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Casualty Practice Council

The Casualty Practice Council oversees the Academy’s public policy work on property/casualty issues. The Academy vice president for casualty issues heads the council and serves on the Academy Executive Committee and Board of Directors.

Staff liaison:

Chairperson: Amy Angell
Vice Chairpersons: Dee Dee Mays, Ken Kasner
Lauren Cavanaugh
Kevin Donnelly
Derek Jones
Stephen Koca
Alison Milford
Roosevelt Mosley
Norman Niami
Peter Ott
Jared Smollik
David Traugott
Jialing (Jeri) Xu

Related Publications

P&C RBC Committee Presentation to NAIC

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.

(November 16, 2023 )

Workers' Compensation Committee Presentation to NCOIL

Derek Jones, Chairman 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.

(November 16, 2023 )

COPLFR Comments to ASB on ASOP No. 36

The Committee on Property and Liability Financial Reporting, 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.

(November 01, 2023 )

"Personal Cyber" Chapter for Cyber Risk Toolkit Released

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.

(October 30, 2023 )

Practice Councils Engage With Colorado on Antidiscrimination Law

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 (October 26, 2023 )

Presentation on Cyber Risk at CREAR Cyber Conference

Director of Research Steve Jackson presented on cyber risk at an International Workshop on Cyber Risk and Security during the Center of Research in Econo-finance and Actuarial sciences on Risk (CREAR) Cyber Conference in Paris, France. This is a continuation of the Academy’s ongoing Cyber Risk initiative, overseen by the Risk Management and Financial Reporting Council and the Casualty Practice Council.

(September 12, 2023 )

Committee Releases Report to the NAIC

The P/C Risk Basked Capital Committee released a Report to the NAIC P&C RBC (E) Working Group Update to P&C RBC Underwriting Factors and Investment Income Adjustment Factors.

(August 30, 2023 )

P/C Equity Committee Presentation at Colorado Insurance Stakeholder Meeting

P/C Committee on Equity and Fairness presentation to the Colorado Division of Insurance stakeholder meeting on Unfair Discrimination in Insurance Practices, focusing on private passenger auto insurance.

(August 24, 2023 )

P/C Committee on Equity and Fairness Presents to NAIC

Mike Woods, member of the Property and Casualty Committee on Equity and Fairness, presented to the NAIC’s Casualty Actuarial and Statistical (C) Task Force (CASTF) on the findings of the committee's issue brief, "Approaches to Identify and/or Mitigate Bias in Property and Casualty Insurance."

(August 12, 2023 )

CPC, COPLFR Report to CASTF

Senior Casualty Fellow Rich Gibson presented to the NAIC’s Casualty Actuarial and Statistical (C) Task Force (CASTF) on behalf of the Casualty Practice Council (CPC) and Committee on Property and Liability Financial Reporting (COPLFR) on recent publications and future work products expected for release in 2023.

(August 12, 2023 )

P/C RBC Committee Presents to NAIC

Ronald Wilkins, vice chairperson of the Property and Casualty Risk-Based Capital (P/C RBC) Committee, presented an update to NAIC's Property and Casualty Risk-Based Capital (E) Working Group on the committee's upcoming report on Underwriting Factors and Investment Income Adjustment Factors.

(July 27, 2023 )

Digital Assets and Their Current Roles Within Cybercrime

Digital assets and their roles in cybercrime continue to increase. This 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.

(July 14, 2023 )

Committee Comments to California Department of Insurance

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.

(July 12, 2023 )

COPLFR Comments to IRS on Micro-Captives

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.

(June 12, 2023 )

CPC Comments to ASB on ASOP No. 29

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.

(May 01, 2023 )

Letter to NAIC Casualty Actuarial and Statistical (C) Task Force

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.

(April 26, 2023 )

Comment Letter to NAIC Blanks (E) Working Group

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.

(April 26, 2023 )

Issue Brief on Medical Marijuana in Workers' Compensation

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.

(April 17, 2023 )

P/C RBC Committee Presents to NAIC

Ronald Wilkins, Vice Chairperson of the Academy's Property and Casualty Risk-Based Capital (P/C RBC) Committee, presented preliminary results to the NAIC's Property and Casualty Risk-Based Capital (E) Working Group to recalibrate the reserve and premium risk charges, notably, for investment income.

(March 22, 2023 )

CPC and COPLFR Report to CASTF

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.

(March 22, 2023 )

Life Practice Council, Health Practice Council, and Casualty Practice Council Submit a Joint Comment Letter to the Colorado Division of Insurance

The Life Practice Council, Health Practice Council, and Casualty Practice Council submitted a joint comment letter to the Colorado Division of Insurance on its recent exposure of a draft regulation on Governance and Risk Management Framework Requirements for Life Insurance Carriers’ Use of External Consumer Data and Information Sources, Algorithms, and Predictive Models: the first exposed implementation regulation for Colorado Revised Statute (C.R.S.) § 10-3-1104.9, signed into law on July 6, (March 06, 2023 )

Life Practice Council and Casualty Practice Council Submit a Joint Comment Letter to the NAIC’s Big Data and Artificial Intelligence (H) Working Group

The Life Practice Council and the Casualty Practice Council submitted a joint comment letter to the National Association of Insurance Commissioner’s Big Data and Artificial Intelligence (H) Working Group on its Artificial Intelligence/Machine Learning Model and Data Regulatory Questions Exposure.

(February 13, 2023 )

Cyber Risk Toolkit Updated With Revised Ransomware Section

The latest update to the Committee on Cyber Risk’s Cyber Risk Toolkit includes a revised section on ransomware. The toolkit, released originally in 2021, is updated regularly with the latest information on cyber risk and cybersecurity-related developments.

(January 20, 2023 )

Statements of Actuarial Opinion on P/C Loss Reserves (2022)

The Committee on Property and Liability Financial Reporting's practice note on Statements of Actuarial Opinion on P/C Loss Reserves (2022), including discussion regarding changes in the NAIC Annual Statement Instructions—Property/Casualty (NAIC Annual Statement Instructions) regarding the Actuarial Opinion, the Actuarial Opinion Summary, and Actuarial Report as well as COVID-19 considerations.

(December 20, 2022 )

Comment Letter to the Treasury Department and FIO on Potential Federal Insurance Response to Catastrophic Cyber Incidents

Committee on Cyber Risk comments to the U.S. Department of the Treasury and Federal Insurance Office (FIO) request for comment (RFC) on cyber insurance and catastrophic cyber incidents in order to inform a joint assessment being conducted by the Department of the Treasury's Federal Insurance Office (FIO) and the Department of Homeland Security's Cybersecurity and Infrastructure Security Agency (CISA).

(December 14, 2022 )

Cyber Risk Task Force Updates Cyber Risk Toolkit

The American Academy of Actuaries’ Cyber Risk Toolkit, developed by the Academy’s Cyber Risk Task Force, is comprised of a series of papers addressing issues pertinent to cyber risk insurance and cyber exposure. Since the initial publication of the Cyber Risk Toolkit, this document has been updated to include the “Autonomous Vehicles and Cyber Risk" section. The toolkit will continue to be updated periodically to reflect new and emerging work from the task force.

(June 03, 2022 )

CPC and COPLFR Report to CASTF

Casualty Practice Council (CPC) Outgoing Vice President, Lauren Cavanaugh and Committee on Property and Liability Financial Reporting (COPLFR) Chairperson Derek Freihaut 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 early 2023.

(November 08, 2022 )

Risk Transfer Practice Note

The Committee on Property and Liability Financial Reporting (COPLFR) released the update to the Risk Transfer Practice Note (last updated in 2007). The Risk Transfer Practice Note includes definitions and relationships between regulatory treatments of risk transfer, e.g., U.S. statutory, U.S. GAAP, IFRS 4 and IFRS 17, and Solvency II; the process for determination of risk transfer; current techniques used in practice for determining risk transfer; and risk transfer documentation.

(November 04, 2022 )

CPC Submits Comments to the ASB on ASOP 41

Comment letter from the Casualty Practice Council, submitted to the Actuarial Standards Board (ASB) on the exposure draft of ASOP 41, Actuarial Communications.

(November 01, 2022 )

CPC Submits Comments to the ASB on ASOP 20

Comment letter from the Casualty Practice Council, submitted to the Actuarial Standards Board (ASB) on the exposure draft of ASOP 20, Discounting of Property/Casualty Unpaid Claim Estimates.

(September 30, 2022 )

COPLFR Submits Comments to the ASB on ASOP 36

Comment letter from the Committee on Property and Liability Financial Reporting, submitted to the Actuarial Standards Board (ASB) on the exposure draft of ASOP 36, Statements of Actuarial Opinion Regarding Property/Casualty Loss and Loss Adjustment Expense Reserves.

