ACTUARIAL CONSIDERATIONS IN THE DEVELOPMENT OF AGENT CONTINGENT COMPENSATION PROGRAMS
|
|
- Darcy Newton
- 7 years ago
- Views:
Transcription
1 ACTUARIAL CONSIDERATIONS IN THE DEVELOPMENT OF AGENT CONTINGENT COMPENSATION PROGRAMS Contingent compensation plans are developed by insurers as a tool to provide incentives to agents to obtain certain goals. These programs often target the profitability and/or growth goals of the company. Generally, compensation plans provide incentive payments or bonuses to agents whose loss ratios fall below certain levels and premium growth is above certain targets. More recently, insurance companies are adding other factors into their contingent compensation programs. Examples are business retention and cross-selling. By introducing some fairly standard methods and techniques, actuaries can assist companies in the design of agent compensation plans. In this paper, we will describe some of the general characteristics, actuarial considerations, and flaws found in agent compensation plans. This paper uses homeowners insurance as an example, but the concepts can be extended to other lines of business. In addition, one of the authors of this paper has had the opportunity to implement a plan similar to the one outlined in the paper. This paper will include information about agents reactions to various elements of the plan and a section on educating an agency force about this type of contingent compensation program.
2 -2- RATIONALE FOR CONTINGENT COMPENSATION PLANS Agent compensation programs are designed to provide insurance agents with an incentive to produce the amount and type of business the insurer desires. The plans need to be properly designed to appropriately motivate agents. Over the years, many different compensation plans have been designed. Unfortunately, many of these plans do not properly motivate agents because of flaws in their designs. For example, loss ratio incentives are designed partially to encourage agents to perform proper up-front underwriting. If the agent compensation plan is based on loss ratios without adjustment, the true result can be distorted and not produce the proper incentives. For example, a large loss can dramatically increase an agent s loss ratio. The result could be a loss ratio so high as to effectively deny the agent any possibility of an incentive payment. Therefore, the agent will no longer have any incentive to maximize profitability in his book. Hence, without proper adjustment, use of loss ratios as an incentive measure is flawed. LOSS RATIO INCENTIVE THE NEED FOR CAREFUL DESIGN The loss ratio incentive is the most frequently used element of a contingent compensation program. It is also one element likely to provide erroneous or inappropriate incentives. Loss ratio incentives are used to motivate agents to do everything they can to help the insurer maximize profitability. This includes:
3 -3- Marketing consistent with the company s goals and target markets; Quality up-front underwriting and risk selection; Thorough and appropriate procedures to maximize rating integrity; and Quality service to retain good risks. The book of business from an agent who performs these functions well should have loss ratios low enough to receive a significant contingent compensation bonus. The book of business from an agent who does not perform these functions well should have loss ratios that result in little, if any, incentive payment. Many factors affect the loss ratio incentive element including: Accident year versus calendar year data; IBNR losses; Large losses; Catastrophes; Changes in mix by line of business; and Expense Flattening. These elements are all candidates for actuarial assistance in the development of agent compensation programs. However, none of these elements involves complex or difficult
4 -4- analyses. Further, most insurers have the necessary data to develop the required factors to incorporate into a loss ratio compensation calculation. LOSS RATIO INCENTIVE LOSS RATIO CALCULATION Exhibit 1 shows the calculation of the agency loss ratio for homeowners insurance. This calculation is straightforward and most of the concepts will apply to other lines of business. Accident Year Losses Line 6 of Exhibit 1, displays the term Accident year case incurred losses. Utilizing accident year data instead of calendar year data promptly rewards agents for positive behavioral changes. With accident year data, claims are limited to accidents that occurred during the latest year. Changes in reserves from prior losses (increases or decreases) do not reflect the agent s current book of business and will not affect the accident year loss ratio indication. To properly use accident year data, agent compensation plans must include an adjustment for incurred but not yet reported (IBNR) losses. In the plans, the calculations are usually performed at the end of the accident year. For most short and medium tailed lines (auto and home), in a stable company environment, calculating the incentive payments with losses evaluated as of 12 months (or 15 months) is appropriate. Exhibit 2 shows the calculation of an IBNR load as of twelve months. The data on Exhibit 2 could be obtained from Schedule P of a company s Statutory Annual Statement. Of course, it is
5 -5- necessary to make sure that Schedule P is the best source for this information. In many cases, a reserve or ratemaking analysis may provide a better source of this information. Agent compensation plans can recognize the IBNR load in one of three ways. First, an IBNR load as a percent of premium can be added to the case incurred loss ratio in order to produce an ultimate loss ratio for the agent. (This is shown on Exhibit 1, Line 12). Second, an IBNR factor can be multiplied by earned premium to develop IBNR losses. These losses can then be added to the agent s case incurred losses to determine ultimate losses. Finally, the IBNR provision can be incorporated into the target loss ratio. Then one can base the compensation calculation on the reported loss ratios. For example, if the IBNR factor is 3% of premium, instead of paying a bonus to an agent for an ultimate loss ratio below 60%, the company can use a reported loss ratio of 57% as the target. It should be noted that in some cases, especially for companies with very conservative case reserves, the IBNR factor may be negative. This is entirely appropriate as the goal is to estimate ultimate losses appropriately. Since the IBNR load is calculated based on current premium volume, changes in agency volume over the years do not affect the calculation of the ultimate loss ratio and do not distort the agent s results. In the plan that was implemented, IBNR losses were calculated as a percent of premium. Some agents understood the purpose of the load and most agents accepted it as an equitable allocation. However, in other cases, agents questioned the IBNR load and suggested it was too large,
6 -6- especially if they noticed individual case reserve reductions. These concerns were easily allayed by showing the agents their accident year losses as of 24 months. Invariably, the losses at 24 months showed positive development and supported the IBNR load. Incorporating the IBNR provision in the target loss ratio (the third way described above) would go a long way toward making the plan more palatable to an agency force. Large Loss Adjustments The presence or absence of large losses can cause significant distortion on an agent s loss ratio. The occurrence or lack of one large loss is generally not an indication of the marketing, underwriting or service provided by the agent. Therefore, one large loss should not have an inordinately large effect on the loss ratio. Adjustments must be made to the compensation plan to reflect the random occurrence of large losses. Generally, the adjustment for large losses is accomplished by limiting the amount of each claim entering the compensation calculation. A common adjustment is to establish a loss limit based on an agent s premium volume for the coverage. For example, if an agent s total homeowners premium is $500,000 and the loss limits is 5% of premium, then all losses would be capped at $25,000. Another option is to apply a fixed dollar limit per agent (e.g., a $20,000 loss limit per loss applied to each agent, no matter what the premium volume of the agency). A limit based on percent of premium is preferable because this method insures that the maximum impact of any large loss on the loss ratio is the same for all agents.
