Casualty News

COPLFR sent a letter informing the NAIC's Casualty Actuarial and Statistical Task Force of the results of research into Schedule P reporting practices. The Academy's survey looked at currency conversion and changes in intercompany quotashare pooling due to acquisition or divestiture. (February 15, 2018)
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. (February 12, 2018)
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. (February 8, 2018)
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. 
(January 31, 2018)
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.
(January 12, 2018)
The Committee on Property and Liability Financial Reporting (COPLFR) released the Statements of Actuarial Opinion on P/C Loss Reserves practice note. (December 19, 2017)
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. (December 14, 2017)
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.
(November 13, 2017)
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.  (November 8, 2017)
The Committee on Property and Liability Financial Reporting sent a comment letter to the NAIC's Actuarial Opinion Working Group on the possible effects of recent life insurance Valuation Manual changes on Statements of Actuarial Opinion of P/C insurers whose reports include accident and health (A&H) or long-term care (LTC) lines of business. (October 18, 2017)
The Committee on Property and Liability Financial Reporting submitted a comment letter to the NAIC’s Statutory Accounting Working Group, expressing concerns over a proposed new definition of reinsurance risk transfer in SSAP No. 62R: Property and Casualty Reinsurance. The letter says that the proposal needs further study and evaluation. (October 4, 2017)
The Casualty Practice Council sent a letter to members of the U.S. House of Representatives urging reauthorization and reform of the National Flood Insurance Program. (August 30, 2017)
The Casualty Practice Council sent a letter to the U.S. Senate Committee on Banking, Housing, and Urban Affairs urging reauthorization and reform of the National Flood Insurance Program. Read the news release. (August 23, 2017)
The Academy released Auto Insurance in the 21st Century, which explores insurance issues surrounding autonomous vehicles, ride-sharing services, and distracted driving. The Essential Elements series is designed to make actuarial analyses of public policy issues clearer to general audiences. (August 2, 2017)
The P/C RBC Committee and the Health Solvency Subcommittee submitted a joint comment letter to the NAIC’s Investment Risk-Based Capital Working Group expressing concern about proposed changes to corporate bond factors. (July 25, 2017)
The Committee on Property and Liability Financial Reporting (COPLFR) submitted comments to the NAIC's Title Insurance Financial Reporting Working Group that raised questions about proposed changes to the way reserves are reported in the title statement of actuarial opinion. (July 14, 2017)
Academy Senior Casualty Fellow Jim MacGinnitie, and Stu Mathewson and Nancy Watkins, both members of the Flood Insurance Work Group, made a presentation on Capitol Hill based on the work group’s recent monograph, The National Flood Insurance Program: Challenges and Solutions. (June 26, 2017)
The Casualty Practice Council presented a full-day program on predictive modeling for the National Association of Insurance Commissioners’ Insurance Summit in Kansas City on May 22-26. The program ended with a public policy panel discussion led by Senior Casualty Fellow Jim MacGinnitie. (May 25, 2017)
The Casualty Practice Council submitted a comment letter 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. (April 27, 2017)
The Flood Insurance Work Group released a new public policy monograph, The National Flood Insurance Program: Challenges and Solutions. The monograph provides objective information to policy makers on differing approaches to premium setting and program financing, including both public and private financing mechanisms. It also examines improvements in flood risk assessment and modeling that are reducing the uncertainties surrounding flood coverage and could lead to greater market participation by private insurers and reinsurers. Read the news release. (April 19, 2017)