related to climate change.
( )Academy President Tom Campbell submitted a letter to the NAIC Special Committee on Race and Insurance on proposed charges regarding P/C and life insurance issues related to Workstream Three (property/casualty) and Workstream Four (life insurance and annuities).
( )David Traugott, Chairperson of the Academy's Property and Casualty Risk Based Capital (P/C RBC) Committee, presented an update on P/C RBC underwriting factors experience to the NAIC's P/C RBC (E) Work Group.
( )The Automobile Insurance Committee's issue brief on automobile insurance pricing that explores how increased availability of data and technology has resulted in lower premiums paid by customers. It also examines how customers can impact the prices they pay based on factors they control.
( )The Academy's Casualty Practice Council submitted comments to the Actuarial Standards Board regarding the setting assumptions ASOP.
( )The Casualty Practice Council submitted a comment letter on Colorado Senate Bill 21-169 which is aimed to protect consumers from unfair discrimination in insurance practices. The comments addressed potential concerns of the legislation’s impact on casualty insurance.
( )The Automobile Insurance Committee's issue brief on considerations that might be made by actuaries and regulators overseeing automobile insurance in the interim period where the duration, size of the data impact, and state variations due to COVID-19 are yet unknown.
( )Senior Casualty Fellow Rich Gibson presented at the Midwest Actuarial Forum’s Virtual Spring Meeting Webinar, giving an overview of recent property/casualty public policy developments.
( )The Academy’s Property and Casualty Risk-Based Capital Committee issued a report to the National Association of Insurance Commissioners’ (NAIC) Property and Casualty Risk-Based Capital (E) Working Group in which it presents indicated Line of Business Underwriting Risk Factors for the P&C RBC Formula.
( )The Academy’s Cyber Risk Task Force sent a letter offering its assistance in relation to the challenges and opportunities present in the current system of regulating and overseeing responses to cyber breaches of personally identifiable information along with a copy of its report, Cyber Breach Reporting Requirements: An Analysis of Laws Across the United States, to Treasury Secretary Janet Yellen and the directors (or acting directors) of the Office of Terrorist Financing and Financial Crimes; the Federal Insurance Office; the Office of Domestic Finance; and the Consumer Financial Protecti ( )
Presentation made to the National Association of Insurance Commissioners Casualty Actuarial and Statistical (C) Task Force at a webinar as part of its “Book Club” series to facilitate regulator training and the sharing of expertise on predictive analytics on the topic of Race and Insurance. Academy presenters were: Dorothy Andrews, chairperson of the Data Science and Analytics Committee (DSAC), Roosevelt Mosley, DSAC member and member of the Casualty Practice Council (CPC) Racial Equity Task Force, and Lauren Cavanaugh CPC vice president.
( )Senior Casualty Fellow Rich Gibson participated in a virtual panel discussion Monday at the National Conference of State Legislatures’ Executive Committee Task Force on insurance regarding business interruption coverage. Gibson provided a perspective on actuarial considerations important to the success of any future public or private program designed to support coverage.
( )The Committee on Property and Liability Financial Reporting's practice note on Statements of Actuarial Opinion on P/C Loss Reserves (2020), including 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.
( )The Casualty Practice Council filed comments on the Actuarial Standards Board exposure draft, Using Models Outside the Actuary's Expertise (Property and Casualty).
( )The Committee on Property and Liability Financial Reporting issued an updated and expanded set of questions and answers regarding the impact of the coronavirus pandemic on P/C financial reporting.
( )The Academy's Cyber Risk Task Force responded to the U.S. Treasury Department's questions about the applicability of the Terrorism Risk Insurance Act (TRIA) to cyber-attacks that aim at targets outside the U.S. but cause insured losses in the U.S. The task force also noted the potential difficulty of meeting TRIA's requirement for an official finding that the source of an attack was a non-governmental terrorist organization.
( )VP-Casualty Lauren Cavanaugh addressed the topic of Race in Insurance Underwriting in a meeting convened by the National Council of Insurance Legislators. Her remarks focused on relevant ASOPs and the issue of quality assurance for external data used in predictive models.
( )Lauren Cavanaugh, VP-Casualty, submitted written comments on proposed legislation to provide federal government backing for future pandemic risk coverage in Business Interruption insurance.