7 -7- Selection of an appropriate loss limit percentage is especially important. A common practice in contingent plans is to utilize a loss limit of 10% of premium. However a loss limit of 10% of premium means that a single claim can impact the loss ratio of an agent significantly. A loss limit of 5% of premium may be more appropriate. At 5%, the impact of one loss on an agent s loss ratio is much smaller. The premium included in the loss ratio is calculated (or should be calculated) to cover all losses whether large or small. Therefore, the loss ratio target must include an adjustment for the limiting of large claims. The adjustment can be made by: 1. Reducing premium to a level commensurate with limited losses; or 2. Increasing the losses to a level commensurate with the premium. The latter method is easier to calculate and easier to explain. In essence, actual excess losses are replaced by expected loss amounts in excess of the loss limit. The methodology for this adjustment is similar to an increased limits analysis, with some minor differences. Generally, in an agent compensation plan analysis, risk load is not considered. Also, in compensation plans, the agent s losses often include indemnity amounts only. If this is the case, then loss adjustment expenses are excluded from the analysis. Finally, the losses that
8 -8- are used in the determination of the large loss charge should be evaluated at the same point in time as the case incurred losses. If the compensation plan evaluates losses as of 12 months, the large loss calculation should also be performed as of 12 months. Exhibit 3 shows the calculation of the loss limit charges. Two things should be noted about the calculation. First, five accident years of data were utilized. Second, trend was applied to all accident years. (Discussion of trend is beyond the scope of this paper.) Based on the accident year experience, the actuary can select the percentage of losses in excess of selected loss limits. These selected ratios can then be multiplied by the expected loss ratio to obtain factors as a percentage of premium (on Exhibit 3 we have used a 60% expected loss ratio). These factors are then multiplied by the agent s earned premium to derive expected losses in excess of the loss limit. For loss limits other than those calculated, factors can be obtained through interpolation. As might be expected, the introduction of large loss adjustments did require some explanation to the agency force. The most effective explanation was to describe it as an insurance policy that the agent purchases to protect his or her loss ratio (and contingent compensation) from large losses. In fact, the experience, with the plan that was implemented, was that agents were unhappy when they had a large loss and it blew their loss ratio. This was true even though there was a 10 percent loss limitation built into the plan. It was clear that anything that limited the impact of large losses was ultimately appreciated.
9 -9- Catastrophe Adjustments Especially for property coverage, adjustments for catastrophe losses are extremely important. Catastrophes will generally include hurricanes, earthquakes, tornadoes, hail and other large storms. A severe storm occurring early in the accident year can have a devastating effect on the results of an agent s book of business and destroy any incentive value of the compensation plan for the agent. However, even a small storm can be devastating to an individual agent s loss experience. Therefore it is essential to define and adjust for all catastrophes, regardless of the impact on the company s loss ratio. The best way to adjust for the catastrophe impact is to replace all actual wind and hail losses with expected wind and hail losses, regardless of the size of loss. This will avoid the difficult issue of deciding which losses are catastrophes and subject to elimination and which are not. (Special adjustments may be necessary for other types of catastrophes such as brushfires or earthquakes.) Note that the wind and hail losses should be excluded from the large loss adjustment calculation. There are several methods that can be used to calculate expected wind and hail losses. One procedure is shown on Exhibit 4. In many areas of the country, where there is hurricane exposure, special procedures based on catastrophe modeling should be used. In the method displayed on Exhibit 4, the ratio of wind losses to total losses is calculated for the last twenty years. The average ratio is then multiplied by the expected loss ratio in order to
10 -10- obtain the wind and hail factor as a percentage of earned premium. This ratio is then multiplied by earned premium to obtain expected wind and hail losses. The loss ratio calculation substitutes the expected wind and hail losses for the agent s actual wind and hail losses. Generally agents readily accepted the catastrophe procedure. In fact, by utilizing a fixed wind and hail factor, the number of complaints and requests for exceptional adjustments to agents loss ratios (instances where specific loss ratios would be individually adjusted) was dramatically lower than what might be expected. Expense Flattening In many states, it is common to apply an expense flattening procedure in the formulation of rates by territory or classification. Expense flattening can occur in a number of forms including expense fees or constants and flattened territorial relativities. Expense flattening may affect the agent s expected loss ratio. For example, if expenses are flattened by territory, then the expected loss ratio will differ by territory. To illustrate, as displayed in Table 1, Agent A operates in Territory 1 and Agent B operates in Territory 2 where the rate is half territory 1, and both have a loss ratio of 70 percent: Table 1 Agent Territory Actual Loss Ratio Expected Loss Ratio Is Agent Profitable A 1 70% 73% Yes B 2 70% 65% No
11 -11-70% 70% Even though both agents have the same loss ratio, Agent A is profitable while Agent B is not. This phenomenon occurs because a significant portion of expenses is allocated to territory (or class) on a flat dollar basis rather than a percentage basis. Tables 2 and 3 show an example of how expense flattening affect the expected loss ratio: Without expense flattening: Table 2 Expected Variable Flat Expected Territory Loss Cost Expense Expense Rate Loss Ratio % % With expense flattening: Table 3 Expected Variable Flat Expected Territory Loss Cost Expense Expense Rate Loss Ratio % % There are several potential solutions to this problem. One is effective in situations where the company utilizes an expense fee procedure. In this instance, the plan can utilize premium net of the expense fees. Another is that the premium can be increased by a flat percentage to account for fixed expense. Third, the target loss ratio can be adjusted to the appropriate level. Finally, a
12 -12- compensation plan can be based on the combined loss and expense ratio rather than simply the loss ratio. This will permit any necessary expense flattening adjustments. Exhibit 5 shows an adjustment calculation for expense flattening by territory. The adjustment produces factors that can be used to restate earned premium by territory to the levels they would have been had expenses not been flattened or to adjust an agent s target loss ratio. These premiums can then be utilized to calculate the agent s loss ratio. No matter how it is done, an expense flattening adjustment is very difficult to explain to an agency force. Generally, it is probably best to avoid the expense flattening adjustment if at all possible. However, there are situations where it is clearly necessary. These may include: Companies with large portions of their business with different expected loss ratios because of expense flattening; or States where regulatory requirements may necessitate an adjustment. COMBINING MULTIPLE LINES Traditionally, agent compensation plan loss ratios have been combined for all lines of insurance. Combining lines of business creates a myriad of difficulties. Agents have different mixes of business by line that often change over time. In addition, lines of business have different
