Florida Commission on Hurricane Loss Projection Methodology Approves Revised AIR Model After Verifying Corrections to Suspended Version
Nov 8, 2010
After having temporarily suspended AIR Worldwide Corporation’s (“AIR”) Atlantic Tropical Cyclone Model Version Atlantic Tropical Cyclone Model V12.0, Program CLASIC/2 V12.0, (“Model”) on October 26, 2010 because an error relating to software implementation was discovered, the Florida Commission on Hurricane Loss Projection Methodology (“Commission”) voted unanimously to approve a new version in an emergency meeting today, November 8, 2010, after finding recent revisions to the former Model to be acceptable under 2009 Standards.
To pinpoint the Model’s problems found at the October 26 meeting, a subset of the Commission’s Professional Team conducted an on-site audit of AIR on November 3 and 4, whereupon all corrections made to the Model were verified. Today’s vote came after Commission members reviewed those findings. Many of the changes involve form-related revisions.
The revised Model, to be entitled “Atlantic Tropical Cyclone Model Version 12.0.1, Program CLASIC/2 Version 12.0.4,” will expire on September 1, 2013. Each of its five general standards were approved separately by the Commission.
It was also determined that there will be no impact on rate filings made using the prior Model version before its October 26 suspension. Those filings will proceed as they were.
To view the agenda from today’s Commission meeting, click here.
Should you have any comments or questions, please contact Colodny Fass.