NAIC Casualty Actuarial and Statistical Task Force Issues Group Meeting Report: October 14
Oct 15, 2008
On Tuesday, October 14, 2008, the National Association of Insurance Commissioners (“NAIC”) held a Casualty Actuarial and Statistical Task Force (“Task Force”) meeting. Agenda items considered for adoption included regulatory guidance documents and the Auto Database Report. To view the complete agenda, click here.
The meeting was called to order by Chairman Thomas Sullivan from Connecticut with a quorum of representatives from member states in attendance.
The Regulatory Guidance on Property and Casualty Statutory Statements of Actuarial Opinion for the Year 2008 (“Opinion”) and Regulatory Guidance on the Property and Casualty Actuarial Opinion Summary for the Year 2008 (“Summary”) draft documents were discussed for adoption. To view the Opinion, click here. To view the Summary, click here. Changes to the Opinion made subsequent to the Fall 2008 meeting are reflected in the draft.
Task Force members discussed adding a third item of interest to the scope of the Opinion addressing the current financial markets, especially in relation to the housing market. After discussion, Task Force members decided that the language regarding economic conditions as an exposure risk in the draft Opinion would be sufficient.
No changes to the Summary were discussed. Both guidance documents were unanimously approved for adoption.
The Auto Database Report (“Report”), which was compiled by the Statistical Issues Group (“Group”), was discussed for adoption.
Task Force members unanimously voted to accept the Report for adoption. It is anticipated that the Report will be sent to all Commissioners on October 27, and will be publicly released on November 3.
Chairman Sullivan discussed the Risk Transfer Letter, saying he has invited select states to form a group in order to discuss writing a summary for circulation.
The Profitability Report Working Group and Task Force Subgroups had no updates to report.
The Appointed Actuary Qualifications & CAS Syllabus for Associates is being developed and is scheduled for release in 2010 or 2011. The Report of the American Academy of Actuaries is currently formulating opinions on this document.
No other items were discussed. The meeting was then adjourned.
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