13 -13- expected loss ratios. Therefore, a better approach is to calculate loss ratios separately and provide separate incentives by line of business. OTHER INCENTIVES So far the discussion has revolved around the loss ratio incentive. However, there are a number of other important incentives that should be considered in the development of an agent compensation plan. These incentives should tie to the company s long-term goals. One long-term goal for many companies is premium growth. Therefore, companies may wish to motivate agents to grow their book of business. This measure must be calculated with care. To the extent possible, the change in exposure should be utilized rather than the change is premium volume. If it is not possible to use exposures, then premiums should be adjusted to remove the effects of rate revisions. Most companies have goals for both profitability and growth. Achieving both of these goals simultaneously is a challenge for both the company and its agents. As a company grows, underwriting results often deteriorate since new business usually has poorer results than renewal business. One tool to improve growth and profitability is to improve a company s retention ratio. The retention ratio is the percentage of policies in-force at the beginning of the year that are still in-
14 -14- force at the end of the year. Every policy that is retained implies one less new business policy is needed to meet the growth goal. The renewal policy should also have a lower loss ratio and lower expense ratio. This is not to imply that growth can occur without the inclusion of new business. Rather, the agent with a higher retention ratio can grow with less new business than an agent with a lower retention ratio. Therefore, providing an incentive for high retention ratios can be valuable for the insurer. It encourages the agent to provide quality service, perform up-front underwriting and participate in other activities that the company desires. Retention ratios should be a part of most contingent compensation plans. Besides retention ratios, the following elements have been used in some compensation plans: Penetration of homeowner policies in households of auto insureds; Rating integrity (the ability of the agent to properly rate policies); Life insurance penetration in insured households. Other measures to reflect company goals can also be incorporated into the compensation plan. ESTABLISHING CONTINGENT COMMISSION PAYOUTS Once the elements of a contingent commission plan have been selected, the insurer needs to determine a commission payout schedule. This is a difficult exercise for two reasons:
15 -15- The company needs to establish a scale of incentive payments for each incentive element (e.g. a 55% loss ratio is worth an incentive of 2% of premium); and The company can overall have poor performance in an element and still need to make incentive payments to some agents. Incentive compensation programs are similar to workers compensation dividend plans in the sense that the agent gains if he/she produces good results, but does not lose if he/she produces poor results. Therefore, unless payout amounts and ranges are carefully selected, the company may find total contingent commission payouts to be much different than expected. In order to have total contingent commission payouts be close to expected, the insurer should take several steps. The first is to establish goals for each incentive that reflect the level of performance that a company: Needs to achieve its long-term objective; Can reasonably expect its agent to achieve; and Is willing to make an incentive payment.
16 -16- For example, Company A wishes to achieve a 15% return on equity (ROE) for each line of business. It determines that a 60% pure loss ratio is necessary to achieve that ROE. Further, its rates are targeted to produce that loss ratio. Therefore, the loss ratio goal is established at 60%. The company needs to select two other numbers. The first is the minimum performance level. This is the level that below which (or for loss ratio above) no incentive payment is deserved. At this point, the incentive payment will be zero. As the agent s performance improves above this minimum, the incentive payment will increase. Using the example cited above, Company A may choose a 65% loss ratio as its minimum performance level. The company also must pick a maximum performance level beyond which incentive payments will not increase. Agents should have the ability to excel and exceed the goal; however, there is a limit to the amount of additional compensation that can be paid. While this level can be chosen judgmentally, many companies select a maximum that is a similar distance from the goal as the minimum. Using our example, the maximum payment would be at a 55% loss ratio. Table 4 summarizes the results of this decision making process:
17 -17- Table 4 Minimum level for payment 65% Goal 60% Maximum payment level 55% The next step for the company is to select payments for each of these levels. This involves modeling the results to determine: The expected payment at various payout levels; and The variability of possible total payments at different payout levels. The process begins by calculating the incentive element value for each agent subject to the plan based on the formula that will be used in the plan. For example, each agent s loss ratio should be calculated using the formula in the plan. Then those loss ratios should be fit to a distribution that can be modeled by computer simulation. While the distribution will depend on the individual company, often a normal distribution will provide an adequate fit in the ranges over which contingent payouts are made. After a distribution is selected, the company should select tentative payout levels for the goal, minimum and maximum. Using our example, the selections as displayed in Table 5 may be as follows: Table 5
18 -18- Loss Ratio Payout Minimum 65% 0% Goal 60% 1% Maximum 55% 2% Payout levels for interim points can be calculated through interpolation. At this point, the actuary can model the expected payout using computer simulation reflecting the following information: The loss ratio distribution; Each agent s premium volume; and Payout at each loss ratio level (distribution of payouts). The output of the model would be: The expected payout level; and Payout levels at different percentiles (confidence levels). Exhibit 6 provides the output for one hypothetical insurer. Sheet 1 displays the output from the model utilizing 2,000 simulations. The expected payout amount and percent of premium is displayed for various confidence levels. Sheets 2 and 3 display the results for different ultimate loss ratios, 55% and 65% respectively. Note that if the company achieves an average loss ratio
19 -19- of 65%, payments do not fully disappear. This is because some agents will generate loss ratios that qualify for incentive payment. Important considerations relative to the above include: At each loss ratio level, does the expected payout seem appropriate? At each loss ratio level, is the 95 th percentile payout acceptable to the company? Based on the results of the simulation, the company can change the: Maximum; Minimum; or Payout levels in order to develop a more acceptable range of payouts. Then, the simulation can be rerun. This procedure can be repeated until an acceptable range of outcomes is achieved. The simulation is shown for the loss ratio plan element for homeowners insurance. Similar simulations should be completed for each plan element and each coverage. In the course of evaluation, the combined payout for all of the elements should be considered. LEGAL ISSUES
20 -20- It is uncommon for states to have specific regulatory constraints on agent compensation plans. (This paper does not address other legal issues such as contractual issues). However, the statutory language in two states, Michigan and New Jersey, does have an impact on agent compensation plans. These laws (a copy of the Michigan statute is shown as Exhibit 7) prohibit the reduction of normal compensation because of the loss experience of an agent s business. In both of these states, two important elements in the insurance environment are: A take-all-comers provision that restricts underwriting freedom; and Michigan had, at the time and New Jersey still has, territorial rate suppression resulting in inadequate rates in some territories. The purpose of the prohibition on the reduction of normal compensation is to prevent insurers from discouraging agents to write business in territories with suppressed rates or to otherwise restrict the availability of insurance. Normal commission is not defined by statute. However, some of the criteria that have been used in Michigan to define this term include: Frequency of payment (monthly or bi-weekly payments are more likely to be considered normal compensation than annual or semi-annual payments).
