Casualty news

The Academy's Casualty Practice Council provides objective technical expertise to policy-makers and regulators on major property-casualty issues, including medical liability and asbestos litigation.

Tim Wisecarver is the Academy's vice president for casualty issues.

2011 Practice Note on Statements of Actuarial Opinion on P&C Loss Reserves

The Committee on Property and Liability Financial Reporting has released its 2011 practice note on Statements of Actuarial Opinion on P&C Loss Reserves. Click here to download the practice note now. Members of the American Academy of Actuaries may request a hard copy of the practice note by clicking here. (12/16/11)

Order the 2011 P/C Loss Reserve Law Manual

The Property/Casualty Loss Reserve Law Manual is designed to help appointed actuaries comply with the NAIC annual statement requirements for statements of actuarial opinion (SAO). It is updated annually. Click here to learn what’s new for 2011 and to order your copy! (12/14/11)

The Casualty Practice Council held its 2011 P/C Effective Loss Reserve Opinion Seminar: Tools for the Appointed Actuary on Nov. 16 and 17.

The sold-out two-day seminar at the Hilton Baltimore BWI Airport hotel covered topics such as accepting an opinion assignment, documentation, point estimates, and risk of material adverse deviation. Presenters also discussed new guidance on the repeal of ASOP No. 9 (Documentation and Disclosure in Property and Casualty Insurance Ratemaking, Loss Reserving, and Valuations), revised ASOP No. 36 (Statement of Actuarial Opinion Regarding Property/Casualty Loss and Loss Adjustment Expense Reserve), and ASOP No. 43 (Unpaid Claim Estimates). (11/18/11)

Academy comments on NAIC 2012 Actuarial Opinion Instructions

On Oct 10, the Casualty Practice Council submitted comments to the NAIC’s Casualty Actuarial & Statistical Task Force on its proposed 2012 Actuarial Opinion Instructions. (10/21/11)

Comments to AICPA on Draft Audit & Accounting Guide for Property and Liability Insurance Entities

The Academy's Committee on Property & Liability Financial Reporting sent written comments to the American Institute of Certified Public Accountants (AICPA) on its draft Audit & Accounting Guide for Property and Liability Insurance Entities. (08/26/11)

Flood Insurance Subcommittee Chair Presents to NCOIL Property-Casualty Insurance Committee

Marty Simons, a member of the Academy's Extreme Events Committee, made a presentation before the National Conference of Insurance Legislators' Property-Casualty Insurance Committee on the actuarial implications of the flood mapping update being done within the National Flood Insurance Program. (07/17/11)

Update on RBC SMI project

The Academy's property/casualty RBC Committee released an update in response to the NAIC's request for assistance with the Solvency Modernization project on the NAIC's Risk-Based Capital formulas. This update discusses the Committee's progress toward providing recommendations for improving the correlation/covariance methodologies used in the P/C RBC formula. (07/21/11)

Comments to Congress on National Flood Insurance Program legislation

The Flood Insurance Subcommittee sent written comments to the Senate Banking, Housing & Urban Affairs Committee on proposed bill S. 1091, "The Consumer Option for an Alternative System to Allocate Losses (COASTAL) Act." The bill would reauthorize the NFIP for an additional five years and would create a system for allocating losses between wind and water for "slab claims," in which no physical structure remains. (07/15/11)

New monograph: The National Flood Insurance Program: Past, Present … and Future?

The Flood Insurance Subcommittee released a monograph that addresses, among other issues, the history, goals, and role of the NFIP, its structure and administration, and key differences between the NFIP and private-sector insurance. (07/15/11)

Capitol Hill briefing: Weathering the Storm—Placing the National Flood Insurance Program on Actuarial Solid Ground

The Academy presented a briefing on July 12 on the current challenges facing the National Flood Insurance Program (NFIP) and the actuarial implications of these challenges. Speakers gave a presentation on the historical evolution of the NFIP and discussed possible reform options that addressed the program's long-term financial soundness. (07/12/11)

• Download the presentation.
• Download the Academy's monograph, The National Flood Insurance Program: Past, Present … and Future?

