Casualty News

The Casualty Practice Council (CPC) submitted comments to the Actuarial Standards Board (ASB) on the second exposure draft of the proposed actuarial standard of practice (ASOP) Property/Casualty Ratemaking. (April 21, 2016)
The Price Optimization Task Force submitted comments to the NAIC’s executive committee on changes made to the proposed Price Optimization White Paper. (March 15, 2016)
The Committee on Property and Liability Financial Reporting (COPLFR) submitted comments to the NAIC’s Actuarial Opinion (C) Working Group on the Actuarial Opinion Instructions. (February 12, 2016)
Senior Property/Casualty Fellow Jim MacGinnitie submitted comments to the NAIC/IAIABC Joint (C) Working Group on the 2015 Workers’ Compensation Large Deductible Study draft.
(February 5, 2016)
The Committee on Property and Liability Financial Reporting (COPLFR) submitted comments to the NAIC's Statutory Accounting Principles (E) Working Group on the proposed Treatment for Fees Incurred for Salvage/Subrogation Recoveries. (February 3, 2016)
The Committee on Property and Liability Financial Reporting (COPLFR) submitted comments to the NAIC/IAIABC Joint (C) Working Group on the 2015 Workers’ Compensation Large Deductible Study draft. (January 19, 2016)
The Academy released its 2015 P/C Loss Reserve Law Manual, which is updated from 2014 and designed to help appointed actuaries comply with NAIC annual statement requirements. The manual includes SAO requirements and state laws and regulations establishing requirements; annual statement instructions for the SAOs for P/C, title loss, and loss expense reserves; and other pertinent annual statement instructions. The manual is available online or as a CD-ROM, and members can order online here. (January 12, 2016)
The Committee on Property and Liability Financial Reporting (COPLFR) released the Statements of Actuarial Opinion on P/C Loss Reserves practice note. (December 22, 2015)
The Academy continued its dialog with insurance regulators on a wide variety of issues, including long-term care insurance, automobile insurance, risk-based capital, and principle-based reserving at the National Association of Insurance Commissioners 2015 Fall National Meeting held November 19-22 at National Harbor, outside of Washington, DC. Read the Academy Alert here.  (November 25, 2015)
The Price Optimization Task Force submitted a comment letter to the NAIC’s Property/Casualty Committee on the Price Optimization White Paper after its adoption by the Casualty Actuarial and Statistical Task Force (CASTF). (November 21, 2015)
Academy Senior Property/Casualty Fellow Jim MacGinnitie testified at the National Association of Insurance Commissioners’ (NAIC) public hearing on "The Pricing of Automobile Insurance." (November 19, 2015)
The P/C Risk-Based Capital Committee submitted a comment letter to the NAIC’s Capital Adequacy Task Force on the ongoing examination of the bond risk factors used in the P/C risk-based capital (RBC) formula. (November 10, 2015)
The Price Optimization Task Force submitted a comment letter to the NAIC’s Casualty Actuarial and Statistical Task Force (CASTF) on its Price Optimization White Paper that was exposed on Oct. 13. (October 21, 2015)
The Price Optimization Task Force submitted a comment letter to the NAIC’s Casualty Actuarial and Statistical Task Force (CASTF) on its Price Optimization White Paper, which was exposed at the NAIC’s summer national meeting. (September 10, 2015)
The Auto Insurance Committee submitted comments to the Federal Insurance Office (FIO) on proposed methods to monitor the affordability of auto insurance. (August 31, 2015)
The Financial Reporting Committee, Pension Accounting Committee, Casualty Committee on Property and Liability Financial Reporting, Health Financial Reporting and Solvency Committee, and Life Financial Reporting Committee sent comments to the Public Company Accounting Oversight Board (PCAOB) on its “The Auditor's Use of the Work of Specialists” consultation paper. (July 31, 2015)
The Price Optimization Task Force submitted a comment letter to the NAIC’s Casualty Actuarial and Statistical Task Force (CASTF) providing input on the recommendations section of its “Price Optimization White Paper.” (July 31, 2015)
The Terrorism Risk Insurance Subcommittee submitted a comment letter to the NAIC’s Blanks Working Group on its terrorism risk insurance supplement and instructions draft. (July 30, 2015)
The Casualty Practice Council, Health Practice Council, Life Practice Council, and Risk Management and Financial Reporting Council sent comments to the National Association of Insurance Commissioners (NAIC) on its Financial Condition (E) Committee questionnaire that examines the reasons for single-state solutions to help regulators develop a process for creating a uniform framework for state-based regulation. (July 27, 2015)
Two Academy representatives addressed state officials at the National Conference of Insurance Legislators (NCOIL) Summer Meeting. Shawna Ackerman, vice president for casualty, presented on price optimization during a special Property-Casualty Committee meeting. Academy Senior Life Fellow Nancy Bennett discussed principle-based reserving (PBR) at a Life Insurance & Financial Planning Committee panel discussion at NCOIL’s meeting. (July 17, 2015)