SOA Insights from the NAIC Spring National Meeting 2015

At the end of March, insurance industry professionals gathered in Phoenix, Arizona, for the Spring National Meeting of the National Association of Insurance Commissioners (NAIC). SOA members and staff attended the NAIC meeting to discuss general insurance credentials, valuation basic tables and long-term-care research.

The Casualty Actuarial and Statistical (C) Task Force (CASTF) met to discuss the SOA’s General Insurance track and the process to allow Fellows of the SOA to sign statements of actuarial opinions for property/casualty annual statements. The task force continued to discuss an independent review, to provide an impartial analysis on the SOA’s General Insurance track.

Towers Watson and the Long Term Care Group presented the SOA-sponsored long-term care experience study on basic table development to the Health Actuarial (B) Task Force (HATF) of the NAIC. The study uses predictive analytics techniques in building predictive models for the long-term care assumptions.

The SOA and the American Academy of Actuaries joint Preferred Mortality Working Group presented to the Life Actuarial Task Force (LATF) of the NAIC on updates for tables. They discussed the 2014 Valuation Basic Tables exposure draft and the beta versions of the 2014 VBT Relative Risk Tables. They also discussed the Principle Based Reserves (PBR) margins and the development of the 2017 Commissioners’ Standard Ordinary (CSO) tables and CSO Preferred Structure Tables.

SOA members Jim Toole and Max Rudolph presented on the impact of an influenza pandemic on the life and health industries. This presentation was part of a separate event from the NAIC Center for Insurance Policy and Research on the risk of pandemics to the insurance industry.

Stay tuned for developments on actuarial research and SOA’s efforts with the NAIC.

By Ann Weber, SOA Director of Regulatory Affairs

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