Testimony to Senate on National Flood Insurance Program legislation

The Academy's Flood Insurance Subcommittee sent a written testimony to the Senate Committee on Banking, Housing & Urban Affairs regarding a hearing on "The Reauthorization of the National Flood Insurance Program, Part II." (06/30/11)

Available on CD-ROM: P/C Risk-Based Capital: State and International Solvency Regulation Webinar

This May 31 recorded webinar is available for purchase on CD-ROM. Presenters reviewed the latest developments concerning regulatory capital requirements for U.S. P/C insurance enterprises during this webinar. Presenters also discussed the ongoing revision of P/C Risk-Based Capital (RBC) requirements, the National Association of Insurance Commissioners (NAIC) Solvency Modernization Initiative (SMI), Solvency II, and International Association of Insurance Supervisors (IAIS) developments. Download the order form. About the webinar. 06/10/11

Proposed Revisions to the NAIC's Instructions for Statements of Actuarial Opinion

The Academy's Casualty Practice Council provided proposed revisions to the NAIC's Instructions for Statements of Actuarial Opinion to the NAIC's Casualty Actuarial & Statistical Task Force. The CPC's recommendation was prompted by changes to the Casualty Actuarial Society's syllabus that go into effect this year. (03/26/11)

Letter to Wilmington Regional Association of Realtors in North Carolina

The Academy's Casualty Practice Council provided comments to the Wilmington Regional Association of Realtors in response to its request for Academy input. The association asked the CPC to provide a summary of the qualifications it should seek in filling an advisory board position. The association is working with the North Carolina legislature to draft a bill concerning North Carolina property insurance. The bill would, among other things, create an advisory board on which an actuary would sit. (03/15/11)

Flood Insurance Subcommittee Chair Presents to NCOIL Property-Casualty Insurance Committee

Stu Mathewson, the chair of the Academy's Flood Insurance Subcommittee, made a presentation before the National Conference of Insurance Legislators' Property-Casualty Insurance Committee on the actuarial implications of the flood mapping update being done within the National Flood Insurance Program. (03/06/11)

Letter to NAIC's P/C Risk-Based Capital Working Group on RBC SMI Project

The Academy's P/C RBC Committee sends a letter to the NAIC's P/C RBC Working Group regarding the Academy's joint report in response to the NAIC's request for assistance with its Solvency Modernization project on its RBC formulas. (02/22/11)

Joint report on SMI project

The Academy's life, health, and property/casualty RBC committees released a joint report in response to the NAIC's request for assistance with the Solvency Modernization (SMI) project on the NAIC's Risk-Based Capital (RBC) formulas. This report discusses the intended/expected safety levels for RBC and identifies risks that are missing from the RBC formulas. (02/04/11)

COPLFR Reports to CASTF on its Activities

The Academy's Committee on Property & Liability Financial Reporting reports on its recent activities to the NAIC's Casualty Actuarial & Statistical Task Force. (02/03/11)

Casualty Practice Council Comment Letter on CAS Draft Foundational Statements

The Academy's Casualty Practice Council provides comments to the Casualty Actuarial Society in response to its publication of an exposure draft of its proposed Foundational Statements. (12/10/10)

Model Audit Rule Practice Note

A cross-practice area subgroup of COPLFR publishes the Model Audit Rule Practice Note, intended to assist actuaries when supporting management's assertions per the Model Audit Rule, as applied to the evaluation and testing of key controls for the actuarial balances, including loss reserves for the financial reporting process. (11/12/10)

Casualty Practice Council Request for CAS Research Assistance on RBC SMI Project

The Academy's Casualty Practice Council requests research assistance from the Casualty Actuarial Society in conjunction with its efforts to aid the National Association of Insurance Commissioners with its RBC SMI project. (09/30/10)

Report on causes of P/C insurance company insolvencies

The Academy's Property/Casualty Financial Soundness/Risk Management Committee publishes a report concerning the effects of loss reserve development in the P/C industry and the role that the development of losses plays in the insolvencies of P/C insurance companies. (09/27/10)

Comments to the President's Working Group on Financial Markets on analysis of terrorism risk insurance

The Academy provides comments to the President's Working Group on Financial Markets in response to its Federal Register request for an analysis of terrorism risk insurance.

