SOA Research and the NAIC

R. Dale Hall, SOA Managing Director of Research

R. Dale Hall, SOA Managing Director of Research

Connecting with insurance regulators on the latest SOA research efforts involving our profession and the industry, SOA members and staff took part in the National Association of Insurance Commissioners (NAIC) Summer National Meeting this August in Louisville, Kentucky. Ann Weber– the new SOA Director of Regulatory Affairs, and I as SOA Managing Director of Research, attended the meeting to share and discuss the latest developments on research, including principle-based reserving, general insurance, life insurance and weather risks.

The NAIC meeting acknowledged the SOA’s comments to the Principle-Based Reserving Implementation (EX) Task Force on the proposed framework. The SOA’s comments focused on how the framework should formally continue through the SOA experience study process, expense allocation methods for experience studies, and how the SOA and NAIC can work together to address access to and ownership of tables and reports for use by regulators and the public. The taskforce requested a 30-day period to revise the implementation plan.

The Casualty Actuarial and Statistical (C) Task Force (CASTF) met to continue discussions regarding Fellows of the Society of Actuaries General Insurance track to sign statements of actuarial opinions for property/casualty annual statements.  The taskforce reviewed a plan that outlines further information needed to complete its analysis.  In addition, CASTF heard a presentation from the American Academy of Actuaries on a draft form to be utilized as a means for an actuary to attest to their qualifications to sign statements of actuarial opinions.  CASTF is now taking comments on its plan and the Academy’s draft attestation form.

Representatives from the joint research effort from the SOA, the Academy, the Casualty Actuarial Society and the Canadian Institute of Actuaries, provided an overview of the Actuaries Climate Index to the Climate Change and Global Warming (C) Working Group. This actuarial research involves the creation of indexes on extreme climates and climate risks. The meeting discussed the future applications of this data analysis for understanding exposures and how it can be used to help state regulators.

Additionally, the meeting covered developments with long term care, life and annuity experience studies, and the SOA report on post level term lapse and mortality report.The SOA recently submitted comments to the NAIC on the 2015 Generally Recognized Expense Table (GRET)for use with individual life insurance sales illustrations. Separately, the NAIC’s Life Actuarial Task Force is seeking comments on the draft 2014 VBT report and accompanying tables for individual life insurance by Oct. 15, 2014. For reference read the SOA and Academy presentation on the VBT report. Send comments on either NAIC exposure draft to Reggie Mazyck at RMazyck@naic.org.

Stay tuned for new SOA developments involving the NAIC as well as ongoing SOA research projects.

Sharing is caring.
  • Subscribe to our feed
  • Tweet about this post
  • Share this post on Facebook
  • Share this post on Google
  • Share this post on LinkedIn

Discussion

No responses to "SOA Research and the NAIC"

There are no comments yet, add one below.

Leave a Comment