(September 29, 2022 )

Comment Letter to DISB on their Review of Automobile Insurance for Unintentional Bias

The Casualty Practice Council submitted written comments to the Washington, D.C. Department of Insurance, Securities and Banking's (DISB) Request for Comments on evaluating unintentional bias in private passenger automobile insurance. The letter expanded on the Academy's previous comments to the DISB on recommended actuarial considerations for determining unintentional bias in auto insurance.

(August 22, 2022 )

Issue Brief on Telehealth in Workers' Compensation

Workers' Compensation Committee issue brief discussing the growing importance of telehealth for workers' compensation insurers, variations across different states, and opportunities for the actuarial profession to help all parties involved better direct their efforts and maximize the return of any telehealth initiatives.

(July 21, 2022 )

Written Testimony to DISB on Unintentional Bias in Private Passenger Automobile Insurance

The Casualty Practice Council submitted written comments following the Washington, D.C. Department of Insurance, Securities and Banking (DISB) on their hearing, "Initiative to Evaluate Unintentional Bias in Private Passenger Automobile Insurance." The letter expanded on the Academy's verbal presentation on the recommended actuarial considerations for determining unintentional bias in auto insurance.

(July 08, 2022 )

Testimony to DISB on Unintentional Bias in Private Passenger Automobile Insurance

Academy Casualty VP, Lauren Cavanaugh, testified June 29 before the Washington, D.C. Department of Insurance, Securities and Banking (DISB) on their upcoming "Initiative to Evaluate Unintentional Bias in Private Passenger Automobile Insurance," providing a verbal presentation on the recommended actuarial considerations for determining unintentional bias in auto insurance.

(June 29, 2022 )

Issue Brief on Sourcing Protected Class Information in P&C Insurance

Racial Equity Task Force issue brief discusses potential options to obtaining protected class information on insureds in the P&C insurance industry to test for practices that may disproportionally harm members of any protected classes. (June 28, 2022 )

Comment Letter to the Senate Banking, Housing and Urban Affairs on NFIP

(June 17, 2022 )

Insurance Linked Securities and Catastrophe Bonds Issue Paper

The Academy's Extreme Events and Property Lines Committee published a paper, Insurance Linked Securities and Catastrophe Bonds, a public policy issue paper.

(June 14, 2022 )

Casualty Practice Council Submits Comments to the ASB on ASOP 29

Comment letter from the Casualty Practice Council, submitted to the Actuarial Standards Board (ASB) on the exposure draft of ASOP No. 29, Expense Provisions.

(May 31, 2022 )

Comment Letter to the Housing, Community Development, and Insurance Subcommittee on NFIP

Extreme Events Committee comments to the House Financial Services Subcommittee on Housing, Community Development, and Insurance on the committee's proposed reauthorization and reforms of the National Flood Insurance Program, in advance of the congressional hearing.

(May 24, 2022 )

Comment Letter to the Treasury Department and FIO on the Terrorism Risk Insurance Program

Cyber Risk Task Force comments to the U.S. Department of the Treasury and Federal Insurance Office (FIO) request for comment (RFC) on the effectiveness of the cyber considerations of the Terrorism Risk Insurance Program, originating from the Terrorism Risk Insurance Act of 2002.

(May 16, 2022 )

Updated Cyber Risk Tool Kit

The American Academy of Actuaries’ Cyber Risk Toolkit, developed by the Academy’s Cyber Risk Task Force, is comprised of a series of papers addressing issues pertinent to cyber risk insurance and cyber exposure. This toolkit is intended to be a resource for interested readers of the general public, public policymakers, the actuarial profession, the insurance sector, and other stakeholders. Since the initial publication of the Cyber Risk Toolkit, this do (February 24, 2022 )

Academy Submits Letter to Colorado Division of Insurance

Academy President Maryellen Coggins submitted a letter to the Colorado Division of Insurance in advance of the upcoming stakeholder engagement process for the recently passed state law aimed to protect consumers from unfair discrimination in insurance practices. The comments addressed potential concerns of the law’s impact on casualty, health, and life insurance.

(February 04, 2022 )

Wildfires Issue Paper Released

The Academy's Extreme Events and Property Lines Committee published a new document, Wildfire: An Issue Paper—Lessons Learned from the 2017-2021 Events.

(January 27, 2022 )

Statements of Actuarial Opinion on P/C Loss Reserves (2021)

The Committee on Property and Liability Financial Reporting's practice note on Statements of Actuarial Opinion on P/C Loss Reserves (2021), including discussion regarding changes in the NAIC Annual Statement Instructions—Property/Casualty (NAIC Annual Statement Instructions) regarding the Actuarial Opinion, the Actuarial Opinion Summary, and Actuarial Report as well as COVID-19 considerations.

(December 17, 2021 )

Auto Insurance Committee Comments to NAIC Property and Casualty Insurance Committee

Senior Casualty Fellow Rich Gibson presented to the NAIC’s Property and Casualty Insurance (C) Committee on behalf of the Academy’s Automobile Insurance Committee to provide general and actuarial considerations on the topic of auto insurance refunds.

(December 15, 2021 )

Workers' Compensation: The Potential Impact on COVID-19 on the Opioid Epidemic

Workers' Compensation Committee issue brief on potential impacts to injured workers, employers and insurers involved in the opioid epidemic, and explores the effects on these stakeholders before, during, and after the COVID-19 pandemic.

(December 15, 2021 )

CPC and COPLFR Comments to CASTF

Casualty Practice Council Vice Chairperson, Dee Dee Mays, and Committee on Property and Liability Financial Reporting (COPLFR) Chairperson, Derek Freihaut, presented to the NAIC’s Casualty Actuarial and Statistical (C) Task Force on behalf of CPC and COPLFR on the recent publications and future work products expected for release in early 2022.

(December 07, 2021 )

RETF Comments to NAIC Special Committee on Race and Insurance

Casualty Vice President Lauren Cavanaugh presented [MM1] to the NAIC’s Special Committee on Race and Insurance (SCORI) Workstream 3 (Property and Casualty) on behalf of the Academy’s Racial Equity Task Force (RETF) on the work RETF has completed and is currently doing; she also provided comments to SCORI Workstream 3 on proxy discrimination and disproportionate impact.

(December 01, 2021 )

Comment Letter to RFI from the Treasury Department and FIO on Climate-Related Financial Risk and the Insurance Sector

Climate Change Joint Task Force comments to the U.S. Department of the Treasury and Federal Insurance Office (FIO) request for information (RFI) relating to regarding FIO's future work relating to the insurance sector and climate-related financial risks.

(November 15, 2021 )

P/C RBC Committee Presentation to NAIC

David Traugott, Chairperson of the Academy's Property and Casualty Risk Based Capital (P/C RBC) Committee, presented an update on premium risk and Investment Income Adjustment to the NAIC's P/C RBC (E) Work Group.

(October 25, 2021 )

COPLFR Updated Comment Letter to the NAIC Blanks (E) Working Group

The Committee on Property and Liability Financial Reporting (COPLFR) sent an updated version of its comment letter to the National Association of Insurance Commissioners (NAIC) Blanks Working Group on proposed changes to P/C annual statements. Many of the Committee’s previous comments stand unchanged but were edited in response to the modified exposure draft.

(October 21, 2021 )

Medical Professional Liability: Considerations Stemming From the COVID-19 Pandemic

Medical Professional Liability Committee issue brief on considerations stemming from the COVID-19 pandemic related to changes in health care delivery, the regulatory environment, and coverage and exposure consideration.

(September 22, 2021 )

Cyber Risk Toolkit

The American Academy of Actuaries’ Cyber Risk Toolkit, developed by the Academy’s Cyber Risk Task Force, is comprised of a series of papers addressing issues pertinent to cyber risk insurance and cyber exposure. This toolkit is intended to be a resource for interested readers of the general public, public policymakers, the actuarial profession, the insurance sector, and other stakeholders. Cyber risk issues have been in the news regularly recently, and (August 25, 2021 )

COPLFR Comment Letter to the NAIC Casualty Actuarial and Statistical (C) Task Force

The Committee on Property and Liability Financial Reporting (COPLFR) sent a comment letter to the National Association of Insurance Commissioners (NAIC) Casualty Actuarial and Statistical (C) Task Force on proposed changes to P/C annual statements. The letter addresses such areas as definition of exposure, calendar date alignment, and existing alternative data sources.

(July 06, 2021 )

Comment Letter to RFI from the Treasury Department and FIO on Availability and Affordability of Auto Insurance

Automobile Insurance Committee comments to the U.S. Department of the Treasury and Federal Insurance Office (FIO) request for information (RFI) relating to regarding FIO's future work relating to monitoring the availability and affordability of automobile (auto) insurance.