Additional follow-up comments to NAIC on updated property/casualty RBC underwriting factors

The Academy provides an additional update to the National Association of Insurance Commissioners (NAIC)'s Property & Casualty Risk-Based Capital Working Group regarding the RBC Committee's prior March 2010 update of the property/casualty RBC underwriting factors.

DTA Bridge Group Report

The Academy's DTA Bridge Group submits a requested interim report to the NAIC Capital Adequacy Task Force showing the appropriate treatment of the Deferred Tax Asset (DTA) in the Risk-Based Capital formulas for Life, Property / Casualty (P&C), and Health.

Comments to Congress on oil spill legislation

On June 9, the Casualty Practice Council sent the Senate Environment and Public Works Committee written testimony for a hearing on the proposed bill S. 3305, the "Big Oil Bailout Prevention Liability Act of 2010," and raising the statutory limit of liability of some entities that are responsible for oil spills from $75 million to $10 billion.

Comments to NAIC on updated property/casualty RBC underwriting factors

The Academy provides follow-up comments to the National Association of Insurance Commissioners (NAIC)'s Property Risk-Based Capital Working Group regarding the Committee's March 2010 update of the property/casualty RBC underwriting factors.

Letters to policymakers on legislation to repeal an antitrust exemption for medical professional liability insurers

The Academy's Medical Professional Liability Subcommittee writes to congressional leaders discussing concerns with the inclusion of a provision that would repeal the McCarran-Ferguson Act, an antitrust exemption for health and medical professional liability insurance, within the House's Affordable Health Care for America Act.

Additionally, the Academy provided comments to the House on the legislation focusing on the risks insured under a variety of types of property/casualty insurance policies, including not only medical professional liability policies but also motor vehicle, workers' compensation, and property insurance policies.

Comments to California Commission on Health and Safety and Workers' Compensation

The Academy's Workers' Compensation Subcommittee comments on the California Commission on Health and Safety and Workers' Compensation investigation of relationships between workers'compensation and group health care.

Updated practice note on loss reserve opinions

Just off the press: The newly updated Academy practice note about statements of actuarial opinion on p/c loss reserves.

P/C annual manual update

You may now order the forthcoming new edition of the Property/Casualty Loss Reserve Law Manual online. The Academy updates the manual every yar.

Letter to the House of Representatives

The Academy's Medical Professional Liability Insurance Subcommittee writes to Speaker Nancy Pelosi regarding "The Affordable Health Care for America Act" and its possible effects on medical professional liability insurance.

Actuarial perspective on medical professional liability reforms

The Academy's Medical Professional Liability Insurance Subcommittee publishes a tort reform fact sheet. This is the second in a series of fact sheets published by the subommittee designed for actuaries as well as the general public.

Comments to NAIC on property/casualty RBC formula

The Academy provides comments to the National Association of Insurance Commissioners (NAIC) identifing potential improvements to the property/casualty RBC formula.

Online calendars

Calendars of potential interest to casualty actuaries include:

• Actuarial CE calendar
• Academy calendar of events

Qualification reviews for signing opinions

If you're an Academy member who doesn't belong to the CAS and you need approval to sign a casualty loss reserve opinion, you may ask the Casualty Practice Council to review your qualifications.

• Read about the application procedure.
• Get info on the usual timeline for reviews.

Search | Site index | Contact us

Back to top

American Academy of Actuaries
1850 M Street NW, Suite 300, Washington, DC 20036
202.223.8196, fax 202.872.1948
Copyright © 2012 American Academy of Actuaries. All rights reserved.
Technical question about this site? Contact the Webmaster.