Property and Casualty Insurance (C) Committee

The mission of the Property and Casualty Insurance (C) Committee is to monitor and respond to regulatory issues associated with property or casualty insurance products, including issues regarding their delivery and cost. The Committee monitors property and casualty insurance markets and the surplus lines market. The Committee addresses regulatory issues associated with both personal lines (particularly auto and homeowners insurance) and commercial lines coverages. The Committee also monitors and responds to problems associated with financial reporting matters for property and casualty insurers that are of interest to regulatory actuaries and analysts and monitors and responds to problems associated with the financial aspects of the surplus lines market.

In recent years, the Committee has published a report on market conditions within the various state medical liability markets, adopted a model bulletin addressing the use of confidential bank regulatory information in the underwriting process by D&O insurers, and adopted a white paper on uninsured motorists issues. The Committee closely monitors activities related to insurers and insurance advisory organizations. It follows federal legislation of interest such as proposals to extend the Terrorism Risk Insurance Act, proposals to establish a no-fault trust fund to settle claims related to exposure to asbestos, and proposals to address class action litigation abuses.

The Committee has four task forces that report to it and has appointed eight working groups to assist it with its deliberations. The task forces address actuarial matters of interest to regulatory casualty actuaries, information related to statistical reporting by property and casualty insurers, issues in the surplus lines markets and workers’ compensation insurance regulatory issues. The working groups are developing examination protocols for advisory organizations, dealing with various aspects of disasters, both natural and acts of terrorism, addressing regulatory concerns about encroachment into regulatory processes by courts through class action litigation, coordinating with federal crop insurance regulators with regard to the delivery of crop insurance products to the nation’s farmers, monitoring developments related to risk retention groups, particularly related to corporate governance and ownership, monitoring issues related to the delivery of title insurance products and assisting in the development of uninsured motorists verification systems.