(July 26, 2021 )

COPLFR Comment Letter to the NAIC Blanks (E) Working Group

The Committee on Property and Liability Financial Reporting (COPLFR) sent a comment letter to the National Association of Insurance Commissioners (NAIC) Blanks Working Group on proposed changes to P/C annual statements. The letter addresses such areas as definition of exposure, calendar date alignment, and existing alternative data sources.

(June 25, 2021 )

RMFRC and CPC Climate Work Groups Comments to New York on Climate Related Risks

The Climate-Related Financial Disclosures Work Group and the Actuaries Climate Index/Actuaries Climate Risk Index Work Group comments to the New York State Department of Financial Services on financial risks related to climate change.

(June 23, 2021 )

Academy Submits Letter to NAIC Special Committee on Race and Insurance

Academy President Tom Campbell submitted a letter to the NAIC Special Committee on Race and Insurance on proposed charges regarding P/C and life insurance issues related to Workstream Three (property/casualty) and Workstream Four (life insurance and annuities).

(May 14, 2021 )

P/C RBC Committee Presents to NAIC

David Traugott, Chairperson of the Academy's Property and Casualty Risk Based Capital (P/C RBC) Committee, presented an update on P/C RBC underwriting factors experience to the NAIC's P/C RBC (E) Work Group.

(April 27, 2021 )

Issue Brief on Consumer Cost of Automobile Insurance

The Automobile Insurance Committee's issue brief on automobile insurance pricing that explores how increased availability of data and technology has resulted in lower premiums paid by customers. It also examines how customers can impact the prices they pay based on factors they control.

(April 16, 2021 )

Proposed Actuarial Standard of Practice (ASOP) on Setting Assumptions

The Academy's Casualty Practice Council submitted comments to the Actuarial Standards Board regarding the setting assumptions ASOP.

(April 15, 2021 )

Casualty Practice Council Submits Comments on Colorado Senate Bill 21-169

The Casualty Practice Council submitted a comment letter on Colorado Senate Bill 21-169 which is aimed to protect consumers from unfair discrimination in insurance practices. The comments addressed potential concerns of the legislation’s impact on casualty insurance.

(March 29, 2021 )

Issue Brief on Considerations for Handling Auto Insurance Data in the Era of COVID-19

The Automobile Insurance Committee's issue brief on considerations that might be made by actuaries and regulators overseeing automobile insurance in the interim period where the duration, size of the data impact, and state variations due to COVID-19 are yet unknown.

(March 24, 2021 )

Gibson Presents at Midwest Actuarial Forum

Senior Casualty Fellow Rich Gibson presented at the Midwest Actuarial Forum’s Virtual Spring Meeting Webinar, giving an overview of recent property/casualty public policy developments.

(March 05, 2021 )

Committee Report to the NAIC on Update to Property and Casualty Risk-Based Capital Underwriting Factors Experience Through December 31, 2017

The Academy’s Property and Casualty Risk-Based Capital Committee issued a report to the National Association of Insurance Commissioners’ (NAIC) Property and Casualty Risk-Based Capital (E) Working Group in which it presents indicated Line of Business Underwriting Risk Factors for the P&C RBC Formula.

(March 05, 2021 )

American Academy of Actuaries Report on Cyber Breach Reporting Requirements

The Academy’s Cyber Risk Task Force sent a letter offering its assistance in relation to the challenges and opportunities present in the current system of regulating and overseeing responses to cyber breaches of personally identifiable information along with a copy of its report, Cyber Breach Reporting Requirements: An Analysis of Laws Across the United States, to Treasury Secretary Janet Yel (February 22, 2021 )

NAIC Book Club Presentation

Presentation made to the National Association of Insurance Commissioners Casualty Actuarial and Statistical (C) Task Force at a webinar as part of its “Book Club” series to facilitate regulator training and the sharing of expertise on predictive analytics on the topic of Race and Insurance. Academy presenters were: Dorothy Andrews, chairperson of the Data Science and Analytics Committee (DSAC), Roosevelt Mosley, DSAC member and member of the Casualty Practice Council (CPC) Racial (February 23, 2021 )

Academy Presents at NCSL on Business Interruption Insurance

Senior Casualty Fellow Rich Gibson participated in a virtual panel discussion Monday at the National Conference of State Legislatures’ Executive Committee Task Force on insurance regarding business interruption coverage. Gibson provided a perspective on actuarial considerations important to the success of any future public or private program designed to support coverage.

(February 15, 2021 )

Statements of Actuarial Opinion on P/C Loss Reserves (2020)

The Committee on Property and Liability Financial Reporting's practice note on Statements of Actuarial Opinion on P/C Loss Reserves (2020), including discussion regarding changes in the NAIC Annual Statement Instructions—Property/Casualty (NAIC Annual Statement Instructions) regarding the Actuarial Opinion, the Actuarial Opinion Summary, and Actuarial Report as well as COVID-19 considerations.

(January 19, 2021 )

Comments on ASOP No. 38, Using Models Outside the Actuary's Expertise (Property and Casualty)

The Casualty Practice Council filed comments on the Actuarial Standards Board exposure draft, Using Models Outside the Actuary's Expertise (Property and Casualty).

(January 15, 2021 )

FAQs About COVID-19 and PC Financial Reporting

The Committee on Property and Liability Financial Reporting issued an updated and expanded set of questions and answers regarding the impact of the coronavirus pandemic on P/C financial reporting.

(January 13, 2021 )

Task Force Comments on Cyber Risk and TRIA

The Academy's Cyber Risk Task Force responded to the U.S. Treasury Department's questions about the applicability of the Terrorism Risk Insurance Act (TRIA) to cyber-attacks that aim at targets outside the U.S. but cause insured losses in the U.S. The task force also noted the potential difficulty of meeting TRIA's requirement for an official finding that the source of an attack was a non-governmental terrorist organization.

(January 07, 2021 )

VP-Casualty Cavanaugh's Remarks on Race in Insurance Underwriting

VP-Casualty Lauren Cavanaugh addressed the topic of Race in Insurance Underwriting in a meeting convened by the National Council of Insurance Legislators. Her remarks focused on relevant ASOPs and the issue of quality assurance for external data used in predictive models.

(December 09, 2020 )

Casualty Council Comments on Pandemic Risk Legislation

Lauren Cavanaugh, VP-Casualty, submitted written comments on proposed legislation to provide federal government backing for future pandemic risk coverage in Business Interruption insurance.

(December 02, 2020 )

Academy Updates CASTF on Casualty Practice Council Activity

The Academy’s Casualty Practice Council (CPC) and Committee on Property and Liability Financial Reporting (COPLFR) presented an update on CPC and COPLFR activity to the NAIC’s Casualty Actuarial and Statistical Task Force (CASTF), including pandemic risk insurance, workers’ compensation, automobile insurance, and cyber risk, and gave a preview of December’s Seminar on Effective P/C Loss Reserve Opinions.

(November 10, 2020 )

VP-Casualty Addresses NAIC Panel on Race and Insurance

Academy Casualty Vice President Lauren Cavanaugh addressed the NAIC’s Special Committee on Race and Insurance, speaking to her prepared comments previously submitted, which covered actuarial guidance, disparate impact, and data quality. She recommended consideration of independent organizations to examine and certify third-party data for hidden biases, accuracy, and relevance. (November 13, 2020 )

Cyber Breach Reporting Requirements: An Analysis of Laws Across the United States

States have moved to develop their own laws given there is a lack of federal regulation of notice requirements to consumers in the event of cyber breaches. The purpose of this paper is to provide a systematic comparison of the existing regulations with respect to data breaches involving personally identifiable information across the states. The National Association of Insurance Commissioners (NAIC) Insurance Data Security Model Law is also examined.

(November 06, 2020 )

Flood Insurance Monograph Updated

Updated monograph on the National Flood Insurance Program and related issues, with new data from the 2019 hurricane season.

(September 30, 2020 )

Audit Committees and Actuarial Loss Reserve Expertise

A new paper has been published, An Overview for P/C Insurers' Audit Committees: Effective Use of Actuarial Loss Reserve Expertise. Produced by the Committee on Property and Liabi8lity Financial Reporting, this document replaces an earlier paper on the same subject.

(September 21, 2020 )

Committee Comments on Financial Examiners Handbook

The Committee on Property and Liability Financial Reporting has submitted comments to the NAIC's Actuarial Opinion Working Group, suggesting some changes to the wording the Financial Examiners Handbook.

(August 27, 2020 )

Senior Casualty Fellow Comments on Review of Predictive Models

Senior Casualty Fellow Rich Gibson submitted comments on the latest draft of the National Association of Insurance Commissioners' proposed white paper on Regulatory Review of Predictive Models.

