Committees & Activities

Casualty Actuarial and Statistical (C) Task Force
Property and Casualty Insurance (C) Committee

Actuarial Opinion Working Group
Appointed Actuary Subgroup
Statistical Data Working Group

Mission

The mission of the Casualty Actuarial and Statistical (C) Task Force is to identify, investigate and develop solutions to actuarial problems and statistical issues in the P/C insurance industry.

The Task Force’s goals are to maintain the financial health of P/C insurers and to ensure that appropriate data regarding P/C insurance markets are available.

2015 Charges

Ongoing Maintenance of NAIC Programs, Products or Services:

1. The Casualty Actuarial and Statistical (C) Task Force will:

  • Provide reserving, pricing, ratemaking, statistical and other actuarial support to NAIC committees, task forces and/or working groups. Propose changes to the appropriate work products (with the most common work products noted below) and present comments on proposals submitted by others relating to casualty actuarial and statistical matters. Monitor the activities, including the development of financial services regulations and statistical (including disaster) reporting, relating to casualty actuarial issues.—Essential

    • Blanks (E) Working Group (P/C annual financial statement, including Schedule P; P/C quarterly financial statement; P/C quarterly and annual financial statement instructions, including Statement of Actuarial Opinion and Actuarial Opinion Summary Supplement).

    • Statutory Accounting Principles (E) Working Group and Emerging Accounting Issues (E) Working Group (Accounting Practices and Procedures Manual). Review and provide comments on statutory accounting issues being considered under Statement of Statutory Accounting Principles (SSAP) No. 65—Property and Casualty Contracts.

    • Capital Adequacy (E) Task Force (P/C RBC report).

    • Financial Analysis Handbook (E) Working Group (P/C actuarial sections and other sections regarding the use of P/C actuaries in the risk-focused examination process of the Financial Analysis Handbook).

    • Financial Examiners Handbook (E) Technical Group (P/C actuarial sections and other sections regarding the use of P/C actuaries in the risk-focused examination process of the Financial Condition Examiners Handbook).

    • Operational Efficiencies (EX) Working Group (P/C actuarial sections of the Product Filing Review Handbook).

  • Monitor national casualty actuarial developments and consider regulatory implications.—Important

    • Casualty Actuarial Society (Statements of Principles and Syllabus of Basic Education).

    • American Academy of Actuaries (Academy) (Standards of Practices, Council on Professionalism and Casualty Practice Council).

    • Society of Actuaries (SOA) (general insurance track).

    • Federal legislation.

  • Provide a recommendation by July 1, 2015, regarding the ability of SOA members who obtain the SOA fellowship in general insurance and meet U.S. qualification standards to sign actuarial opinions for NAIC P/C annual financial statements. If appropriate, follow the recommendation with a blanks proposal to allow SOA members who obtain the SOA fellowship in general insurance and meet U.S. qualification standards to sign P/C Statements of Actuarial Opinion.—Essential

  • Monitor activities related to the Own Risk and Solvency Assessment (ORSA), including the activities of the Group Solvency Issues (E) Working Group, the Academy, the International Actuarial Association and other relevant organizations. Assist the Group Solvency Issues (E) Working Group as needed.—Important

2. The Actuarial Opinion (C) Working Group will:

  • Propose revisions to the following, as needed, especially to improve actuarial opinions, actuarial opinion summaries and actuarial reports, as well as the regulatory analysis of these actuarial documents and loss and premium reserves.—Essential

    • Financial Analysis Handbook.

    • Financial statement instructions.

    • Regulatory guidance to appointed actuaries.

3. The Statistical Data (C) Working Group will:

  • Consider updates and changes to the Statistical Handbook of Data Available to Insurance Regulators.—Essential

  • Consider updates and developments, provide technical assistance and oversee the production of the following reports and databases. Periodically evaluate the demand, utility and income derived versus the costs of production of each product.—Essential

    • Dwelling Fire, Homeowners Owner-Occupied, and Homeowners Tenant and Condominium/Cooperative Unit Owners Insurance.