( )The Academy’s Casualty Practice Council (CPC) and Committee on Property and Liability Financial Reporting (COPLFR) presented an update on CPC and COPLFR activity to the NAIC’s Casualty Actuarial and Statistical Task Force (CASTF), including pandemic risk insurance, workers’ compensation, automobile insurance, and cyber risk, and gave a preview of December’s Seminar on Effective P/C Loss Reserve Opinions.
( )Academy Casualty Vice President Lauren Cavanaugh addressed the NAIC’s Special Committee on Race and Insurance, speaking to her prepared comments previously submitted, which covered actuarial guidance, disparate impact, and data quality. She recommended consideration of independent organizations to examine and certify third-party data for hidden biases, accuracy, and relevance. She also described for commissioners and regulators several actuarial standards of practice (ASOPs) relevant to actuarial practice in areas being looked at by the special committee.
( )States have moved to develop their own laws given there is a lack of federal regulation of notice requirements to consumers in the event of cyber breaches. The purpose of this paper is to provide a systematic comparison of the existing regulations with respect to data breaches involving personally identifiable information across the states. The National Association of Insurance Commissioners (NAIC) Insurance Data Security Model Law is also examined.
( )Updated monograph on the National Flood Insurance Program and related issues, with new data from the 2019 hurricane season.
( )A new paper has been published, An Overview for P/C Insurers' Audit Committees: Effective Use of Actuarial Loss Reserve Expertise. Produced by the Committee on Property and Liabi8lity Financial Reporting, this document replaces an earlier paper on the same subject.
( )The Committee on Property and Liability Financial Reporting has submitted comments to the NAIC's Actuarial Opinion Working Group, suggesting some changes to the wording the Financial Examiners Handbook.
( )Senior Casualty Fellow Rich Gibson submitted comments on the latest draft of the National Association of Insurance Commissioners' proposed white paper on Regulatory Review of Predictive Models.
( )Issue brief from the Workers' Compensation Committee rdiscussing the recent actions of state governments, due to the COVID-19 pandemic, to expand their presumption laws to include additional diseases/injuries experienced during employment, but also to whom the presumptions apply.
( )The Casualty Practice Council commented on H.R. 7011, a proposal to facilitate expansion of Business Interruption coverage to include future pandemic events.
( )Presumptive Benefits in Workers’ Compensation: Emerging Issues Before and After COVID-19, an issue brief released by the Workers’ Compensation Committee, covers what workers’ compensation.
( )The Committee on Property and Liability Financial Reporting has issued a set of questions and answers about the impact of the coronavirus pandemic on P/C financial reporting.
( )The Academy's Cyber Risk Task Force commented to the Government Accountability Office on the question of how cyber-attacks may be addressed under the Terrorism Risk Insurance Act.
( )Academy senior casualty fellow Rich Gibson presented an update on the Actuaries Climate Index and the Actuaries Climate Risk Index at the Casualty Actuarial Society's spring national meeting.
( )The Committee on Property and Liability Financial Reporting submitted comments to the National Association of Insurance Commissioners, regarding proposed instructions for the 2020 Statement of Actuarial Opinion for P&C companies.
( )The Casualty Practice Council comments on the proposed Pandemic Risk Reinsurance Program being considered by the U.S. House of Representatives Financial Services Committee.
( )The Committee on Property and Casualty Liability Financial Reporting filed comments on the CAS/SOA proposed new form for P/C Appointed Actuaries to report their continuing education activities
( )The Committee on Property and Liability Financial Reporting sent a comment letter to the NAIC's Statutory Accounting Principles Working Group, continuing a dialogue about financial reporting of certain retroactive reinsurance transactions.
( )The Casualty Practice Council's comments to the Actuarial Standards Board regarding a proposed new ASOP on rate-filings by property/casualty insurers.
( )The Committee on Property and Liability Financial Reporting's practice note on Statements of Actuarial Opinion on P/C Loss Reserves (2019), including frequently asked questions about new requirements for Appointed Actuaries.
( )The Extreme Events and Property Lines Committee responded to the NAIC's Catastrophic Risk Subgroup's request for additional information about wildfires.
( )Presentation on Wildfires: Lessons Learned, to the NAIC’s P/C RBC Committee’s Catastrophe Risk Subgroup.
( )Senior casualty fellow Rich Gibson's comments to the NAIC's Casualty Actuarial and Statistical Task Force on the latest draft of a proposed white paper on Regulatory Review of Predictive Models
( )The Casualty Practice Council's comment letter to the U.S. Senate Committee on Banking, Housing, and Urban Affairs regarding reauthorization of the Terrorism Risk Insurance Act. A similar letter was sent to the U.S. House Committee on Financial Services.