21 -21- Coverages included (a plan that applies to only one insurance line is perceived as normal compensation ). Proportion of total compensation include in contingent compensation program (the greater the proportion of total compensation, the more likely to be considered normal compensation ). Finally, regulators may still have the concern that these programs will encourage discriminatory behavior in violation of the take-all-comers requirements. One company actually restated its premium for purposes of calculating the loss ratio incentive to the level that would have occurred had territorial rate suppression not occurred. AGENT EDUCATION For most insurance agents, many of the compensation plan elements described in this paper are new. As with anything that is new, agents will be concerned and will need significant education in order to understand their compensation plan and how to thrive under the plan. Agents will also be concerned about the perceived complexity of a new plan. In essence, the education program needs to do several things. These include: Clearly explain each element of the compensation plan;
22 -22- Describe how the plan motivates the desired behavior; and Make clear to agents how they can win under the new plan. For example, agents need to understand the difference between accident year and calendar year losses. It needs to be made clear that reserve changes on old accidents will not affect their loss ratios; however, their current loss ratio will be adjusted to account for reserves changes expected in the future. They also need to understand that in this new plan, their results will be related directly to business written in the last year rather than business written years ago. Finally, the agent gains under this plan with good up-front underwriting and rating integrity. By contacting insureds before renewal and using that time to obtain up-to-date rating and underwriting information, agents can improve their loss ratio. This improved loss ratio will be seen in the agents results the next year.
23 -23- The educational effort with these programs is significant. An insurer implementing this type of agent compensation program should expect an intensive educational process that will take about two years to be fully effective. The actuary needs to be prepared to work directly with agents and agency management in this educational effort. INFORMATION REPORTING Any contingent compensation program of this type will require significant additional reporting to agents. Reports will need to be generated showing the calculation of all of the contingent commission elements. This reporting needs to be done frequently not just in conjunction with plan payouts. For example, in the plan implemented by one of the authors, loss ratios were reported monthly on a 12 month moving basis even though contingent commissions were paid semi-annually. Hence, agents could track their results. The level of detail that needs to be reported can be significant. In the beginning, it may be appropriate to report individual claim detail so agents can calculate their own accident year losses. Clearly an important aspect of the success of any compensation plan is adequate reporting of detailed information to the agents. CONCLUSION Insurers have traditionally developed contingent compensation plans as tools to motivate agents. However, the motivational value of these plans will backfire without careful design. Using
24 -24- simple actuarial and statistical techniques, the actuary can assist his or her employer to design a plan that will benefit insurers and agents by providing the appropriate incentives. H:\BILLVS\FEB.98\PAPER\CONSIDER.DOC
SYLLABUS OF BASIC EDUCATION Fall 2016 Basic Techniques for Ratemaking and Estimating Claim Liabilities Exam 5
The syllabus for this four-hour exam is defined in the form of learning objectives, knowledge statements, and readings. set forth, usually in broad terms, what the candidate should be able to do in actual
More information2014 Statutory Combined Annual Statement Schedule P Disclosure
2014 Statutory Combined Annual Statement Schedule P Disclosure This disclosure provides supplemental facts and methodologies intended to enhance understanding of Schedule P reserve data. It provides additional
More informationRE: Disclosure Requirements for Short Duration Insurance Contracts
INS-14 November 21, 2014 Mr. Russell G. Golden Chairman Financial Accounting Standards Board 401 Merritt 7 P.O. Box 5116 Norwalk, Connecticut 06856-5116 RE: Disclosure Requirements for Short Duration Insurance
More informationMassachusetts Insurance Federation Two Center Plaza 8 th Floor Boston, MA 02108
Massachusetts Insurance Federation Two Center Plaza 8 th Floor Boston, MA 02108 (617) 557-5538 STATEMENT OF THE MASSACHUSETTS INSURANCE FEDERATION TO THE DIVISION OF INSURANCE IN CONNECTION WITH ITS INFORMATIONAL
More informationReserving Issues for Workers Compensation Managed Care by Susan E. Witcraft, FCAS
Reserving Issues for Workers Compensation Managed Care by Susan E. Witcraft, FCAS 273 Reserving Issues for Workers Compensation Managed Care by Susan E. Witcraft Abstract Managed care is becoming an integral
More informationNEW JERSEY COMPENSATION RATING & INSPECTION BUREAU EXPLORING THE COST OF A WORKERS COMPENSATION INSURANCE POLICY
NEW JERSEY COMPENSATION RATING & INSPECTION BUREAU EXPLORING THE COST OF A WORKERS COMPENSATION INSURANCE POLICY 2007 INTRODUCTION This booklet provides a basic explanation of how the cost of a New Jersey
More informationGLOSSARY OF ACTUARIAL AND RATEMAKING TERMINOLOGY
GLOSSARY OF ACTUARIAL AND RATEMAKING TERMINOLOGY Term Accident Accident Date Accident Period Accident Year Case- Incurred Losses Accident Year Experience Acquisition Cost Actuary Adverse Selection (Anti-Selection,
More informationMassachusetts General Law Chapter 152, 25O and 53A. Classification of risks and premiums: distribution of premiums among employers.
1 A. General Massachusetts General Law Chapter 152, 25O and 53A. Classification of risks and premiums: distribution of premiums among employers. 1. Who May Insure Workers Compensation Risks Any insurance
More informationEducational Note. Premium Liabilities. Committee on Property and Casualty Insurance Financial Reporting. November 2014.
