Casualty

Derek Jones, chairperson 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. 

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.

The Committee on Property and Liability Financial Reporting (COPLFR) 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.   

P/C Committee on Equity and Fairness Chairperson Lauren Cavanaugh and Vice Chairperson Susan Kent presented at the Colorado Division of Insurance’s stakeholder meeting on Unfair Discrimination in Insurance Practices, focusing on private passenger auto insurance. They cited key points, illustrative examples, and the committee’s February issue brief, Approaches to Identify and/or Mitigate Bias in Property and Casualty Insurance.

The Committee on Cyber Risk released a new chapter in the Cyber Risk Toolkit, "Digital Assets and Their Current Roles Within Cybercrime." The 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 Property and Casualty Risk-Based Capital (P/C RBC) Committee, presented preliminary results to 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.