( )The Casualty Practice Council's comment letter to the U.S. House Committee on Financial Services regarding reauthorization of the Terrorism Risk Insurance Act. A similar letter was sent to the U.S. Senate Committee on Banking, Housing, and Urban Affairs.
( )Committee on Property and Liability Financial Reporting letter to the NAIC’s Actuarial Opinion Working Group on Draft Regulatory Guidance (2 of 2).
( )Committee on Property and Liability Financial Reporting letter to the NAIC’s Actuarial Opinion Working Group on Draft Regulatory Guidance (1 of 2).
( )Academy President Shawna Ackerman's comments to the NAIC's Blanks Working Group regarding proposed changes in qualifications for casualty actuaries who file statements of actuarial opinion.
( )The Academy's Casualty Practice Council's comments on the proposed revision of the ASOP on 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.
( )Seminar on Predictive Modeling at the NAIC's Insurance Summit in Kansas City, Mo
( )Academy comments on NAIC Casualty Actuarial and Statistical (C) Task Force exposure draft of proposed P/C Statement of Actuarial Opinion Instructions.
( )Academy representatives described the Actuaries Climate Index and the proposed Actuaries Climate Risk Index at a meeting of the Casualty Actuaries of Greater New York
( )Cyber Risk Task Force resource guide to help actuaries understand cyber risk and related insurance issues
( )COPLFR comment letter to the NAIC regarding ambiguity in how companies should report retroactive reinsurance and other loss portfolio transfer matters.
( )Casualty Practice Council letter to the Actuarial Standards Board on the fourth exposure draft of a proposed new actuarial standard of practice for modeling.
( )P/C RBC Committee scope letter to NAIC outlining project for new assessment of several elements of underwriting risk in the risk-based capital formula for P/C insurers.
( )Presentation by Academy senior casualty fellow, Rich Gibson, at Tulane University conference on environmental law regarding the Actuaries Climate Index.
( )A comment letter to the Casualty Actuarial and Statistical (C) Task Force (CASTF) from Mary D. Miller, on behalf of the American Academy of Actuaries, pertaining 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. ( )
A comment letter from Mary D. Miller, on behalf of the American Academy of Actuaries, 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 casualty fellow Rich Gibson's comments to the NAIC's Casualty Actuarial and Statistical Task Force regarding exposure draft of white paper on Regulatory Review of Predictive Models. ( )
Committee on Property and Liability Financial Reporting Statements of Actuarial Opinion on P/C Loss Reserves practice note. ( )
Letter from Academy Past President Mary D. Miller to NAIC with comments on CASTF’s draft 3-year experience proposal. ( )
Travel Insurance Task Force monograph on travel insurance from an actuarial perspective. ( )
Committee on Property and Liability Financial Reporting letter offering comments on the California Department of Insurance’s proposed changes to reporting requirements for large deductibles in workers’ compensation plans. ( )
Extreme Events and Property Lines Committee monograph on the development of catastrophe models and the uses of catastrophe model output in actuarial tasks. ( )
Letter from Past Academy President Mary D. Miller 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). ( )
Extreme Events & Property Lines Committee questions for regulators on private flood insurance, focusing on regulatory issues for consideration as flood insurance coverage moves from a federal program to private coverage, for NAIC review. ( )
Letter from Past Academy President Mary D. Miller 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.
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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. ( )
Joint P&C/Health Bond Factors Analysis Work Group discussion draft of a report to the NAIC’s Joint Health RBC and P/C RBC Drafting Group on bond factors on risk charges for speculative grade (SG) bonds. ( )
Letter from Academy Past President Mary D. Miller to the NAIC on the Casualty Actuarial and Statistical Task Force exposure draft containing potential changes to the P/C Statement of Actuarial Opinion Instructions to address the CASTF’s “Attestation” charge. ( )
Comment letter from Senior Casualty Fellow Kevin Ryan to the International Association of Insurance Supervisors on climate change risks to the insurance sector. ( )
Committee on Property & Liability Financial Reporting practice note on retained risk.
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Presentation to the NAIC Climate Change and Global Warming (C) Working Group on the Actuaries Climate Index and the Actuaries Climate Risk Index.
