White Paper Summaries:
Catastrophe Risk Management for the U.S. Economy White Paper (Draft: 11/10/05)
Recent catastrophic losses, such as the World Trade Center attack, the Oklahoma City bombing, and recent hurricanes have caused insurers and public policymakers to wonder if the industry has the capacity to deal with the next catastrophe. The Property and Casualty Insurance (C) Committee is exploring the impact of mega-catastrophes and the possible ways to address their problems. For purposes of this white paper, a “mega-catastrophe” is an insured catastrophic event of a magnitude that would affect the ability of the U.S. insurance industry to carry on its everyday activities. A new draft was distributed at a joint meeting in November 2005 between the Catastrophe Insurance (C) Working Group and the Terrorism Insurance Implementation (C) Working Group. However, at the 2006 Spring National Meeting, the Catastrophe Insurance (C) Working Group tabled discussion of this white paper until the drafting of the National Catastrophe Risk: Creating a Comprehensive Plan White Paper is complete.
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Class Action Insurance Litigation White Paper (Draft: 12/2/06)
The Class Action Insurance Litigation (C) Working Group reviewed a preliminary draft of this white paper. The Working Group discussed whether it should continue into 2007. Given the results from a study conducted by the RAND Institute for Civil Justice, the Working Group voted to disband itself. The results of this study suggested that the Working Group had served its purpose. Therefore, it is not anticipated that there will be any further drafts of this proposed white paper.
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An Exploration of Potential Regulatory Measures Intended to Prevent Individuals at Later Durations of Non-Group Major Medical Products from Receiving Higher Rate Increases than Those at Early Durations
The Plenary adopted this white paper during the 2007 Winter National Meeting. This white paper is the result of the Accident and Health Working Group’s discussions on the individual market closed block problem.
NAIC Disclosure Guidelines and Process (Draft: 9/06/06)
The Consumer Protections (Ex) Working Group agreed to move forward with this white paper. Prior to the Winter National Meeting, the Working Group was undecided as to whether this paper would develop into a white paper. The Group decided to review other materials and disclosures as examples for this white paper.
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Natural Catastrophe Risk: Creating a Comprehensive National Plan (Draft: 12/12/06)
The Catastrophe Insurance (C) Working Group discussed several of the underlying principles of this plan. The Working Group noted that this proposal has been quite controversial and debated and amended considerably since it was originally drafted. The Working Group clarified that the intention of this white paper is to: (1) Promote personal responsibility among policyholders; (2) Support reasonable building codes, development plans and other mitigation tools; (3) Maximize the risk-bearing capacity of the private markets, and; (4) Provide quantifiable risk management to the federal government.
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Personal Lines Regulatory Framework (Draft: 9/8/06)
The Personal Lines Market Regulatory Framework (Ex) Working Group met by conference call on Feb. 22, 2007. During the call, the Working Group learned of an alternative recommendation to the white paper. This recommendation involved conducting a pilot project to test pricing freedom for insurance in exchange for greater transparency for insurance consumers. The Working Group is accepting comments on the proposed pilot project. At this time, the pilot project proposal is not intended to replace the white paper.
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Weather Financial Instruments (Temperature): Insurance or Capital Markets Products? (Draft: 9/02/03)
The Crop Insurance (C) Working Group and its parent committee are considering a draft of a white paper that discusses whether certain weather derivative agreements currently marketed as investments should be regulated as insurance. The proposed white paper concludes that weather derivatives should be classified as insurance products for a number of reasons, including that the derivatives essentially perform like insurance products by transferring risk from a business to a professional risk-taker. Comments were received at the 2004 Summer National Meeting, and the Property and Casualty Insurance (C) Committee tabled discussion of the white paper.
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