Casualty News

Several Academy members presented at the National Conference of Insurance Legislators’ summer meeting in Boston, July 9-13. Mike Angelina, vice president of the Casualty Practice Council, presented on the evolving role of the private market in providing flood insurance, and Senior Life Fellow Nancy Bennett offered an update on principle-based reserving (PBR) implementation that included a legislation-in-brief document and FAQs. Ellen Kleinstuber, vice-chairperson of the Pension Committee, discussed NCOIL’s proposed Pension De-Risking Model Act in the wake of the Pension Committee sending a letter to NCOIL on the proposal last week. (July 12, 2014)
The Committee on Property and Liability Financial Reporting submitted a 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 those ratios. (July 10, 2014)
The Academy released a new Essential Elements paper, Terrorism Risk Insurance, that explores the Terrorism Risk Insurance Program, how terrorism insurance is different from other types of insurance, and the case for extending the program. Essential Elements is a series designed to make actuarial analyses of public policy issues clearer to general audiences. (June 30, 2014)
The Casualty Practice Council submitted comments on the Casualty Actuarial Society’s Statement of Principles on P&C Ratemaking revised draft. (June 20, 2014)
The Auto Insurance Committee submitted comments to the Federal Insurance Office on issues surrounding monitoring the availability and affordability of auto insurance. The comments addressed the definition of affordability, and the metrics and data sources to use when monitoring the extent to which low- and moderate-income consumers have access to affordable auto insurance. (June 9, 2014)
The Medical Professional Liability Insurance Committee released a fact sheet on medical professional liability exposures as part of a series designed for actuaries and the general public. (June 6, 2014)
The P/C Risk-Based Capital Committee submitted comments to the National Association of Insurance Commissioners on the Reinsurance Association of America's updated proposal on credit risk factors. (May 12, 2014)
The Casualty Practice Council submitted comments to the NAIC's Casualty Actuarial and Statistical Task Force on objective actuarial education 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. (March 19, 2014)
The Natural Catastrophe Subcommittee submitted comments to U.S. House members on repealing some premium increases mandated by the Biggert-Waters Flood Insurance Reform Act of 2012. (February 26, 2014)
The Academy submitted comments to NAIC’s Joint Qualified Actuary (A/B/C) Subgroup on definitions of “qualified actuary” as prescribed by the NAIC. In a letter from Academy President Tom Terry, the Academy stated that it is willing to work with regulators to make qualifications for health, life, and Property/Casualty actuaries more consistent and address concerns about oversight of qualification. (February 3, 2014)
Academy RBC work groups sent a letter to the NAIC SMI RBC Subgroup outlining concerns with a Dec. 9, 2013, Capital Adequacy Task Force Operational Risk Proposal. (January 30, 2014)
The Natural Catastrophe Subcommittee submitted comments 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. (January 24, 2014)
On Jan. 16, 2014 Federal Emergency Management Agency (FEMA) experts Thomas L. Hayes, D. Andrew Neal, and moderator Stuart B. Mathewson discussed the current state of the NFIP, how the passage of the Biggert-Waters Act has affected the NFIP and its policyholders thus far, and the options available to Congress to revise Biggert-Waters to reduce its immediate effect on premiums. This webinar is part of the Academy Capitol Forum Lunchtime Guest Webinar Series. (January 16, 2014)
The Committee on Property and Liability Financial Reporting released its 2013 practice note on statements of actuarial opinion on P&C loss reserves. (December 23, 2013)
The Casualty Practice Council presented background and introductory material before the NAIC’s P/C Risk-Based Capital Working Group in conjunction with presentation by Casualty Actuarial Society updating its research on underwriting risk charges in NAIC P/C risk-based capital.
(December 15, 2013)
Are you wondering how key global and domestic stakeholders responded to the insurance contracts accounting exposure drafts and where international accounting is headed? Find out Jan. 2 as the Academy hosts a webinar during which presenters will provide a discussion of the Academy’s comments on key issues in the IASB and FASB exposure drafts on insurance contracts; an overview of concepts and concerns from globally influential bodies on those exposure drafts; and, a look at the direction of global convergence. (December 4, 2013)
Whether you’re an actuary who signs P/C loss reserve opinions or someone who assists in preparing them, the Academy’s annual seminar on P/C Effective Loss Reserve Opinions offers you an opportunity to deepen your expertise, become more efficient in your work, and differentiate yourself from others in your field. Join us on Nov. 13 and 14 in St. Louis for this highly interactive and customized seminar. Registration spaces are limited to maximize customization and robust discussion. Register today! (October 18, 2013)
The P/C Risk-Based Capital Committee submitted comments to the National Association of Insurance Commissioners on the Reinsurance Association of America's discussion draft on reinsurance credit risk. (October 8, 2013)
The Terrorism Risk Insurance Subcommittee submitted comments to the Federal Insurance Office on the long-term availability and affordability of insurance for terrorism risk. (September 16, 2013)
Two Academy practice councils made presentations at the NAIC’s Center for Insurance Policy and Research Summit. Dave Neve, chairperson of the Life Financial Soundness Risk Management Committee, made a presentation on issues related to internal modeling for PBR at the summit on behalf of the Life Practice Council. Academy Vice President Mike Angelina, representing the Casualty Practice Council, presented actuarial perspectives on both property/casualty insurance issues and the effects of current liability reporting. (August 27, 2013)