Consulting Services to Insurance Regulators
January 12, 2018
RRC Response to the NAIC Big Data (EX) Working Group regarding the Regulatory Framework – Proposed Structure and Issues for Discussion
From: John Humphries, Dave Heppen, and Debbie Rosenberg - Risk & Regulatory Consulting, LLC To: Tim Mullen, NAIC Director of Market Regulation Risk & Regulatory Consulting, LLC (“RRC” or “we”) supports the efforts of the Big Data (EX) Working Group (“Working Group”) to outline a process for determining whether changes to the current regulatory framework...
December 30, 2017
Is “Everyone” in Your Family Insured?
Authored by: Parker Stevens Published in: IRES: The Regulator, Winter 2017 Is everyone in your family insured? I’m not talking about your spouse or your children, I’m talking about your pets. As a pet owner of two dogs, a cat and a horse, I often feel like I’m always at the vet’s office for something....
September 29, 2017
RRC Response to the revision of the NAIC Own Risk and Solvency Assessment (ORSA) Guidance Manual to be published in December 2017
From: Tricia Matson, LeeAnne Creevy, and Nan Nguyen To: Christy Neighbors, Chair (Nebraska), Group Solvency Issues (E) Working Group The National Association of Insurance Commissioners (“NAIC”) Group Solvency Issues (E) Working Group (GSIWG) sent out a revision of the NAIC Own Risk and Solvency Assessment (ORSA) Guidance Manual (“the Guidance Manual”) and requested public comments....
July 28, 2017
RRC Response to the NAIC Big Data (EX) Working Group regarding the Shared Resource-Complex Models Proposal
From: Tricia Matson and Dave Heppen To: Commissioner Laura Cali Robison (OR), Chair, NAIC Big Data (EX) Working Group(E) Working Group Risk & Regulatory Consulting (“RRC” or “we”) supports the efforts of the Big Data (EX) Working Group (“BDWG”) to create a mechanism that increases the resources available to states for the review and collection...
June 11, 2017
Long Term Care Insurance – A Long Term Problem
Authored by: Wayne Johnson, Tricia Matson, Jan Moenck, and Andy Rarus Published in: The Insurance Receiver, Summer 2017 The average life expectancy in the United States in 1970 was 70.8 years, just over a one year increase from the average life expectancy in 1960 (1). It is against that backdrop that Long-Term Care Insurance (LTCI)...
August 18, 2016
Big Data and the Insurance Industry
Authored by: Darin Benck and Michael Descy Published in: SOFE: The Examiner, Fall 2016 What is Big Data? Big data is an evolving term that can be simply defined as data that is too large and/or too complex to analyze with traditional data processing technologies. Technology industry analyst Doug Laney introduced the concept of the...
June 15, 2016
Projections and Stress Testing: Key Tools for Analysts and Examiners
Authored by: John Humphries and Dave Heppen Published in: SOFE: The Examiner, Summer 2016 Financial projections and stress testing are key tools for regulators to measure the impact of adverse events and possible future scenarios. While stress and scenario testing are not new to regulators and risk management professionals, the use of projections and stress...
May 16, 2016
RRC Response to the ACLI’s presentation on “An Aggregation & Calibration Approach to Insurer Group Capital”
From: Pat Tracy, LeeAnne Creevy, and Tricia Matson To: David Altamaier, Chair (Florida), and members of the group Capital Calculation (E) Working Group The National Association of Insurance Commissioners (“NAIC”) Group Capital Calculation Working Group (“GCCWG”) is evaluating potential approaches for aggregation of capital at the insurance group level (“RBC Aggregation Approach”), in particular for...
April 30, 2016
Catastrophe Bonds
Authored by: Darin Benck Published in: SOFE: The Examiner Spring 2016 A Catastrophe Bond (aka cat bond) is an Insurance-Linked Security (ILS) developed by the Property & Casualty (P&C) insurance industry during the 1990s in the aftermath of Hurricane Andrew in Florida and the Northridge earthquake in California. These financial instruments were seen as a...
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RRC Response to the Questions in the NAIC Group Capital Calculation Working Group