(July 27, 2020 )

Issue Brief on Presumptive Benefits after COVID-19 in Workers’ Compensation

Issue brief from the Workers' Compensation Committee rdiscussing the recent actions of state governments, due to the COVID-19 pandemic, to expand their presumption laws to include additional diseases/injuries experienced during employment, but also to whom the presumptions apply.

(July 08, 2020 )

Casualty Practice Council Comments on Pandemic Risk Proposal

The Casualty Practice Council commented on H.R. 7011, a proposal to facilitate expansion of Business Interruption coverage to include future pandemic events.

(June 26, 2020 )

Workers’ Compensation Issue Brief

Presumptive Benefits in Workers’ Compensation: Emerging Issues Before and After COVID-19, an issue brief released by the Workers’ Compensation Committee, covers what workers’ compensation.

(June 25, 2020 )

Committee Issues FAQ on Covid-19 and PC Financial Reporting

The Committee on Property and Liability Financial Reporting has issued a set of questions and answers about the impact of the coronavirus pandemic on P/C financial reporting.

(June 11, 2020 )

Academy Comments to GAO on Cyber-Attacks and TRIA

The Academy's Cyber Risk Task Force commented to the Government Accountability Office on the question of how cyber-attacks may be addressed under the Terrorism Risk Insurance Act.

(June 01, 2020 )

Academy Fellow Discusses Actuaries Climate Index

Academy senior casualty fellow Rich Gibson presented an update on the Actuaries Climate Index and the Actuaries Climate Risk Index at the Casualty Actuarial Society's spring national meeting.

(May 12, 2020 )

COPLFR Comments on 2020 SAO PC Instructions

The Committee on Property and Liability Financial Reporting submitted comments to the National Association of Insurance Commissioners, regarding proposed instructions for the 2020 Statement of Actuarial Opinion for P&C companies.

(May 11, 2020 )

Casualty Practice Council Comments on Pandemic Reinsurance Proposal

The Casualty Practice Council comments on the proposed Pandemic Risk Reinsurance Program being considered by the U.S. House of Representatives Financial Services Committee.

(May 11, 2019 )

COPLFR Comments on Continuing Education Form

The Committee on Property and Casualty Liability Financial Reporting filed comments on the CAS/SOA proposed new form for P/C Appointed Actuaries to report their continuing education activities

(March 10, 2020 )

Committee Responds to Questions About Reporting Retroactive Reinsurance

The Committee on Property and Liability Financial Reporting sent a comment letter to the NAIC's Statutory Accounting Principles Working Group, continuing a dialogue about financial reporting of certain retroactive reinsurance transactions.

(February 28, 2020 )

Council Comments on Proposed P/C Rate-Filing ASOP

The Casualty Practice Council's comments to the Actuarial Standards Board regarding a proposed new ASOP on rate-filings by property/casualty insurers.

(February 25, 2020 )

Statements of Actuarial Opinion on P/C Loss Reserves (2019)

The Committee on Property and Liability Financial Reporting's practice note on Statements of Actuarial Opinion on P/C Loss Reserves (2019), including frequently asked questions about new requirements for Appointed Actuaries.

(January 07, 2020 )

Committee Answers Questions About Wildfires

The Extreme Events and Property Lines Committee responded to the NAIC's Catastrophic Risk Subgroup's request for additional information about wildfires.

(January 07, 2020 )

Wildfire Presentation to the NAIC

Presentation on Wildfires: Lessons Learned, to the NAIC’s P/C RBC Committee’s Catastrophe Risk Subgroup.

(December 06, 2019 )

Comments on Draft of Regulatory Review of Predictive Models

Senior casualty fellow Rich Gibson's comments to the NAIC's Casualty Actuarial and Statistical Task Force on the latest draft of a proposed white paper on Regulatory Review of Predictive Models

(November 22, 2019 )

Casualty Council Comments to U.S.Senate on Terrorism Risk Insurance

The Casualty Practice Council's comment letter to the U.S. Senate Committee on Banking, Housing, and Urban Affairs regarding reauthorization of the Terrorism Risk Insurance Act. A similar letter was sent to the U.S. House Committee on Financial Services.

(October 22, 2019 )

Casualty Council Comments to U.S. House on Terrorism Risk Insurance

The Casualty Practice Council's comment letter to the U.S. House Committee on Financial Services regarding reauthorization of the Terrorism Risk Insurance Act. A similar letter was sent to the U.S. Senate Committee on Banking, Housing, and Urban Affairs.

(October 22, 2019 )

COPLFR Letter to the NAIC’s Actuarial Opinion Working Group on Draft Regulatory Guidance, Revised Sept. 17, 2019

Committee on Property and Liability Financial Reporting letter to the NAIC’s Actuarial Opinion Working Group on Draft Regulatory Guidance (2 of 2).

(September 19, 2019 )

COPLFR Letter to the NAIC’s Actuarial Opinion Working Group on Draft Regulatory Guidance, Issued Aug. 30, 2019

Committee on Property and Liability Financial Reporting letter to the NAIC’s Actuarial Opinion Working Group on Draft Regulatory Guidance (1 of 2).

(September 19, 2019 )

Academy Comments on Proposed Qualifications Changes

Academy President Shawna Ackerman's comments to the NAIC's Blanks Working Group regarding proposed changes in qualifications for casualty actuaries who file statements of actuarial opinion.

(July 25, 2019 )

Casualty Council Comments on Assumptions ASOP

The Academy's Casualty Practice Council's comments on the proposed revision of the ASOP on Assumptions.

(July 01, 2019 )

Committee Issues Paper on Wildfire Lessons Learned

The Academy's Extreme Events and Property Lines Committee has published a new document, Wildfire: An Issue Paper -- Lessons Learned from the 2017-2018 California Events. Read the news release.

(June 21, 2019 )

Predictive Modeling Presentation at Insurance Summit

Seminar on Predictive Modeling at the NAIC's Insurance Summit in Kansas City, Mo

(June 07, 2019 )

Academy Comments on Proposed P/C SAO Instructions

Academy comments on NAIC Casualty Actuarial and Statistical (C) Task Force exposure draft of proposed P/C Statement of Actuarial Opinion Instructions.

(May 30, 2019 )

Academy Speakers Describe Actuaries Climate Index

Academy representatives described the Actuaries Climate Index and the proposed Actuaries Climate Risk Index at a meeting of the Casualty Actuaries of Greater New York

(May 23, 2019 )

Task Force Resource Guide on Cyber Risk Insurance

Cyber Risk Task Force resource guide to help actuaries understand cyber risk and related insurance issues

(May 22, 2019 )

Committee Comments on Reporting of Loss Portfolio Transfer

COPLFR comment letter to the NAIC regarding ambiguity in how companies should report retroactive reinsurance and other loss portfolio transfer matters.

(May 23, 2019 )

Council Comment Letter on Proposed Modeling ASOP

Casualty Practice Council letter to the Actuarial Standards Board on the fourth exposure draft of a proposed new actuarial standard of practice for modeling.

(May 13, 2019 )

Committee Scope Letter on New Assessment of Underwriting Risk

P/C RBC Committee scope letter to NAIC outlining project for new assessment of several elements of underwriting risk in the risk-based capital formula for P/C insurers.

(May 09, 2019 )

Academy Senior Fellow Presentation On Actuaries Climate Index

Presentation by Academy senior casualty fellow, Rich Gibson, at Tulane University conference on environmental law regarding the Actuaries Climate Index.

(March 23, 2019 )

Academy Comment Letter to CASTF on Draft P/C 2019 Statement of Actuarial Opinion Instructions

A comment letter to the Casualty Actuarial and Statistical (C) Task Force (CASTF) from Mary D. Miller, on behalf of the American Academy of Actuaries, pertaining to the CASTF 's draft qualification and related documentation requirements and copy of a letter to the Executive (EX) Committee's Ad Hoc commissioner group’s proposed changes of the Property and Casualty 2019 Actuarial Opinion Instructions, including the Ad Hoc Group's draft qualified actuary definition. (February 14, 2019 )

Academy Letter to Ad Hoc Commissioner Group on Proposed Changes to Property and Casualty 2019 Actuarial Opinion Instructions

A comment letter from Mary D. Miller, on behalf of the American Academy of Actuaries, pertaining to the Executive (EX) Committee's Ad Hoc commissioner group’s proposed changes of the Property and Casualty 2019 Actuarial Opinion Instructions, including the Ad Hoc Group's draft qualified actuary definition. (February 14, 2019 )

Casualty Fellow's Comments on NAIC Proposed White Paper on Regulatory Review of Predictive Models

Academy senior casualty fellow Rich Gibson's comments to the NAIC's Casualty Actuarial and Statistical Task Force regarding exposure draft of white paper on Regulatory Review of Predictive Models. (January 21, 2019 )

Statements of Actuarial Opinion on P/C Loss Reserves (2018)

Committee on Property and Liability Financial Reporting Statements of Actuarial Opinion on P/C Loss Reserves practice note. (January 15, 2019 )

Academy Comments to NAIC on 3-Year Experience Proposal Draft

Letter from Academy Past President Mary D. Miller to NAIC with comments on CASTF’s draft 3-year experience proposal. (November 07, 2018 )

Monograph on Travel Insurance

Travel Insurance Task Force monograph on travel insurance from an actuarial perspective. (September 04, 2018 )

Comments on Proposed California Workers' Compensation Regulation

Committee on Property and Liability Financial Reporting letter offering comments on the California Department of Insurance’s proposed changes to reporting requirements for large deductibles in workers’ compensation plans. (August 09, 2018 )

An Update to the Property & Casualty and Health Risk-Based Capital Bond Factors

Report to the NAIC Investment Risk-Based Capital (E) Working Group, Health Risk-Based Capital (E) Working Group, and Property and Casualty Risk- Based Capital (E) Working Group on indicated bond risk factors for the Property Casualty Risk Based Capital Formula (P&C RBC Formula) and the Health Risk Based Capital Formula (Health RBC Formula).