Educational Note Premium Liabilities Committee on Property and Casualty Insurance Financial Reporting November 2014 Document 214114 Ce document est disponible en français 2014 Canadian Institute of Actuaries
More informationReport to the 79 th Legislature. Use of Credit Information by Insurers in Texas
Report to the 79 th Legislature Use of Credit Information by Insurers in Texas Texas Department of Insurance December 30, 2004 TABLE OF CONTENTS Executive Summary Page 3 Discussion Introduction Page 6
More informationRatemaking Methods in Insurance Operations Part 2. Factors to Consider When Developing Credible Premiums
Ratemaking Methods in Insurance Operations Part 2 Factors to Consider When Developing Credible Premiums Factors to Consider in the Delay of Data Collection and use of Information: Delays in reflecting
More informationSession 25 L, Introduction to General Insurance Ratemaking & Reserving: An Integrated Look. Moderator: W. Scott Lennox, FSA, FCAS, FCIA
Session 25 L, Introduction to General Insurance Ratemaking & Reserving: An Integrated Look Moderator: W. Scott Lennox, FSA, FCAS, FCIA Presenter: Houston Cheng, FCAS, FCIA Society of Actuaries 2013 Annual
More informationPROCEEDINGS. May 20,21,22,23, 1973. EXPENSE ANALYSIS IN RATEMAKINCi AND PRICING ROGER C. WADE
Volume LX, Part I No. 113 PROCEEDINGS May 20,21,22,23, 1973 EXPENSE ANALYSIS IN RATEMAKINCi AND PRICING ROGER C. WADE This paper analyres the traditional method of including non-loss expenses in property-liability
More informationMy name is Steven Lehmann. I am a Principal with Pinnacle Actuarial Resources, Inc., an actuarial consulting
Insurer Use of Education and Occupation Data National Conference of Insurance Legislators Special Property-Casualty Insurance Meeting February 28, 2009 My name is Steven Lehmann. I am a Principal with
More informationMeasuring Lending Profitability at the Loan Level: An Introduction
FINANCIAL P E RF O R MA N C E Measuring Lending Profitability at the Loan Level: An Introduction sales@profitstars.com 877.827.7101 How much am I making on this deal? has been a fundamental question posed
More informationOhio Health Insurance Rate Filing Checklist
These guidelines apply to all contractual periodic prepayment (CPP) / premium rate filings for Group, Non-Group and Medicare / Medicaid / Federal Employee Coverage. The CPP / premium rate portions of Certificates
More informationMINNESOTA AGGREGATE FINANCIAL DATA REPORTING GUIDEBOOK. Annual Calls for Experience Valued as of December 31, 2015
MINNESOTA AGGREGATE FINANCIAL DATA REPORTING GUIDEBOOK Annual Calls for Experience Valued as of December 31, 2015 11/5/2015 ANNUAL CALLS FOR EXPERIENCE As the licensed Data Service Organization in Minnesota,
More informationAssociation Between Variables
Contents 11 Association Between Variables 767 11.1 Introduction............................ 767 11.1.1 Measure of Association................. 768 11.1.2 Chapter Summary.................... 769 11.2 Chi
More informationTITLE 114 LEGISLATIVE RULES INSURANCE COMMISSIONER SERIES 22 MEDICAL MALPRACTICE ANNUAL REPORTING REQUIREMENTS
TITLE 114 LEGISLATIVE RULES INSURANCE COMMISSIONER SERIES 22 MEDICAL MALPRACTICE ANNUAL REPORTING REQUIREMENTS 114-22-1. General. 1.1. Scope. -- This legislative rule establishes guidelines and procedures
More informationSECTION IV. CHAPTER 29: Compensation Plans
SECTION IV CHAPTER 29: Compensation Plans Compensation Plans As discussed in previous chapters (Sales Structure and Sales Management), many providers are transitioning the occupational health sales position
More informationA Pricing Model for Underinsured Motorist Coverage
A Pricing Model for Underinsured Motorist Coverage by Matthew Buchalter ABSTRACT Underinsured Motorist (UIM) coverage, also known as Family Protection coverage, is a component of most Canadian personal
More information2012 Minnesota Homeowners Report
2012 Minnesota Homeowners Report Minnesota Department of Commerce 2012 Homeowners Insurance Report Page 1 2012 Minnesota Homeowners Report The Minnesota Homeowners Report is completed annually by the Minnesota
More informationAN INTRODUCTION TO PREMIUM TREND
AN INTRODUCTION TO PREMIUM TREND Burt D. Jones * February, 2002 Acknowledgement I would like to acknowledge the valuable assistance of Catherine Taylor, who was instrumental in the development of this
More information5 P&C underwriting metrics to increase profitability
5 P&C underwriting metrics to increase profitability Matthew Tierney, Principal, Business Advisory Services, Grant Thornton LLP Joseph F. Morris, Founder and President, P&C Insurance Company Strategies,
More informationIntroduction. Coverage. Principle 1: Embedded Value (EV) is a measure of the consolidated value of shareholders interests in the covered business.
Introduction Principle 1: Embedded Value (EV) is a measure of the consolidated value of shareholders interests in the covered business. G1.1 The EV Methodology ( EVM ) described here is applied to the
More informationPrivate Passenger Automobile Tort Reform Rate Reductions: Fact versus Fiction
Private Passenger Automobile Tort Reform Rate Reductions: Fact versus Fiction 1. Executive Summary Insurers Reap Windfall Auto Insurance Profits As Insurance Department Fails to Meet Legislative Intent
More informationQUALITY FUNDING 12-21-09
QUALITY 12-21-09 FUNDING The changes proposed to Regulation Z by Section 226.36(d). Prohibited Payments to Loan Originators will negatively impact consumers through the reduction of choice and through
More informationOhio Medical Malpractice Commission. Statement of James Hurley, ACAS, MAAA Chairperson, Medical Malpractice Subcommittee American Academy of Actuaries
Ohio Medical Malpractice Commission Statement of James Hurley, ACAS, MAAA Chairperson, Medical Malpractice Subcommittee American Academy of Actuaries June 11, 2003 The American Academy of Actuaries is
More informationStochastic Analysis of Long-Term Multiple-Decrement Contracts
Stochastic Analysis of Long-Term Multiple-Decrement Contracts Matthew Clark, FSA, MAAA, and Chad Runchey, FSA, MAAA Ernst & Young LLP Published in the July 2008 issue of the Actuarial Practice Forum Copyright
More informationHOMEOWNERS INSURANCE ACT OF 2010
HOMEOWNERS INSURANCE ACT OF 2010 The purpose of the Act is to promote the public welfare by regulating Property Casualty Rates to the end that they not be excessive, inadequate or unfairly discriminatory;
More informationVERMONT DEPARTMENT OF BANKING, INSURANCE, SECURITIES, AND HEALTH CARE ADMINISTRATION
VERMONT DEPARTMENT OF BANKING, INSURANCE, SECURITIES, AND HEALTH CARE ADMINISTRATION TECHNIQUES TO STABILIZE VERMONT WORKERS COMPENSATION PREMIUM COSTS AND MINIMIZE THE IMPACT OF LARGE CLAIMS Prepared
More informationMaryland Insurance Administration s 2005 Report on Workers Compensation Insurance
Maryland Insurance Administration s 2005 Report on Workers Compensation Insurance December 2005 Table of Contents Topic Page I Preface 3 II Overview 4 III Market Concentration 6 IV NCCI s Rate Filings
More informationPrice Optimization and Regulation Las Vegas Ratemaking & Product Management Seminar March 2009
Price Optimization and Regulation Las Vegas Ratemaking & Product Management Seminar March 2009 Arthur J. Schwartz, MAAA, FCAS Associate P&C Actuary North Carolina Department of Insurance Raleigh, NC What
More informationWhy is Life Insurance a Popular Funding Vehicle for Nonqualified Retirement Plans?
