The Workers’ Compensation Committee provided comments to the NAIC’s Workers’ Compensation Task Force, describing the difficulty of comparing rates from one state to another.( )
Past Academy President Mary D. Miller submitted two letters from the Academy to the NAIC this week—one responding to NAIC’s Casualty Actuarial and Statistical Task Force’s (CASTF) request for comments on the appointed actuary’s public attestation and supporting confidential documentation, and a second responding to CASTF’s request for proposals on the three-year experience period.
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.( )
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.( )
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.
The Committee on Property and Liability Financial Reporting has released an exposure draft of a new practice note on retained risk. Comments are due by March 30.( )
The Committee on Property and Liability Financial Reporting (COPLFR) released the Statements of Actuarial Opinion on P/C Loss Reserves practice note.
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.( )
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.
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.( )
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.( )
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.( )
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.( )
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.( )
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.( )
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.( )