Casualty News

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)
Casualty VP Mike Angelina presented the NAIC’s Casualty Actuarial & Statistical Task Force at the NAIC’s National Summer Meeting with a summary of the Casualty Practice Council’s application process for non-CAS members to sign NAIC P/C Opinions. (August 24, 2013)
Casualty VP Mike Angelina presented an actuarial perspective on the future of the National Flood Insurance Program following the 2012 passage of the Biggert-Waters Flood Insurance Reform Act to state legislators at the National Conference of Insurance Legislators Summer Meeting. (July 11, 2013)
The Extreme Events Committee submitted comments to the Federal Insurance Office on the current state of the market for natural catastrophe insurance. (June 24, 2013)
The Committee on Property & Liability Financial Reporting submitted comments on the proposed final regulations governing California’s workers’ compensation self-insurance plans. (June 7, 2013)
The CAS Climate Change Committee has issued a call for essays discussing the impact of climate change on the insurance industry. This follows the committee’s Climate Index Working Group’s (CIWG) release of its Phase 1 report, Determining the Impact of Climate Change on Insurance Risk and the Global Community. The CIWG is a collaborative endeavor comprised of representatives from the Academy, the CAS, the Canadian Institute of Actuaries, and the SOA. Essays are due July 17 and are expected to be published later this year. Click here to learn more and how to submit your essay. (June 7, 2013)
The Casualty Practice Council sent a comment letter to the Bank for International Settlements on its consultative document on mortgage insurance. (May 3, 2013)
The Casualty Practice Council, represented by Chairperson Mike Angelina, presented an actuarial perspective on insurance for acts of terrorism at the NAIC's Center for Insurance Policy and Research Brunch. (April 9, 2013)
The Property/Casualty Risk-Based Capital Committee provided a 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. (March 29, 2013)
The Casualty, Health, Life, and Professionalism Councils sent comments to the NAIC’s Joint Qualified Actuary (A/B/C) Subgroup in response to its request for comments to a list of nine questions in anticipation of the Subgroup’s meeting at the NAIC Spring National Meeting on April 5, 2013. (March 28, 2013)