Why is Life Insurance a Popular Funding Vehicle for Nonqualified Retirement Plans? By Peter N. Katz, JD, CLU ChFC This article is a sophisticated analysis about the funding of nonqualified retirement plans.
More informationUsing Best Practices to Determine a Best Reserve Estimate
Using Best Practices to Determine a Best Reserve Estimate Paul J. Struzzieri, FCAS Paul R. Hussian, FCAS Milliman & Robertson, Inc. Two Pennsylvania Plaza Suite 1552 New York, NY 10121 (212) 279-7166 Using
More informationWORKERS COMPENSATION GLOSSARY
WORKERS COMPENSATION GLOSSARY ACCIDENT An unplanned and unexpected event which occurs suddenly and at a definite place resulting in injury and/or damage. ACCIDENT FREQUENCY The rate of the occurrence of
More informationUnderstanding the Variations in Long-term Care and Chronic Illness Riders
Understanding the Variations in Long-term Care and Chronic Illness Riders Shawn Britt, CLU, CLTC Director, Advanced Consulting Group Nationwide America is aging. The Baby Boomer generation - once our nation
More informationANNUAL STUDY OF MEDICAL MALPRACTICE INSURANCE MARKET IN ARKANSAS
A REPORT TO THE LEGISLATIVE COUNCIL AND THE SENATE AND HOUSE COMMITTEES ON INSURANCE AND COMMERCE OF THE ARKANSAS GENERAL ASSEMBLY (AS REQUIRED BY 1007 OF 2003) ANNUAL STUDY OF MEDICAL MALPRACTICE INSURANCE
More informationGetting More From Your Actuarial Loss Reserve Analysis. For Property/Casualty Insurance and Reinsurance Companies
Getting More From Your Actuarial Loss Reserve Analysis For Property/Casualty Insurance and Reinsurance Companies Introduction Many property/casualty insurance and reinsurance companies retain the services
More informationCOMPENSATION DISCLOSURE
A GUIDE TO COMPENSATION DISCLOSURE Prepared by Florida Association of Insurance Agents PO Box 12129 Tallahassee FL 32317-2129 Telephone: 850-893-4155 t Fax: 850-668-2852 t website: h p://www.faia.com Note:
More informationMutual Fund Expense Information on Quarterly Shareholder Statements
June 2005 Mutual Fund Expense Information on Quarterly Shareholder Statements You may have noticed that beginning with your March 31 quarterly statement from AllianceBernstein, two new sections have been
More informationReflecting Reinsurance Costs in Rate Indications for Homeowners Insurance by Mark J. Homan, FCAS
Reflecting Reinsurance Costs in Rate Indications for Homeowners Insurance by Mark J. Homan, FCAS 223 Reflecting Reinsurance Costs in Rate Indications for Homeowners Insurance by Mark J. Homan Biograuhv
More informationFinal. Actuarial Standards Board. July 2011. Document 211070. Ce document est disponible en français 2011 Canadian Institute of Actuaries
Final Final Standards Standards of Practice for the Valuation of Insurance Contract Liabilities: Life and Health (Accident and Sickness) Insurance (Subsection 2350) Relating to Mortality Improvement (clean
More informationOverall Level of Home Insurance Rates
Overall Level of Home Insurance Rates University of Waterloo Actuarial Projects Competition Michael Vezina & Frédérick Guillot, Co-operators February 12 th, 2015 Agenda Who are we? Case Study Details?
More informationTHE CONTROL OF ACCIDENTS THROUGH WORKMEN'S COMPENSATION RATING
44 THE CONTROL OF ACCIDENTS THE CONTROL OF ACCIDENTS THROUGH WORKMEN'S COMPENSATION RATING BY ROBERT S, HULL Workmen's Compensation is a social service having for its immediate object the care and support
More informationStructured Products. Designing a modern portfolio
ab Structured Products Designing a modern portfolio Achieving your personal goals is the driving motivation for how and why you invest. Whether your goal is to grow and preserve wealth, save for your children
More informationSensitivity Analysis 3.1 AN EXAMPLE FOR ANALYSIS
Sensitivity Analysis 3 We have already been introduced to sensitivity analysis in Chapter via the geometry of a simple example. We saw that the values of the decision variables and those of the slack and
More informationGLOSSARY. A contract that provides for periodic payments to an annuitant for a specified period of time, often until the annuitant s death.
The glossary contains explanations of certain terms and definitions used in this prospectus in connection with the Group and its business. The terms and their meanings may not correspond to standard industry
More informationBasic Reinsurance Accounting Selected Topics
Basic Reinsurance Accounting Selected Topics By Ralph S. Blanchard, III, FCAS, MAAA and Jim Klann, FCAS, MAAA CAS Study Note The purpose of this study note is to educate actuaries on certain basic reinsurance
More information2016 ASSESSMENT RATES
2016 ASSESSMENT RATES FOREWORD WorkSafeNB determines employers assessment rates annually. Several factors influence rates, such as WorkSafeNB s current financial obligations, the prevailing economic environment,
More informationGLOSSARY. A contract that provides for periodic payments to an annuitant for a specified period of time, often until the annuitant s death.
The glossary contains explanations of certain terms and definitions used in this prospectus in connection with us and our business. The terms and their meanings may not correspond to standard industry
More informationANNUAL STUDY OF MEDICAL MALPRACTICE INSURANCE MARKET IN ARKANSAS
A REPORT TO THE LEGISLATIVE COUNCIL AND THE SENATE AND HOUSE COMMITTEES ON INSURANCE AND COMMERCE OF THE ARKANSAS GENERAL ASSEMBLY (AS REQUIRED BY ACT 1007 OF 2003) ANNUAL STUDY OF MEDICAL MALPRACTICE
More informationGIIRR Model Solutions Fall 2014
GIIRR Model Solutions Fall 2014 1. Learning Objectives: 1. The candidate will understand the key considerations for general insurance actuarial analysis. Learning Outcomes: (1l) Adjust historical earned
More informationSubmission on Northern Australia Insurance Premiums Taskforce INTERIM REPORT 2015
16 September 2015 Northern Australia Insurance Premiums Taskforce The Treasury Langton Crescent PARKES ACT 2600 Email: NorthernAustraliaInsurancePremiumsTaskforce@treasury.gov.au Submission on Northern
More informationEarn-out arrangements in a business combination impact of the revised IFRS 3
ey.com/ifrs Negotiation series Earn-out arrangements in a business combination impact of the revised IFRS 3 January 2010 When negotiating a business acquisition, the potential consequences of the accounting
More informationFASB issues enhanced disclosure guidance for insurer claim liabilities
No. US2015-10 June 18, 2015 What s inside: Background... 1 Summary of key provisions... 1 Detail of key provisions... 2 Scope... 3 Rollforward interim disclosure requirements... 3 Claims development table
More informationIdeation Compensation Plan 2016
Ideation Compensation Plan 2016 OVERVIEW F 2.14 VOLTAGE PARTNERS, INC. A Delaware Corporation P.O. Box 1530 Richland, Washington 99352 1530 INCOME AND EARNINGS DISCLAIMER An Idea Partner s success depends
More informationA CONSUMER'S GUIDE TO DISABILITY INCOME INSURANCE. from YOUR North Carolina Department of Insurance CONSUMER'SGUIDE
A CONSUMER'S GUIDE TO DISABILITY INCOME INSURANCE from YOUR North Carolina Department of Insurance CONSUMER'SGUIDE A MESSAGE FROM YOUR INSURANCE COMMISSIONER Greetings, The North Carolina Department of
More informationSkills Knowledge Energy Time People and decide how to use themto accomplish your objectives.