    • Auto Insurance Database.

    • Competition Database Report.

    • Report on Profitability by Line by State.

4. The Appointed Actuary (C) Subgroup will:

  • Utilize the 2014 report issued by the Joint Qualified Actuary (A/B/C) Subgroup regarding a uniform definition of “qualified actuary” for actuaries signing prescribed NAIC Statements of Actuarial Opinion and consider any necessary changes to the definition in the P/C Annual Statement Instructions through the following activities.—Important

    • Identify and communicate to the Casualty Actuarial and Statistical (C) Task Force any concerns, challenges and/or implementation issues, including, if appropriate, an alternative definition of “qualified actuary” for the Task Force to consider.

    • Engage interested parties to assist the Subgroup in assessing the impact of the Joint Qualified Actuary (A/B/C) Subgroup’s recommendations.

    • Continue dialogue with the Actuarial Board for Counseling and Discipline, the American Academy of Actuaries’ (Academy) Council on Professionalism and the Academy’s Casualty Practice Council to address regulator concerns expressed in the 2012 Casualty Actuarial and Statistical (C) Task Force survey about the actuarial guidance and discipline process.

NAIC Support Staff: Kris DeFrain/Jennifer Gardner

Conference Call Calendar

NAIC conference calls & interim meetings are available on the NAIC Conference Call Calendar. See NAIC's revised policy statement on open meetings.

Advance Materials

2015 Summer National Meeting
Chicago, Illinois
Saturday, August 15, 2015
9:00 – 10:30 a.m.
Hyatt Regency Chicago—Columbus CD—Gold Level—East Tower

Go to the exposure draft index.

Price Optimization White Paper Draft

Exposed for comment through July 3, 2015
Send comments to Kris DeFrain
.

Please submit specific written proposals for regulatory recommendations to Kris DeFrain by Friday, July 31.

documents and resources

SOA GI Track Education Action List

PRICE OPTIMIZATION

Financial Analysis Research and Development (E) Working Group Referral

Loss Adjustment Expense Survey to Regulators
CASTF to CAS re Statement of Principles - Ratemaking
Regulatory Guidance-RBC Misuse

Risk-Focused Surveillance

  1. P&C Actuarial Potential Role in Risk-Focused Surveillance
  2. AAA Attachment
  3. Referral to CASTF

Actuarial Regulatory Guidance

  1. 2010 Statement of Actuarial Opinion and Actuarial Opinion Summary
  2. 2011 Statement of Actuarial Opinion and Actuarial Opinion Summary
  3. 2012 Statement of Actuarial Opinion and Actuarial Opinion Summary
  4. 2013 Statement of Actuarial Opinion and Actuarial Opinion Summary
  5. 2014 Statement of Actuarial Opinion and Actuarial Opinion Summary
Related NAIC Publications
Draft meeting minutes are available free for meeting attendees 10 business days after a national meeting concludes, using the User ID and Password supplied by the NAIC. Regulators may access minutes via StateNet.
Final committee minutes and Proceedings of the NAIC are available to non–attendees, after adoption at the next national meeting, for free in the PDF format through the NAIC Products & Services website.
Auto Insurance Database

Commercial Lines Competition Database

Dwelling, Fire, Homeowners Owner-Occupied, and Homeowners Tenant and Condominium/Cooperative Unit Owner's Insurance

Market Share Reports for Groups and Companies Property and Casualty
Medical Malpractice Insurance Report: A Study of Market Conditions And Potential Solutions to the Recent Crisis
Profitability by Line by State
Statistical Compilation of Annual Statement Information Property/Casualty
Statistical Handbook of Data Available to Insurance Regulators
Contacts
Media queries should be directed to the NAIC Communications Division at 816-783-8909 or news@naic.org.

Kris DeFrain, FCAS, MAAA, CPCU
Director, Research and Actuarial Department
Phone: 816-783-8229
Fax: 816-460-0159

Please see the current Committee List for a complete list of committee members.