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Workers’ Compensation Committee discussion of comparisons between states of workers’ comp rates. ( )
Senior Property and Casualty Fellow Kevin Ryan’s comments on legislation to prohibit the use of education, occupation, gender, and marital status in automobile insurance ratings. ( )
Joint P&C/Health Bond Factors Analysis Work Group discussion draft of a report to the NAIC’s Joint Health RBC and P/C RBC Drafting Group on bond factors.
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COPLFR practice note exposure draft on retained risk. Exposed for comment until March 30. ( )
Committee on Property and Liability Financial Reporting Statements of Actuarial Opinion on P/C Loss Reserves practice note.
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Casualty Practice Council letter to the U. S. House of Representatives on pending flood insurance legislation. ( )
Committee on Property and Liability Financial Reporting comment letter to NAIC's Actuarial Opinion Working Group on the impact of life insurance Valuation Manual changes on P/C insurers' Statements of Actuarial Opinion that include accident and health (A&H) and long-term care (LTC) lines of business. ( )
The Committee on Property and Liability Financial Reporting’s comment letter to the NAIC’s Statutory Accounting Working Group, questioning the proposed new definition of reinsurance risk transfer in SSAP No. 62R: Property and Casualty Reinsurance. ( )
Casualty Practice Council comment letter to members of the U.S. House of Representatives urging reauthorization and revision of the National Flood Insurance Program. ( )
Casualty Practice Council comment letter to the U.S. Senate Committee on Banking, Housing, and Urban Affairs urging reauthorization and revision of the National Flood Insurance Program. ( )
Comment letter submitted jointly by the P/C RBC Committee and the Health Solvency Subcommittee regarding changes to corporate bond factors being considered by the NAIC’s Investment Risk-Based Capital Working Group. ( )
COPLFR's comment letter to the NAIC's Title Insurance Financial Reporting Working Group regarding proposed changes to reporting of reserves in the title statement of actuarial opinion ( )
Capitol Hill Briefing presentation based on the Flood Insurance Work Group's recent monograph, The National Flood Insurance Program: Challenges and Solutions.
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Casualty Practice Council presentations on predictive modeling at a National Association of Insurance Commissioners’ Insurance Summit in Kansas City.
( )Casualty Practice Council comments on the ASB's third exposure of the proposed Actuarial Standards of Practice (ASOP), Estimating Future Costs for Prospective Property/Casualty Risk Transfer and Risk Funding. ( )
Flood Insurance Work Group monograph on the National Flood Insurance Program (NFIP) that examines key issues surrounding the NFIP, including rising sea levels, the differences between the NFIP and private-sector insurance, and its role in flood management and recovery after catastrophic events. ( )
Workers' Compensation Committee comment letter to California's Offfice of Self-Insured Plans regarding guidance on actuarial reports on self-insured workers' compensation plans. ( )
Academy Senior Casualty Fellow Jim MacGinnitie presented the Actuaries Climate Index and Actuaries Climate Risk Index to the Inter-Agency Forum on Climate Change Impacts and Adaptations meeting at NASA headquarters in Washington. ( )
Individual and Small Group Markets Committee comments to the U.S. House Committee on Education and the Workforce on H.R. 1101, the Small Business Health Fairness Act, related to association health plans.
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Committee on Property and Liability Financial Reporting Statements of Actuarial Opinion on P/C Loss Reserves practice note. ( )
Joint Property and Casualty Risk-Based Capital Committee and Health Solvency Subcommittee letter to the NAIC's Operational Risk Subgroup on proposed changes to the operational risk factor in risk-based capital (RBC) formulas for property/casualty and health. ( )
Property and Casualty Risk-Based Capital Committee 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. ( )
Casualty Practice Council (CPC) and Committee on Property and Liability Financial Reporting (COPFLR) letter to the Actuarial Standards Board commenting on the third exposure draft for the proposed Actuarial Standard of Practice (ASOP) on modeling. ( )
Financial Reporting Committee (FRC) and Committee on Property and Liability Financial Reporting (COPLFR) comments to the SEC on its concept release on the modernization of certain disclosure requirements in Regulation S-K. ( )