Chapter 8 Selling With a Strategy Strategy Defined A strategy is a to assemble your resources Skills Knowledge Energy Time People and decide how to use themto accomplish your objectives. In selling, an
More informationTerritorial Rating System for Automobile Insurance
Sec. 38a-686 page 1 (5-12) TABLE OF CONTENTS Territorial Rating System for Automobile Insurance Definitions. 38a-686-1 Private passenger nonfleet automobile insurance rate filings. 38a-686-2 Private passenger
More informationPrint. Disability Insurance Planning for Professionals. By Lawrence B. Keller and Harry R. Wigler
Page 1 of 6 Print Disability Insurance Planning for Professionals By Lawrence B. Keller and Harry R. Wigler DECEMBER 2007 - Doctors, lawyers, and other professional clients of CPAs often pay attention
More informationRatemakingfor Maximum Profitability. Lee M. Bowron, ACAS, MAAA and Donnald E. Manis, FCAS, MAAA
Ratemakingfor Maximum Profitability Lee M. Bowron, ACAS, MAAA and Donnald E. Manis, FCAS, MAAA RATEMAKING FOR MAXIMUM PROFITABILITY Lee Bowron, ACAS, MAAA Don Manis, FCAS, MAAA Abstract The goal of ratemaking
More informationENERGY ADVISORY COMMITTEE. Electricity Market Review: Return on Investment
ENERGY ADVISORY COMMITTEE Electricity Market Review: Return on Investment The Issue To review the different approaches in determining the return on investment in the electricity supply industry, and to
More informationIASB Educational Session Non-Life Claims Liability
IASB Board Meeting Observer Note- Agenda Paper 10 January 2005 IASB Educational Session Non-Life Claims Liability Presented by the International Actuarial Association January 19, 2005 Sam Gutterman and
More informationHomeowners ROE Outlook 2013 Update
Homeowners ROE Outlook 2013 Update Empower Results Homeowners: Improving Outlook, Growing Opportunities Aon Benfield Analytics annual review of homeowners rate changes and industry reported financial results
More informationHONEONNERS INSURANCE PRICING
HONEONNERS INSURANCE PRICING BY Mark J. Homan BIOGRAPHY ABSTRACT Mr. Homan is an Associate Actuary and Director of Personal Property Pricing with The Hartford Insurance Group. He received a B.A. degree
More informationREINSURANCE ISSUES FOR SUPERVISORS. by Richard Smith Chief Manager General Insurance Australian Prudential Regulation Authority
REINSURANCE ISSUES FOR SUPERVISORS by Richard Smith Chief Manager General Insurance Australian Prudential Regulation Authority Background My comments are made in the context of general (non-life) insurance
More informationGetting More From Your Actuarial Analysis
Getting More From Your Actuarial Analysis For Companies Retaining Property/Casualty Insurance Risks PwC 1 Introduction Many companies retain property/casualty insurance (P&C) risks, such as workers' compensation,
More informationFlorida Senate - 2016 SB 1274
By Senator Latvala 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 A bill to be entitled An act relating to sinkhole insurance; amending s. 624.407, F.S.; specifying
More informationA guide to investing in cash alternatives
A guide to investing in cash alternatives What you should know before you buy Wells Fargo Advisors wants to help you invest in cash alternative products that are suitable for you based on your investment
More informationWorker's Compensation Insurance in Wisconsin THE SYSTEM, THE BENEFITS, THE COSTS A REFERENCE GUIDE FOR EMPLOYERS
Worker's Compensation Insurance in Wisconsin THE SYSTEM, THE BENEFITS, THE COSTS A REFERENCE GUIDE FOR EMPLOYERS This guide is intended to provide a general, non-technical explanation to help employers
More informationCommissioner Donna Lee H. Williams 841 Silver Lake Boulevard * Dover, DE 19904 * (302) 739-4251 (Hours: Mon-Fri 8-4:30 EST) www.state.de.
Commissioner Donna Lee H. Williams 841 Silver Lake Boulevard * Dover, DE 19904 * (302) 739-4251 (Hours: Mon-Fri 8-4:30 EST) www.state.de.us/inscom FORMS AND RATES BULLETIN 14 INCORPORATED Submission Date:
More informationReport Regarding Revisions to Actuarial Guideline 25 From the American Academy of Actuaries AG 25 Subgroup
Report Regarding Revisions to Actuarial Guideline 25 From the American Academy of Actuaries AG 25 Subgroup Presented to the National Association of Insurance Commissioners Life and Health Actuarial Task
More informationChallenges with Drawing Conclusions from The Clarity Act Data
The vast amount of historical Clarity Law data cannot be used for ratemaking purposes by itself. Additional calculations are needful. But it serves as a sobering reality check clearly demonstrating that
More informationANNUAL STUDY OF MEDICAL MALPRACTICE INSURANCE MARKET IN ARKANSAS
A REPORT TO THE LEGISLATIVE COUNCIL AND THE SENATE AND HOUSE COMMITTEES ON INSURANCE AND COMMERCE OF THE ARKANSAS GENERAL ASSEMBLY (AS REQUIRED BY ACT 1007 OF 2003) ANNUAL STUDY OF MEDICAL MALPRACTICE
More informationSolutions to Past CAS Questions Associated with NAIC Property/Casualty Insurance Company Risk Based Capital Requirements Feldblum, S.
