Casualty News

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)
The Terrorism Risk Insurance Subcommittee submitted a comment letter to the NAIC on its “Terrorism Risk Insurance Supplement and Instructions” draft. (July 6, 2015)
The Price Optimization Task Force submitted a comment letter to the NAIC’s Casualty Actuarial and Statistical Task Force (CASTF) on the second exposure of its “Price Optimization White Paper.” (July 2, 2015)
The Academy submitted a comment letter to the NAIC’s Casualty Actuarial and Statistical Task Force on its review of the Society of Actuaries’ (SOA) general insurance track request. (June 29, 2015)
The District of Columbia is seeking a senior property and casualty actuary to provide actuarial analysis of reserving matters for the review of financial solvency for insurance companies domiciled in the District. (June 15, 2015)
The Catastrophe Risk Subcommittee of the P/C Risk-Based Capital (RBC) Committee submitted comments to the NAIC’s Catastrophe Risk Subgroup on the proposal to revise the calculation of catastrophe risks R6 and R7 for the 2015 reporting year. (June 12, 2015)
The RBC Catastrophe Risk Subcommittee submitted a comment letter to the NAIC’s Catastrophe Risk (E) Subgroup on revised Form PR026 for the 2015 reporting year. (May 22, 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.
(April 15, 2015)
The Casualty Practice Council submitted a letter to the NAIC’s Casualty Actuarial and Statistical Task Force on the CPC’s process for approving member actuaries to sign P/C NAIC opinions. (April 9, 2015)
Academy President Mary D. Miller presented “Risks to Property and Casualty Insurers” at the NAIC’s Center for Insurance Policy and Research (CIPR) event on pandemics. (March 27, 2015)
The Terrorism Risk Insurance Subcommittee of the Casualty Practice Council sent a comment letter to the Federal Insurance Office of the Department of the Treasury regarding the process by which terrorist events are certified for purposes of triggering the Terrorism Risk Insurance Program (as recently amended). (March 6, 2015)
The Casualty Practice Council submitted comments to the Actuarial Standards Board on an exposure draft of a proposed Actuarial Standard of Practice (ASOP) on modeling. (March 4, 2015)
The Casualty Practice Council submitted comments on the Casualty Actuarial Society’s statement of principles on P&C ratemaking exposure draft. (January 31, 2015)
The Casualty Practice Council submitted comments to the Actuarial Standards Board on an exposure draft of a proposed Actuarial Standard of Practice on Property/Casualty Ratemaking. (January 31, 2015)
The Academy published a new Essential Elements paper, Climate Change, on the increased losses borne by businesses, homeowners, and insurers caused by hurricanes, severe storms, tornadoes, and other weather-related events. The Essential Elements series is designed to make actuarial analyses of public-policy issues clearer to general audiences. (January 29, 2015)
Life Capital Adequacy Committee, Property and Casualty Risk-Based Capital Committee, and Health Solvency Work Group comments to the National Association of Insurance Commissioners (NAIC) on operational risk issues. (January 7, 2015)
The Committee on Property & Liability Financial Reporting (COPLFR) published an update of its paper, Overview for P/C Insurers' Audit Committees: Effective Use of Actuarial Loss Reserves Expertise. (December 10, 2014)
Mike Angelina, the Academy’s immediate past vice-president for casualty, made a presentation to the Casualty Actuarial and Statistical (C) Task Force (CASTF) at the Fall NAIC Meeting on the public policy implications raised by the practice of price optimization in ratemaking. (November 20, 2014)
Representatives of the Actuarial Climate Volatility Index Subcommittee presented “Implications for Increasing Catastrophe Volatility on Insurers and Consumers” that updated progress on the development of an Actuaries Climate Index and Actuaries Climate Risk Index at the NAIC’s Center for Insurance Policy and Research (CIPR) Symposium. (October 7, 2014)