(July 29, 2018 )

Monograph on Catastrophe Modeling

Extreme Events and Property Lines Committee monograph on the development of catastrophe models and the uses of catastrophe model output in actuarial tasks. (July 24, 2018 )

Academy Letter to NAIC’s CASTF on Attestation Proposal Exposure Draft

Letter from Past Academy President Mary D. Miller with comments from the Academy to the National Association of Insurance Commissioners raising several concerns over a revised attestation proposal released for exposure on June 25 by the NAIC’s Casualty Actuarial and Statistical Task Force (CASTF). (July 24, 2018 )

Questions for Regulators as Private-Sector Flood Insurance Grows

Extreme Events & Property Lines Committee questions for regulators on private flood insurance, focusing on regulatory issues for consideration as flood insurance coverage moves from a federal program to private coverage, for NAIC review. (July 19, 2018 )

Comments to NAIC on Continued Competence Exposure Draft

Letter from Past Academy President Mary D. Miller with extensive comments from the Academy to the NAIC responding to an exposure draft that the Casualty Actuarial and Statistical Task Force (CASTF) issued on a CAS/SOA proposal regarding CASTF’s “Continued Competence” charge. This is a significant proposal that would affect many actuaries. Comments are due by Monday, July 23. Those interested may wish to consider filing their own comments.
(July 19, 2018 )

Presentation to NAIC on Big Data Monograph

Presentation to the NAIC Casualty Actuarial and Statistical Task Force (CASTF) Predictive Analytics Book Club on the Big Data and the Role of the Actuary monograph. (June 25, 2018 )

Updated Discussion Draft of Joint P/C Health Report on Bond Factors

Joint P&C/Health Bond Factors Analysis Work Group discussion draft of a report to the NAIC’s Joint Health RBC and P/C RBC Drafting Group on bond factors on risk charges for speculative grade (SG) bonds. (May 28, 2018 )

Academy Letter to NAIC on CASTF Attestation Charge

Letter from Academy Past President Mary D. Miller to the NAIC on the Casualty Actuarial and Statistical Task Force exposure draft containing potential changes to the P/C Statement of Actuarial Opinion Instructions to address the CASTF’s “Attestation” charge. (May 10, 2018 )

Comment Letter on Climate Change Risks to Insurers

Comment letter from Senior Casualty Fellow Kevin Ryan to the International Association of Insurance Supervisors on climate change risks to the insurance sector. (April 26, 2018 )

Retained Property Casualty Insurance-Related Risk: Interaction of Actuarial Analysis and Accounting

Committee on Property & Liability Financial Reporting practice note on retained risk.
(April 23, 2018 )

Presentation to NAIC on ACI and ACRI

Presentation to the NAIC Climate Change and Global Warming (C) Working Group on the Actuaries Climate Index and the Actuaries Climate Risk Index.
(March 24, 2018 )

Comments on Comparing Workers’ Comp Rates Between States

Workers’ Compensation Committee discussion of comparisons between states of workers’ comp rates. (March 16, 2018 )

Results of Academy Survey Research Into Schedule P Reporting Practices

Testimony on Auto Insurance at Maryland General Assembly Hearing

Senior Property and Casualty Fellow Kevin Ryan’s comments on legislation to prohibit the use of education, occupation, gender, and marital status in automobile insurance ratings. (February 08, 2018 )

Discussion Draft of Joint P/C Health Report on Bond Factors

Joint P&C/Health Bond Factors Analysis Work Group discussion draft of a report to the NAIC’s Joint Health RBC and P/C RBC Drafting Group on bond factors.
(January 31, 2018 )

Exposure Draft: Retained Property Casualty Insurance-Related Risk

COPLFR practice note exposure draft on retained risk. Exposed for comment until March 30. (January 18, 2018 )

Statements of Actuarial Opinion on P/C Loss Reserves (2017)

Committee on Property and Liability Financial Reporting Statements of Actuarial Opinion on P/C Loss Reserves practice note.
(December 19, 2017 )

Council Letter to U.S. House of Representatives on Flood Insurance Legislation

Casualty Practice Council letter to the U. S. House of Representatives on pending flood insurance legislation. (November 08, 2017 )

Comments on Life Insurance Valuation Manual Changes' Possible Impact on P/C Reporting

Committee on Property and Liability Financial Reporting comment letter to NAIC's Actuarial Opinion Working Group on the impact of life insurance Valuation Manual changes on P/C insurers' Statements of Actuarial Opinion that include accident and health (A&H) and long-term care (LTC) lines of business. (October 18, 2017 )

Committee Comments on Proposed New Definition of PC Reinsurance Risk Transfer

The Committee on Property and Liability Financial Reporting’s comment letter to the NAIC’s Statutory Accounting Working Group, questioning the proposed new definition of reinsurance risk transfer in SSAP No. 62R: Property and Casualty Reinsurance. (October 04, 2017 )

Flood Insurance Comment Letter to U.S. House of Representatives

Casualty Practice Council comment letter to members of the U.S. House of Representatives urging reauthorization and revision of the National Flood Insurance Program. (August 30, 2017 )

Flood Insurance Comment Letter to Senate Banking Committee

Casualty Practice Council comment letter to the U.S. Senate Committee on Banking, Housing, and Urban Affairs urging reauthorization and revision of the National Flood Insurance Program. (August 23, 2017 )

Comments on Investment RBC Bond Factors

Comment letter submitted jointly by the P/C RBC Committee and the Health Solvency Subcommittee regarding changes to corporate bond factors being considered by the NAIC’s Investment Risk-Based Capital Working Group. (July 25, 2017 )

COPLFR Letter to NAIC Title Insurance Group

COPLFR's comment letter to the NAIC's Title Insurance Financial Reporting Working Group regarding proposed changes to reporting of reserves in the title statement of actuarial opinion (July 14, 2017 )

Congressional Briefing on Flood Insurance

Capitol Hill Briefing presentation based on the Flood Insurance Work Group's recent monograph, The National Flood Insurance Program: Challenges and Solutions.

(June 26, 2017 )

Predictive Modeling Presentations

Casualty Practice Council presentations on predictive modeling at a National Association of Insurance Commissioners’ Insurance Summit in Kansas City.