Comment letter from the Committee on Property and Liability Financial Reporting (COPLFR) to the NAIC noting inconsistencies in the instructions for certification of loss reserves for international insurers. ( )
Casualty Practice Council and P/C Extreme Events Committee letter to U.S. Senate Banking, Housing and Urban Affairs Committee on HR 2901, The Flood Insurance Market Parity and Modernization Act, concerning an expanded role for private insurers in the flood insurance marketplace. ( )
Casualty Practice Council and P/C Extreme Events Committee letter to U.S. House of Representatives on HR 2901, The Flood Insurance Market Parity and Modernization Act, concerning an expanded role for private insurers in the flood insurance marketplace. ( )
Casualty Practice Council comments on the Actuarial Standards Board's (ASB) second exposure draft of the proposed actuarial standards of practice for Property/Casualty Ratemaking. ( )
Comments to the NAIC executive committee by the Price Optimization Task Force on changes made to the proposed Price Optimization White Paper. ( )
Committee on Property and Liability Financial Reporting (COPLFR) comments to the NAIC’s Actuarial Opinion (C) Working Group on the Actuarial Opinion Instructions. ( )
Senior Property/Casualty Fellow Jim MacGinnitie comments to the NAIC/IAIABC Joint (C) Working Group on the 2015 Workers’ Compensation Large Deductible Study draft. ( )
Committee on Property and Liability Financial Reporting (COPLFR) comments to the NAIC’s Statutory Principles (E) Working Group on the proposed Clarification of Accounting Treatment for Fees Incurred for Salvage/Subrogation Recoveries. ( )
Committee on Property and Liability Financial Reporting (COPLFR) comments to the NAIC/IAIABC Joint (C) Working Group on the 2015 Workers’ Compensation Large Deductible Study draft. ( )
Committee on Property and Liability Financial Reporting Statements of Actuarial Opinion on P/C Loss Reserves practice note. ( )
Price Optimization Task Force comments 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 testimony at the National Association of Insurance Commissioners’ (NAIC) public hearing on automobile insurance pricing. ( )
P/C Risk-Based Capital Committee comments to the NAIC’s Capital Adequacy Task Force on the ongoing examination of the bond risk factors used in the P/C risk-based capital (RBC) formula. ( )
Price Optimization Task Force comments to the NAIC’s Casualty Actuarial and Statistical Task Force (CASTF) on its Price Optimization White Paper that was exposed on Oct. 13. ( )
Price Optimization Task Force comments to the NAIC’s Casualty Actuarial and Statistical Task Force (CASTF) on its Price Optimization White Paper, which was exposed at the NAIC’s summer national meeting. ( )
The Financial Reporting Committee, Pension Accounting Committee, Casualty Committee on Property and Liability Financial Reporting, Health Financial Reporting and Solvency Committee, and Life Financial Reporting Committee comments on the Public Company Accounting Oversight Board’s (PCAOB) “The Auditor's Use of the Work of Specialists” consultation paper. ( )
Price Optimization Task Force comments to NAIC’s Casualty Actuarial and Statistical Task Force (CASTF) on the recommendations section of its “Price Optimization White Paper.” ( )
Terrorism Risk Insurance Subcommittee comments to NAIC’s Blanks Working Group on its terrorism risk insurance supplement and instructions draft. ( )
The Casualty Practice Council, Health Practice Council, Life Practice Council, and Risk Management and Financial Reporting Council comments to the National Association of Insurance Commissioners (NAIC) on its Financial Condition (E) Committee questionnaire that examines the reasons for single-state solutions to help regulators develop a process for creating a uniform framework for state-based regulation. ( )
Casualty Practice Council presentation on price optimization at the National Conference of Insurance Legislators Summer Meeting. ( )
Terrorism Risk Insurance Subcommittee comments to NAIC on its “Terrorism Risk Insurance Supplement and Instructions” draft. ( )
Price Optimization Task Force comments to NAIC’s Casualty Actuarial and Statistical Task Force (CASTF) on the second exposure of its “Price Optimization White Paper.” ( )
Academy comments to NAIC’s Casualty Actuarial and Statistical Task Force on its review of the Society of Actuaries’ (SOA) general insurance track request. ( )
Catastrophe Risk Subcommittee of the P/C Risk-Based Capital (RBC) Committee comments to the NAIC’s Catastrophe Risk Subgroup on the proposal to revise the calculation of catastrophe risks R6 and R7 for the 2015 reporting year. ( )
RBC Catastrophe Risk Subcommittee comments to NAIC’s Catastrophe Risk (E) Subgroup on revised Form PR026 for the 2015 reporting year. ( )
