Casualty Actuarial and Statistical (C) Task Force
Casualty Actuarial and Statistical (C) Task Force Page
Joint Executive (EX) / Plenary Committee Summary Report
Summer 2009 Meeting Summaries Index

The Casualty Actuarial and Statistical (C) Task Force met June 14, 2009.

During this meeting, the Task Force:

• Discussed a potential blanks proposal to require an actuarial opinion on premium deficiency reserves. Revisions to the proposal will be drafted and discussed on the Task Force’s next call. The Task Force will also discuss Note 29 about premium deficiency reserves and whether “not applicable” is an appropriate response.
• Discussed the Actuarial Opinion data reporting requirements and decided to send a letter to annual statement vendors as well as company reporting contacts. The data submission needs to match the Statement of Actuarial Opinion data exhibits submitted by the Appointed Actuary.
• Received a revised draft Part A of the Guideline for Implementation of Medical Professional Liability Closed Claim Reporting. The current draft will be further discussed by the Task Force’s Statistical Subgroup.
• Heard a report from NAIC staff about the Solvency Modernization Initiative (SMI) and current international technical work. A joint subgroup might be created between the Capital Adequacy (E) Task Force and the Life and Health Actuarial Task Force because of the link between SMI discussions on capital and reserves. The Casualty Actuarial and Statistical (C) Task Force will discuss whether to ask to join that subgroup.
• Discussed American Academy of Actuaries’ work plans.
• Identified items for future discussion: SSAP modifications regarding transfer of run-off business and allowance of prospective accounting and regarding companies trying to interpret their 100% quota share as intercompany pooling; collection and compilation of Actuarial Opinion Summary data; and the need to work with states that still allow a commissioner to approve a specialist (as opposed to a qualified actuary) to sign actuarial opinions.
• Honored John Purple who has chaired the Task Force for six years and is retiring July 1.

The Task Force then adopted interim minutes and reports (attached).

Action Items:

1. Received May 12 and June 9 conference call minutes and working group and subgroup reports.
2. Adopted letters to send to Annual Statement vendors and company reporting contacts. Instructions will be given to instruct them that the Actuarial Opinion data reporting requirements require the data submission to match the Appointed Actuary’s Statement of Actuarial Opinion data exhibits.