(May 25, 2017 )

Comment Letter on Proposed ASOP on Future Costs for P/C Risk Transfer and Funding

Casualty Practice Council comments on the ASB's third exposure of the proposed Actuarial Standards of Practice (ASOP), Estimating Future Costs for Prospective Property/Casualty Risk Transfer and Risk Funding. (April 27, 2017 )

Monograph on Issues Surrounding National Flood Insurance Program

Flood Insurance Work Group monograph on the National Flood Insurance Program (NFIP) that examines key issues surrounding the NFIP, including rising sea levels, the differences between the NFIP and private-sector insurance, and its role in flood management and recovery after catastrophic events. (April 19, 2017 )

Comments on California Guidance for Workers' Comp Self-Insureds

Workers' Compensation Committee comment letter to California's Offfice of Self-Insured Plans regarding guidance on actuarial reports on self-insured workers' compensation plans. (March 30, 2017 )

Presentation on Actuaries Climate Index to Federal Officials

Academy Senior Casualty Fellow Jim MacGinnitie presented the Actuaries Climate Index and Actuaries Climate Risk Index to the Inter-Agency Forum on Climate Change Impacts and Adaptations meeting at NASA headquarters in Washington. (March 16, 2017 )

Comments on Association Health Plans in U.S. House Bill

Individual and Small Group Markets Committee comments to the U.S. House Committee on Education and the Workforce on H.R. 1101, the Small Business Health Fairness Act, related to association health plans.
(March 08, 2017 )

Statements of Actuarial Opinion on P/C Loss Reserves (2016)

Committee on Property and Liability Financial Reporting Statements of Actuarial Opinion on P/C Loss Reserves practice note. (December 27, 2016 )

P/C and Health Group Comments on Operational Risk Factor

Joint Property and Casualty Risk-Based Capital Committee and Health Solvency Subcommittee letter to the NAIC's Operational Risk Subgroup on proposed changes to the operational risk factor in risk-based capital (RBC) formulas for property/casualty and health. (December 19, 2016 )

Report to NAIC on P/C RBC Underwriting Factors

Property and Casualty Risk-Based Capital Committee report to the NAIC's Property/Casualty Risk-Based Capital (E) Working Group providing a detailed update of property and casualty risk-based capital underwriting factors. (October 28, 2016 )

CPC, COPLFR Comment Letter to ASB on Modeling ASOP

Casualty Practice Council (CPC) and Committee on Property and Liability Financial Reporting (COPFLR) letter to the Actuarial Standards Board commenting on the third exposure draft for the proposed Actuarial Standard of Practice (ASOP) on modeling. (October 14, 2016 )

Joint FRC/COPLFR Letter on SEC S-K Disclosure Requirement

Financial Reporting Committee (FRC) and Committee on Property and Liability Financial Reporting (COPLFR) comments to the SEC on its concept release on the modernization of certain disclosure requirements in Regulation S-K. (July 21, 2016 )

COPLFR Letter to NAIC on Inconsistencies in Loss Reserve Instructions for International Insurers

Comment letter from the Committee on Property and Liability Financial Reporting (COPLFR) to the NAIC noting inconsistencies in the instructions for certification of loss reserves for international insurers. (July 07, 2016 )

Council Letter to U.S. Senate Committee on Flood Insurance

Casualty Practice Council and P/C Extreme Events Committee letter to U.S. Senate Banking, Housing and Urban Affairs Committee on HR 2901, The Flood Insurance Market Parity and Modernization Act, concerning an expanded role for private insurers in the flood insurance marketplace. (May 25, 2016 )

Council Letter to U.S. House on Flood Insurance

Casualty Practice Council and P/C Extreme Events Committee letter to U.S. House of Representatives on HR 2901, The Flood Insurance Market Parity and Modernization Act, concerning an expanded role for private insurers in the flood insurance marketplace. (April 26, 2016 )

CPC Comments on ASB's Proposed P/C Ratemaking ASOP

Casualty Practice Council comments on the Actuarial Standards Board's (ASB) second exposure draft of the proposed actuarial standards of practice for Property/Casualty Ratemaking. (April 21, 2016 )

Task Force Comments on NAIC Price Optimization White Paper

Comments to the NAIC executive committee by the Price Optimization Task Force on changes made to the proposed Price Optimization White Paper. (March 15, 2016 )

COPLFR Comments on Actuarial Opinion Instructions

Committee on Property and Liability Financial Reporting (COPLFR) comments to the NAIC’s Actuarial Opinion (C) Working Group on the Actuarial Opinion Instructions. (February 12, 2016 )

Academy Fellow Comments on Workers’ Compensation Large Deductible Study

Senior Property/Casualty Fellow Jim MacGinnitie comments to the NAIC/IAIABC Joint (C) Working Group on the 2015 Workers’ Compensation Large Deductible Study draft. (February 05, 2016 )

COPLFR Comments on Fees Incurred for Salvage/Subrogation Recoveries

Committee on Property and Liability Financial Reporting (COPLFR) comments to the NAIC’s Statutory Principles (E) Working Group on the proposed Clarification of Accounting Treatment for Fees Incurred for Salvage/Subrogation Recoveries. (February 03, 2016 )

COPLFR Comments on Workers’ Compensation Large Deductible Study

Committee on Property and Liability Financial Reporting (COPLFR) comments to the NAIC/IAIABC Joint (C) Working Group on the 2015 Workers’ Compensation Large Deductible Study draft. (January 19, 2016 )

Statements of Actuarial Opinion on P/C Loss Reserves (2015)

Committee on Property and Liability Financial Reporting Statements of Actuarial Opinion on P/C Loss Reserves practice note. (December 22, 2015 )

Comments to NAIC’s Property/Casualty Committee on Price Optimization White Paper

Price Optimization Task Force comments 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 )

Committee Testimony on Auto Insurance Pricing at NAIC Hearing

Academy Senior Property/Casualty Fellow Jim MacGinnitie testimony at the National Association of Insurance Commissioners’ (NAIC) public hearing on automobile insurance pricing. (November 19, 2015 )

Comments to NAIC on Bond Risk Factors in RBC Formula

P/C Risk-Based Capital Committee comments 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 )

Comments to NAIC on CASTF Price Optimization White Paper

Price Optimization Task Force comments 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 )

Comments to NAIC on CASTF Price Optimization White Paper

Price Optimization Task Force comments 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 )

Academy Committees Comment on PCAOB Auditor and Specialist Paper

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 comments on the Public Company Accounting Oversight Board’s (PCAOB) “The Auditor's Use of the Work of Specialists” consultation paper. (July 15, 2015 )

Comments to NAIC on CASTF Price Optimization White Paper

Price Optimization Task Force comments to NAIC’s Casualty Actuarial and Statistical Task Force (CASTF) on the recommendations section of its “Price Optimization White Paper.” (July 31, 2015 )

Comments on Terrorism Risk Insurance Supplement Draft

Terrorism Risk Insurance Subcommittee comments to NAIC’s Blanks Working Group on its terrorism risk insurance supplement and instructions draft. (July 30, 2015 )

Academy Councils Comments on NAIC E Committee Questionnaire

The Casualty Practice Council, Health Practice Council, Life Practice Council, and Risk Management and Financial Reporting Council 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 )

Price Optimization Presentation at NCOIL Summer Meeting

Casualty Practice Council presentation on price optimization at the National Conference of Insurance Legislators Summer Meeting. (July 17, 2015 )

Comments on Terrorism Risk Insurance Supplement and Instructions Draft

Terrorism Risk Insurance Subcommittee comments to NAIC on its “Terrorism Risk Insurance Supplement and Instructions” draft. (July 06, 2015 )

Comments to NAIC on CASTF Price Optimization White Paper

Price Optimization Task Force comments to NAIC’s Casualty Actuarial and Statistical Task Force (CASTF) on the second exposure of its “Price Optimization White Paper.” (July 02, 2015 )

Academy Comments to NAIC on SOA General Insurance Track Request

Academy comments to NAIC’s Casualty Actuarial and Statistical Task Force on its review of the Society of Actuaries’ (SOA) general insurance track request. (June 29, 2015 )

Comments to NAIC on Calculating R6, R7 Catastrophe Risks

Catastrophe Risk Subcommittee of the P/C Risk-Based Capital (RBC) Committee 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 )

Comments to NAIC on Revised Form PR026

RBC Catastrophe Risk Subcommittee comments to NAIC’s Catastrophe Risk (E) Subgroup on revised Form PR026 for the 2015 reporting year. (May 22, 2015 )

Comments to NAIC on CASTF Price Optimization White Paper

Price Optimization Task Force comments to NAIC’s Casualty Actuarial and Statistical Task Force (CASTF) on its Price Optimization White Paper. (April 15, 2015 )

CPC Comments to NAIC on Process for Approving Academy Members to Sign P/C NAIC Opinions

Casualty Practice Council comments to NAIC’s Casualty Actuarial and Statistical Task Force on the CPC’s process for approving member actuaries to sign P/C NAIC opinions. (April 09, 2015 )

Academy Presentation to CIPR on Pandemics

Academy President Mary D. Miller presentation at NAIC’s Center for Insurance Policy and Research (CIPR) event on the risk of pandemics to the insurance industry. (March 27, 2015 )

Comments to NAIC on P/C Premium and Reserve Underwriting Risk Factors

P/C Risk-Based Capital (RBC) Committee comment letter to the National Association of Insurance Commissioners’ Property/Casualty Risk-Based Capital Working Group on methods of properly quantifying reserve and premium underwriting factors. (March 13, 2015 )

Comment Letter to FIO on Certification of Terrorism Events

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 06, 2015 )

Comments on Exposure Draft of Proposed ASOP on Modeling

Casualty Practice Council comment letter to Actuarial Standards Board on exposure draft of a proposed Actuarial Standard of Practice (ASOP) on modeling. (March 04, 2015 )