Price Optimization Task Force comments to NAIC’s Casualty Actuarial and Statistical Task Force (CASTF) on its Price Optimization White Paper. ( )
Casualty Practice Council comments to NAIC’s Casualty Actuarial and Statistical Task Force on the CPC’s process for approving member actuaries to sign P/C NAIC opinions. ( )
Academy President Mary D. Miller presentation at NAIC’s Center for Insurance Policy and Research (CIPR) event on the risk of pandemics to the insurance industry. ( )
P/C Risk-Based Capital (RBC) Committee comment letter to the National Association of Insurance Commissioners’ Property/Casualty Risk-Based Capital Working Group on methods of properly quantifying reserve and premium underwriting factors. ( )
The Terrorism Risk Insurance Subcommittee of the Casualty Practice Council sent a comment letter to the Federal Insurance Office of the Department of the Treasury regarding the process by which terrorist events are certified for purposes of triggering the Terrorism Risk Insurance Program (as recently amended). ( )
Casualty Practice Council comment letter to Actuarial Standards Board on exposure draft of a proposed Actuarial Standard of Practice (ASOP) on modeling. ( )
Casualty Practice Council comment letter to Actuarial Standards Board on exposure draft of a proposed Actuarial Standard of Practice on Property/Casualty Ratemaking. ( )
Casualty Practice Council comments on Casualty Actuarial Society’s statement of principles on P&C ratemaking exposure draft. ( )
Life Capital Adequacy Committee, Property and Casualty Risk-Based Capital Committee, and Health Solvency Work Group comments to the National Association of Insurance Commissioners (NAIC) on operational risk issues. ( )
Committee on Property and Liability Financial Reporting 2014 Practice Note on Statements of Actuarial Opinion on P/C Loss Reserves. ( )
Committee on Property & Liability Financial Reporting (COPLFR) overview providing information on effective use of actuarial loss reserves expertise by audit committees and boards. ( )
Casualty Practice Council letters to U.S. Senate and House leaders urging reauthorization of the Terrorism Risk Insurance Act (TRIA), which is set to expire on Dec. 31. ( )
Presentation by Mike Angelina, the Academy’s immediate past vice-president for casualty, to the Casualty Actuarial and Statistical (C) Task Force (CASTF) at the Fall NAIC Meeting on the public policy implications raised by the practice of price optimization in ratemaking. ( )
P/C Risk-Based Capital Committee comment letter to the National Association of Insurance Commissioners on the Reinsurance Association of America's (RAA) updated proposal on reinsurance credit risk factors. ( )
Presentation to the NAIC’s Climate Change and Global Warming Working Group on the development of an Actuaries Climate Index and Actuaries Climate Risk Index. ( )
Casualty Practice Council comments to U.S. House leaders on the TRIA Reform Act of 2014 in support of reauthorizing the terrorism risk insurance program and maintaining a government backstop for a peril that is difficult to fully insure in the private market. ( )
Committee on Property and Liability Financial Reporting comment letter to the NAIC's Casualty Actuarial and Statistical Task Force on proposed changes to IRIS ratios 11, 12, and 13, which would add adjusting and other expenses to the basis for calculating these ratios. ( )
Presentation at National Conference of Insurance Legislators Summer Meeting on the evolving role of the private market in providing flood insurance. ( )
Casualty Practice Council comments to Senate leaders on the Terrorism Risk Insurance Reauthorization Act of 2014 in support of reauthorizing the terrorism risk insurance program and maintaining a government backstop for a peril that is difficult to fully insure in the private market. ( )
Casualty Practice Council comments on Casualty Actuarial Society’s Statement of Principles on P&C Ratemaking revised draft. ( )
Auto Insurance Committee comments to the Federal Insurance Office on issues surrounding monitoring the availability and affordability of auto insurance. This includes how to define affordability and what measurements to use when monitoring to what extent low- and moderate-income consumers have access to affordable auto insurance. ( )
Medical Professional Liability Insurance Committee fact sheet on medical professional liability exposures. ( )
P/C Risk-Based Capital Committee comment letter to the National Association of Insurance Commissioners on the Reinsurance Association of America's updated proposal on credit risk factors. ( )
Casualty Practice Council letter to NAIC's CASTF on objective actuarial measurement criteria that could be used by regulators to make a recommendation regarding the ability of SOA Fellows in General Insurance to sign P&C Statements of Actuarial Opinion.
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Presentation by Frank Todisco, chief actuary of the Government Accountability Office, at an Academy Capitol Forum webinar on the GAO’s mission, the role of the actuary at the agency, and some of its selected work areas. ( )
Natural Catastrophe Subcommittee letter to U.S. House members on repealing some premium increases mandated by the Biggert-Waters Flood Insurance Reform Act of 2012. ( )
Academy comments to NAIC’s Joint Qualified Actuary (A/B/C) Subgroup on definitions of “qualified actuary” as prescribed by the NAIC. ( )
Letter from Academy RBC work groups to the NAIC SMI RBC Subgroup regarding the NAIC’s Dec. 9 Operational Risk Proposal. ( )
Letter to U.S. Senators on modifying the Biggert-Waters Flood Insurance Reform Act of 2012 to delay implementation of some premium increases mandated by the law. ( )
Committee on Property and Liability Financial Reporting 2013 practice note on statements of actuarial opinion on P&C loss reserves. ( )
Casualty Practice Council presentation by Academy Vice President Mike Angelina to the NAIC’s P/C Risk-Based Capital Working Group on underwriting risk charges in NAIC P/C risk-based capital. ( )
P/C Risk-Based Capital Committee comment letter to the National Association of Insurance Commissioners on the Reinsurance Association of America's discussion draft on reinsurance credit risk. ( )
Terrorism Risk Insurance Subcommittee comment letter to the Federal Insurance Office on the long-term availability and affordability of insurance for terrorism risk. ( )
Presentation to the NAIC’s Casualty Actuarial & Statistical Task Force on the Casualty Practice Council’s application process for non-CAS members to be approved to sign NAIC P/C Opinions. ( )
Presentation to National Conference of Insurance Legislators Summer Meeting on the future of the National Flood Insurance Program following the 2012 passage of the Biggert-Waters Flood Insurance Reform Act. ( )
Extreme Events Committee comment letter to the Federal Insurance Office on the current state of the market for natural catastrophe insurance. ( )
COPLFR comment letter to the California Office of Self Insurance Plans concerning proposed final regulations on the state’s workers’ compensation self-insurance plans. ( )
Casualty Practice Council comment letter to the Bank for International Settlements on its mortgage insurance document. ( )
Casualty Practice Council presentation to the NAIC's Center for Insurance Policy and Research Brunch event on insurance for acts of terrorism. ( )
Property/Casualty Risk-Based Capital Committee report to the NAIC’s Property/Casualty Risk-Based Capital Working Group on the reinsurance credit risk charge in NAIC Property/Casualty Risk-Based Capital. ( )
C1 Work Group presentation regarding C1 RBC model construction and the development of basic C1 bond factors to the NAIC C1 Factor Review Subgroup. ( )
Committee on Property & Liability Financial Reporting comment letter to the NAIC’s Blanks Working Group on its proposed changes to move all force-placed or lender-placed business from the current line to the write-in line of Schedule P. ( )
Councils' letter to NAIC's Joint Qualified Actuary (A/B/C) Subgroup on the subgroup's two new charges related to defining a "qualified actuary" and recommending a process to address "unprofessional" actuarial work. ( )
This report is the product of Phase I of a multi-phase project commissioned by the Casualty Actuarial Society (CAS), Canadian Institute of Actuaries, Society of Actuaries, and the American Academy of Actuaries' Property/Casualty Extreme Events Committee and prepared by Solterra Solutions, with input from the CAS's Climate Index Working Group. With this project, the actuarial organizations are responding to the emerging risk of climate change by collaborating to recommend, support, and perform research on climate change and assess the potential risk management implications for the insurance industry. ( )
Committee on Property and Liability Financial Reporting's 2012 practice note on Statements of Actuarial Opinion on P&C Loss Reserves. ( )
Casualty, Life, Health, Professionalism, and Financial Reporting Council comments to the NAIC's Corporate Governance Working Group on its Proposed Responses to a Comparative Analysis of Existing U.S. Corporate Governance Requirements. ( )
P/C Risk-Based Capital Committee letter to Solvency Modernization Initiative RBC Subgroup concerning CAS Working Party research on potential improvements to the NAIC's P/C RBC framework. ( )
Flood Insurance Subcommittee comment letter to Congressional leaders concerning H.R. 4348, a bill to reform the National Flood Insurance Program and reauthorize it for five years. ( )
Actuarial Soundness Task Force special report regarding the terms “actuarial soundness” and “actuarially sound” to assist in providing the profession and the general public with specific direction on the use of these terms. ( )
Comments by Committee on Property and Liability Financial (COPLFR) to the NAIC's Blanks Working Group on its proposed 2012 Actuarial Opinion Instructions. ( )