Comments on Exposure Draft of Proposed ASOP on Property/Casualty Ratemaking

Casualty Practice Council comment letter to Actuarial Standards Board on exposure draft of a proposed Actuarial Standard of Practice on Property/Casualty Ratemaking. (January 31, 2015 )

CPC Comments on CAS Exposure Draft on Statement of Principles on Ratemaking

Casualty Practice Council comments on Casualty Actuarial Society’s statement of principles on P&C ratemaking exposure draft. (January 31, 2015 )

Academy Comments to NAIC on Operational Risk

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 07, 2015 )

Statements of Actuarial Opinion on P/C Loss Reserves (2014)

Committee on Property and Liability Financial Reporting 2014 Practice Note on Statements of Actuarial Opinion on P/C Loss Reserves. (December 30, 2014 )

COPLFR Overview for P/C Insurers' Audit Committees

Committee on Property & Liability Financial Reporting (COPLFR) overview providing information on effective use of actuarial loss reserves expertise by audit committees and boards. (December 10, 2014 )

CPC Letters to Congress on TRIA Reauthorization

Casualty Practice Council letters to U.S. Senate and House leaders urging reauthorization of the Terrorism Risk Insurance Act (TRIA), which is set to expire on Dec. 31. (December 04, 2014 )

Presentation on Policy Implications of Price Optimization in Ratemaking

Presentation by Mike Angelina, the Academy’s immediate past vice-president for casualty, 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 )

Comments to NAIC on RAA’s Updated Proposal on Reinsurance Credit Risk

P/C Risk-Based Capital Committee comment letter to the National Association of Insurance Commissioners on the Reinsurance Association of America's (RAA) updated proposal on reinsurance credit risk factors. (October 01, 2014 )

Presentation to NAIC on Actuaries Climate Index

Presentation to the NAIC’s Climate Change and Global Warming Working Group on the development of an Actuaries Climate Index and Actuaries Climate Risk Index. (August 17, 2014 )

CPC Comments to Congress on TRIA Reauthorization

Casualty Practice Council comments to U.S. House leaders on the TRIA Reform Act of 2014 in support of reauthorizing the terrorism risk insurance program and maintaining a government backstop for a peril that is difficult to fully insure in the private market. (July 16, 2014 )

COPLFR Comment Letter on Proposed Changes to IRIS Ratios

Committee on Property and Liability Financial Reporting comment letter to the NAIC's Casualty Actuarial and Statistical Task Force on proposed changes to IRIS ratios 11, 12, and 13, which would add adjusting and other expenses to the basis for calculating these ratios. (July 10, 2014 )

Presentation at NCOIL Summer Meeting on Role of Private Market in Flood Insurance

Presentation at National Conference of Insurance Legislators Summer Meeting on the evolving role of the private market in providing flood insurance. (July 11, 2014 )

Comments to Senate on TRIA Reauthorization

Casualty Practice Council comments to Senate leaders on the Terrorism Risk Insurance Reauthorization Act of 2014 in support of reauthorizing the terrorism risk insurance program and maintaining a government backstop for a peril that is difficult to fully insure in the private market. (July 10, 2014 )

CPC Comments on CAS Ratemaking Principles Draft

Casualty Practice Council comments on Casualty Actuarial Society’s Statement of Principles on P&C Ratemaking revised draft. (June 20, 2014 )

Comments to FIO on Auto Insurance

Auto Insurance Committee comments to the Federal Insurance Office on issues surrounding monitoring the availability and affordability of auto insurance. This includes how to define affordability and what measurements to use when monitoring to what extent low- and moderate-income consumers have access to affordable auto insurance. (June 09, 2014 )

Committee Fact Sheet on Medical Professional Liability Exposures

Medical Professional Liability Insurance Committee fact sheet on medical professional liability exposures. (June 06, 2014 )

Comments to NAIC on Reinsurance Credit Risk Updated Proposal

P/C Risk-Based Capital Committee comment letter to the National Association of Insurance Commissioners on the Reinsurance Association of America's updated proposal on credit risk factors. (May 12, 2014 )

Letter to NAIC on Core Elements of Actuarial Education

Casualty Practice Council letter to NAIC's CASTF on objective actuarial measurement criteria that could be used by regulators to make a recommendation regarding the ability of SOA Fellows in General Insurance to sign P&C Statements of Actuarial Opinion.

(March 19, 2014 )

Actuary Serving Congress: A Conversation with GAO’s Chief Actuary

Presentation by Frank Todisco, chief actuary of the Government Accountability Office, at an Academy Capitol Forum webinar on the GAO’s mission, the role of the actuary at the agency, and some of its selected work areas. (March 20, 2014 )

Letter to House on Modifying Biggert-Waters Law

Natural Catastrophe Subcommittee letter to U.S. House members on repealing some premium increases mandated by the Biggert-Waters Flood Insurance Reform Act of 2012. (February 26, 2014 )

Comments to NAIC on Definition of Qualified Actuary

Academy comments to NAIC’s Joint Qualified Actuary (A/B/C) Subgroup on definitions of “qualified actuary” as prescribed by the NAIC. (February 03, 2014 )

Academy Letter to NAIC on Operational Risk Proposal

Letter from Academy RBC work groups to the NAIC SMI RBC Subgroup regarding the NAIC’s Dec. 9 Operational Risk Proposal. (January 30, 2014 )

Letter to Senators on Modifying Biggert-Waters Law

Letter 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 )

Statements of Actuarial Opinion on P&C Loss Reserves (2013)

Committee on Property and Liability Financial Reporting 2013 practice note on statements of actuarial opinion on P&C loss reserves. (December 23, 2013 )

Presentation on P/C Underwriting Risk Charges at NAIC Meeting

Casualty Practice Council presentation by Academy Vice President Mike Angelina to the NAIC’s P/C Risk-Based Capital Working Group on underwriting risk charges in NAIC P/C risk-based capital. (December 15, 2013 )

Comments to NAIC on Reinsurance Credit Risk Proposal

P/C Risk-Based Capital Committee comment letter to the National Association of Insurance Commissioners on the Reinsurance Association of America's discussion draft on reinsurance credit risk. (October 08, 2013 )

Comments to FIO on Terrorism Risk Insurance

Terrorism Risk Insurance Subcommittee comment letter to the Federal Insurance Office on the long-term availability and affordability of insurance for terrorism risk. (September 16, 2013 )

Presentation to Regulators on Process Allowing Non-CAS Members to Sign NAIC P/C Opinions

Presentation to the NAIC’s Casualty Actuarial & Statistical Task Force on the Casualty Practice Council’s application process for non-CAS members to be approved to sign NAIC P/C Opinions. (August 24, 2013 )

Presentation to State Legislators at NCOIL Summer Meeting on Future of Flood Insurance Program

Presentation to National Conference of Insurance Legislators Summer Meeting on the future of the National Flood Insurance Program following the 2012 passage of the Biggert-Waters Flood Insurance Reform Act. (July 11, 2013 )

Comments to FIO on Natural Catastrophes and Insurance

Extreme Events Committee comment letter to the Federal Insurance Office on the current state of the market for natural catastrophe insurance. (June 24, 2013 )

Comments on Proposed Regulations on CA Workers’ Comp Self-Insurance Plans

COPLFR comment letter to the California Office of Self Insurance Plans concerning proposed final regulations on the state’s workers’ compensation self-insurance plans. (June 07, 2013 )

CPC Comment Letter on BIS Mortgage Insurance Report

Casualty Practice Council comment letter to the Bank for International Settlements on its mortgage insurance document. (May 01, 2013 )

Presentation to NAIC on Terrorism Risk Insurance

Casualty Practice Council presentation to the NAIC's Center for Insurance Policy and Research Brunch event on insurance for acts of terrorism. (April 09, 2013 )

Committee Report on Reinsurance Credit Risk Charge in NAIC P/C RBC

Property/Casualty Risk-Based Capital Committee 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 )

Bond Factors Presentation

C1 Work Group presentation regarding C1 RBC model construction and the development of basic C1 bond factors to the NAIC C1 Factor Review Subgroup. (May 01, 2012 )

COPLFR Comment Letter on Proposed Changes to Schedule P

Committee on Property & Liability Financial Reporting comment letter to the NAIC’s Blanks Working Group on its proposed changes to move all force-placed or lender-placed business from the current line to the write-in line of Schedule P. (March 07, 2013 )

Practice Councils' Comments to NAIC Joint Qualified Actuary (A/B/C) Subgroup

Councils' letter to NAIC's Joint Qualified Actuary (A/B/C) Subgroup on the subgroup's two new charges related to defining a "qualified actuary" and recommending a process to address "unprofessional" actuarial work. (February 11, 2013 )

Determining the Impact of Climate Change on Insurance Risk and the Global Community