Public policy practice groups comments to the NAIC on its draft white paper on the Solvency Modernization Initiative and insurance regulation offering suggestions encompassing RBC, ORSA, and NAIC model laws. ( )
Natural Catastrophe Subcommittee of the Extreme Events Committee comments to the National Conference of Insurance Legislators concerning natural catastrophe insurance reform options. ( )
Medical Professional Liability Insurance Committee fact sheet on the Death, Disability, and Retirement (DDR) Extended Reporting Endorsement. ( )
Medical Professional Liability Committee letter to the leadership of the U.S. House of Representatives concerning H.R. 5, which would reform the medical professional liability system and repeal the Independent Payment Advisory Board. ( )
Flood Insurance Subcommittee comment letter to the leadership of the House Financial Services Committee on H.R. 1309, a bill to reform the National Flood Insurance Program. ( )
Flood Insurance Subcommittee testimony to the Senate Banking Committee's meeting on the reauthorization of the National Flood Insurance Program. ( )
Flood Insurance Subcommittee letter to the U.S. Senate Banking, Housing & Urban Affairs Committee concerning the actuarial implications of S. 1091, "The Consumer Option for an Alternative System to Allocate Losses (COASTAL) Act." The bill would reauthorize the NFIP for an additional five years and would create a system for allocating losses between wind and water for "slab claims," in which no physical structure remains. ( )
Flood Insurance Subcommittee presentation regarding the actuarial condition of the National Flood Insurance Program (NFIP) and its future. ( )
Flood Insurance Subcommittee's monograph on the actuarial issues surrounding the history and future of the National Flood Insurance Program. ( )
Extreme Events Committee presentation on actuarial rates in the context of the National Flood Insurance Program (NFIP) before the National Conference of Insurance Legislators. ( )
Committee on Property and Liability Financial Reporting's 2011 practice note on Statements of Actuarial Opinion on P&C Loss Reserves. ( )
Property/Casualty RBC Committee update in response to the NAIC's request for assistance with the Solvency Modernization project on the NAIC's Risk-Based Capital formulas. This update discusses the Committee's progress toward providing recommendations for improving the correlation/covariance methodologies used in the P/C RBC formula. ( )
Casualty Practice Council comments to the NAIC’s Casualty Actuarial & Statistical Task Force on its proposed 2012 Actuarial Opinion Instructions. ( )
Committee on Property & Liability Financial Reporting practice note on risk transfer testing. ( )
Committee on Property and Liability Financial Reporting comments to the AICPA regarding its working draft of Audit and Accounting Guide Property and Liability Insurance Entities. ( )
Terrorism/Extreme Events Work Group monograph examining the impact of catastrophic terrorist events on group and health coverage, including medical benefits and non-medical benefits such as group life, disability, and long-term care. ( )
Environmental Liabilities Work Group monograph on reserving for asbestos, pollution, and other mass-tort liabilities. ( )
Workers' Compensation Work Group monograph on an analysis of the workers' compensation system and addresses the history of the system, economic influences, and the effect of managed care, among other issues. ( )
Catastrophe Management Work Group monograph on insurance industry catastrophe management practices. ( )
Mass Tort Work Group overview of asbestos issues and trends. ( )
Extreme Events Committee monograph addressing terrorism-risk insurance coverage in the aftermath of September 11th. ( )
Committee on Life Insurance Financial Reporting (COLIFR) report on its GAAP survey.
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Committee on Property & Liability Financial Reporting's report on its recent activities to the NAIC's Casualty Actuarial & Statistical Task Force. ( )
P/C RBC Committee letter to the NAIC's P/C RBC Working Group regarding the Academy's joint report in response to the NAIC's request for assistance with its Solvency Modernization project on its RBC formulas. ( )
Stu Mathewson, chair of the Academy's Flood Insurance Subcommittee, presentation before the National Conference of Insurance Legislators' (NCOIL) Property-Casualty Insurance Committee on the actuarial implications of the flood mapping update being done within the National Flood Insurance Program. ( )
Casualty Practice Council comments to the Wilmington Regional Association of Realtors request for input on providing a summary of the qualifications it should seek in filling an advisory board position. The association is working with the North Carolina legislature to draft a bill concerning North Carolina property insurance. The bill would, among other things, create an advisory board on which an actuary would sit. ( )
Casualty Practice Council's proposed revisions to the NAIC's Instructions for Statements of Actuarial Opinion to the NAIC's Casualty Actuarial & Statistical Task Force; comments prompted by changes to the Casualty Actuarial Society's syllabus that go into effect this year. ( )