This report is the product of Phase I of a multi-phase project commissioned by the Casualty Actuarial Society (CAS), Canadian Institute of Actuaries, Society of Actuaries, and the American Academy of Actuaries' Property/Casualty Extreme Events Committee and prepared by Solterra Solutions, with input from the CAS's Climate Index Working Group. (October 31, 2012 )

Statements of Actuarial Opinion on P&C Loss Reserves (2012)

Committee on Property and Liability Financial Reporting's 2012 practice note on Statements of Actuarial Opinion on P&C Loss Reserves. (December 17, 2012 )

Cross-Practice Council Comments on NAIC's Corporate Governance Exposure Draft

Casualty, Life, Health, Professionalism, and Financial Reporting Council comments to the NAIC's Corporate Governance Working Group on its Proposed Responses to a Comparative Analysis of Existing U.S. Corporate Governance Requirements. (September 28, 2012 )

Letter to SMI RBC Subgroup on CAS Working Party Activity

P/C Risk-Based Capital Committee letter to Solvency Modernization Initiative RBC Subgroup concerning CAS Working Party research on potential improvements to the NAIC's P/C RBC framework. (July 10, 2012 )

Comment Letter on Comprehensive Flood Reform Bill

Flood Insurance Subcommittee comment letter to Congressional leaders concerning H.R. 4348, a bill to reform the National Flood Insurance Program and reauthorize it for five years. (June 28, 2012 )

Actuarial Soundness

Actuarial Soundness Task Force special report regarding the terms “actuarial soundness” and “actuarially sound” to assist in providing the profession and the general public with specific direction on the use of these terms. (May 10, 2012 )

COPLFR Comments on Proposed NAIC 2012 Actuarial Opinion Instructions

Comments by Committee on Property and Liability Financial (COPLFR) to the NAIC's Blanks Working Group on its proposed 2012 Actuarial Opinion Instructions. (May 01, 2012 )

Comments on White Paper, 'The U.S. National State-Based System of Insurance Financial Regulation and the Solvency Modernization Initiative'

Public policy practice groups comments to the NAIC on its draft white paper on the Solvency Modernization Initiative and insurance regulation offering suggestions encompassing RBC, ORSA, and NAIC model laws. (April 30, 2012 )

Comments to NCOIL Concerning Natural Catastrophe Insurance Reform Options

Natural Catastrophe Subcommittee of the Extreme Events Committee comments to the National Conference of Insurance Legislators concerning natural catastrophe insurance reform options. (April 13, 2012 )

Actuarial Perspective on Death, Disability, and Retirement Extended Reporting Endorsement

Medical Professional Liability Insurance Committee fact sheet on the Death, Disability, and Retirement (DDR) Extended Reporting Endorsement. (February 15, 2012 )

Comment Letter on H.R. 5

Medical Professional Liability Committee letter to the leadership of the U.S. House of Representatives concerning H.R. 5, which would reform the medical professional liability system and repeal the Independent Payment Advisory Board. (March 21, 2012 )

Letter on H.R. 1309 to House Financial Services Committee

Flood Insurance Subcommittee comment letter to the leadership of the House Financial Services Committee on H.R. 1309, a bill to reform the National Flood Insurance Program. (May 04, 2011 )

Congressional Testimony on the Reauthorization of the National Flood Insurance Program

Flood Insurance Subcommittee testimony to the Senate Banking Committee's meeting on the reauthorization of the National Flood Insurance Program. (June 30, 2011 )

Letter on S.1091 to Senate Banking Committee

Flood Insurance Subcommittee letter to the U.S. Senate Banking, Housing & Urban Affairs Committee concerning the actuarial implications of S. 1091, "The Consumer Option for an Alternative System to Allocate Losses (COASTAL) Act." The bill would reauthorize the NFIP for an additional five years and would create a system for allocating losses between wind and water for "slab claims," in which no physical structure remains. (July 11, 2011 )

Capitol Hill Briefing - Weathering the Storm: Placing the NFIP on Actuarial Solid Ground

Flood Insurance Subcommittee presentation regarding the actuarial condition of the National Flood Insurance Program (NFIP) and its future. (July 12, 2011 )

The National Flood Insurance Program: Past, Present...and Future?

Flood Insurance Subcommittee's monograph on the actuarial issues surrounding the history and future of the National Flood Insurance Program. (July 12, 2011 )

Presentation to NCOIL on Actuarial Rates in the Context of NFIP Hazard-Mapping

Extreme Events Committee presentation on actuarial rates in the context of the National Flood Insurance Program (NFIP) before the National Conference of Insurance Legislators. (July 17, 2011 )

Statements of Actuarial Opinion on P&C Loss Reserves (2011)

Committee on Property and Liability Financial Reporting's 2011 practice note on Statements of Actuarial Opinion on P&C Loss Reserves. (December 16, 2011 )

P/C RBC Committee Letter on SMI Project

Property/Casualty RBC Committee update in response to the NAIC's request for assistance with the Solvency Modernization project on the NAIC's Risk-Based Capital formulas. This update discusses the Committee's progress toward providing recommendations for improving the correlation/covariance methodologies used in the P/C RBC formula. (July 21, 2011 )

Comments to NAIC CASTF on Proposed 2012 Actuarial Opinion Instructions

Casualty Practice Council comments to the NAIC’s Casualty Actuarial & Statistical Task Force on its proposed 2012 Actuarial Opinion Instructions. (October 10, 2011 )

Reinsurance Attestation Supplement 20-1: Risk Transfer Testing

Committee on Property & Liability Financial Reporting practice note on risk transfer testing. (February 01, 2007 )

Comments to AICPA on Draft Audit & Accounting Guide for Property and Liability Insurance Entities

Committee on Property and Liability Financial Reporting comments to the AICPA regarding its working draft of Audit and Accounting Guide Property and Liability Insurance Entities. (August 26, 2011 )

Group and Health Coverage in the Wake of September 11

Terrorism/Extreme Events Work Group monograph examining the impact of catastrophic terrorist events on group and health coverage, including medical benefits and non-medical benefits such as group life, disability, and long-term care. (December 02, 2002 )

Reserving for Asbestos, Pollution, and Other Mass-Tort Liabilities

Environmental Liabilities Work Group monograph on reserving for asbestos, pollution, and other mass-tort liabilities. (March 01, 1997 )

Workers’ Compensation System: An Analysis Of Past, Present and Potential Future Crises

Workers' Compensation Work Group monograph on an analysis of the workers' compensation system and addresses the history of the system, economic influences, and the effect of managed care, among other issues. (March 31, 2000 )

Insurance Industry Catastrophe Management Practices

Catastrophe Management Work Group monograph on insurance industry catastrophe management practices. (June 01, 2001 )

MTWG Overview of Asbestos Issues and Trends

Mass Tort Work Group overview of asbestos issues and trends. (December 01, 2001 )

Terrorism Insurance Coverage in the Aftermath of September 11th

Extreme Events Committee monograph addressing terrorism-risk insurance coverage in the aftermath of September 11th. (May 01, 2002 )

GAAP Survey Results Committee on Life Insurance Financial Reporting (COLIFR)

Committee on Life Insurance Financial Reporting (COLIFR) report on its GAAP survey.
(April 02, 2001 )

COPLFR Report on Improvements to Statements of Actuarial Opinion

Committee on Property & Liability Financial Reporting's report on its recent activities to the NAIC's Casualty Actuarial & Statistical Task Force. (February 01, 2011 )

Letter to NAIC's P/C Risk-Based Capital Working Group on RBC SMI Project

P/C RBC Committee letter to the NAIC's P/C RBC Working Group regarding the Academy's joint report in response to the NAIC's request for assistance with its Solvency Modernization project on its RBC formulas. (February 22, 2011 )

Flood Insurance Subcommittee Presentation to NCOIL

Stu Mathewson, chair of the Academy's Flood Insurance Subcommittee, presentation before the National Conference of Insurance Legislators' (NCOIL) Property-Casualty Insurance Committee on the actuarial implications of the flood mapping update being done within the National Flood Insurance Program. (March 02, 2011 )

Letter to Wilmington Regional Association of Realtors in North Carolina

Casualty Practice Council comments to the Wilmington Regional Association of Realtors request for input on providing a summary of the qualifications it should seek in filling an advisory board position. The association is working with the North Carolina legislature to draft a bill concerning North Carolina property insurance. The bill would, among other things, create an advisory board on which an actuary would sit. (March 09, 2011 )

Proposed Revisions to NAIC Instructions for Statements of Actuarial Opinion

Casualty Practice Council's proposed revisions to the NAIC's Instructions for Statements of Actuarial Opinion to the NAIC's Casualty Actuarial & Statistical Task Force; comments prompted by changes to the Casualty Actuarial Society's syllabus that go into effect this year. (March 26, 2011 )