Solutions to Past CAS Questions Associated with Feldblum, S. Solutions to questions from the 1997 Exam: 18. Calculate the adjusted policyholder surplus for this company. Step 1: Write an equation for adjusted
More informationNews from The Chubb Corporation
News from The Chubb Corporation The Chubb Corporation 15 Mountain View Road P.O. Box 1615 Warren, New Jersey 07061-1615 Telephone: 908-903-2000 FOR IMMEDIATE RELEASE Chubb Reports 4th Quarter Net Income
More informationBasics of Reinsurance Pricing
Basics of Reinsurance Pricing Actuarial Study Note David R. Clark, FCAS First Version 1996 Revised 2014 Copyright, David R. Clark, 2014 Basics of Reinsurance Pricing Introduction Like primary insurance,
More informationCharles Dorsey, Wells Fargo Insurance Services USA, Inc. All members listed above represent a quorum.
MINUTES LAS VEGAS-CLARK COUNTY LIBRARY DISTRICT BOARD OF TRUSTEES RISK MANAGEMENT COMMITTEE MEETING LAS VEGAS, NEVADA JUNE 12, 2014 (approved July 10, 2014) The Board of Trustees Risk Management Committee
More informationThe Essential Trustee Trustee Training 101. 800.851.7789 www.siia.org
The Essential Trustee Trustee Training 101 800.851.7789 www.siia.org Trustee Responsibilities Learning Objectives Overview of group self insurance Causes of self insurance group failures Fiduciary responsibilities
More informationEMR as Qualifier to Bid on Construction Projects
EMR as Qualifier to Bid on Construction Projects July 14, 2011 Introduction This white paper discusses the use of the experience rating modification (commonly referred to as EMR in the construction trades)
More informationTexas Private Passenger Automobile Insurance Profitability, 1990 to 1998. A Report by the Center for Economic Justice. April 1999
Texas Private Passenger Automobile Insurance Profitability, 1990 to 1998 This report reviews the loss ratio experience of Texas private passenger automobile insurers from 1990 through 1998 and with particular
More informationManagement Accounting 303 Segmental Profitability Analysis and Evaluation
Management Accounting 303 Segmental Profitability Analysis and Evaluation Unless a business is a not-for-profit business, all businesses have as a primary goal the earning of profit. In the long run, sustained
More informationRequest for Comment #1 How common is the use of stop-loss insurance in connection with self-insured arrangements?
U.S. Department of Labor Office of Health Plan Standards and Compliance Assistance Employee Benefits Security Administration Room N-5653 200 Constitution Avenue, NW Washington, DC 20210 Re: Request for
More informationCOMMERCIAL ACCIDENT AND HEALTH INSURANCE FROM THE STANDPOINT OF THE REINSURANCE COMPANY
COMI~ERCIAL ACCIDENT AND HEALTI{ INSURANCE 808 COMMERCIAL ACCIDENT AND HEALTH INSURANCE FROM THE STANDPOINT OF THE REINSURANCE COMPANY BY HOWARD G. CRANE Commercial accident and health premiums written
More informationUsage-based Auto Insurance (UBI)
Usage-based Auto Insurance (UBI) A revolution is underway. Is your company ready? A presentation to 2013 CIA Annual Meeting by Pierre G. Laurin June 21, 2013 2013 Towers Watson. All rights reserved. What
More informationSTATE OF CONNECTICUT
STATE OF CONNECTICUT INSURANCE DEPARTMENT Bulletin PC-68 September 21,2010 To: Subject: ALL INSURANCE COMPANIES AUTHORIZED FOR AUTOMOBILE LIABILITY INSURANCE IN CONNECTICUT PERSONAL AUTOMOBILE INSURANCE
More informationCATASTROPHE REINSURANCE
CATASTROPHE REINSURANCE Understanding its Past, Present and Potential 25 May, 2012 Don Morrison Vice President Guy Carpenter & Company, Ltd. Toronto Catastrophe Reinsurance Agenda A Brief History of Reinsurance
More informationFUNDAMENTAL BUILDING BLOCKS OF INSURANCE PROFITABILITY MEASUREMENT
CHAPTER TWO FUNDAMENTAL BUILDING BLOCKS OF INSURANCE PROFITABILITY MEASUREMENT 13 By Russell E. Bingham OVERVIEW There are numerous approaches to the measurement of insurer profitability and ratemaking.
More informationTeva Pharmaceutical Industries Ltd. Compensation Policy for Executive Officers and Directors
Teva Pharmaceutical Industries Ltd. Compensation Policy for Executive Officers and Directors Adopted on August 27, 2013 This document sets forth the compensation policy of Teva Pharmaceutical Industries
More informationRethinking the NIPA Treatment of Insurance Services For the Comprehensive Revision
Page 1 of 10 Rethinking the NIPA Treatment of Insurance Services For the Comprehensive Revision For Presentation at BEA Advisory Committee Meeting, 15 November 2002 Revised 23 December 2002 Dennis Fixler
More informationMinimum Entry Age Maximum Entry Age. The minimum and maximum sum assured are $50,000 and $200,000* respectively.
PRODUCT SUMMARY DIRECT Whole Life (DWRA) 1. Policy Description DIRECT Whole Life is a participating, regular premium whole life insurance plan that provides financial protection against Death, Total &
More informationFive Best Practice Strategies for Maintaining Excellence in Workers Compensation Self-Insured Groups
Five Best Practice Strategies for Maintaining Excellence in Workers Compensation Self-Insured Groups Safety National is the market leader for providing excess workers compensation coverage for self-insured
More informationXIV. Closed Blocks and Mutual Company Conversions. Purpose of the Closed Block. Charles Carroll and J. Peter Duran
XIV Closed Blocks and Mutual Company Conversions Charles Carroll and J. Peter Duran For the last two years, public discussion and debate of conversions of mutual companies to stock companies have been
More informationHOW TO APPLY COINSURANCE AND DEDUCTIBLE CLAUSES IN PROPERTY INSURANCE POLICIES
HOW TO APPLY COINSURANCE AND DEDUCTIBLE CLAUSES IN PROPERTY INSURANCE POLICIES William F. Merlin, Jr., Esquire Mary Kestenbaum, Esquire Merlin Law Group, P.A. 777 S. Harbour Island Blvd., #950 Tampa, FL
More informationGN5: The Prudential Supervision outside the UK of Long-Term Insurance Business
GN5: The Prudential Supervision outside the UK of Long-Term Insurance Business Classification Recommended Practice MEMBERS ARE REMINDED THAT THEY MUST ALWAYS COMPLY WITH THE PROFESSIONAL CONDUCT STANDARDS
More informationANNUAL STUDY OF MEDICAL MALPRACTICE INSURANCE MARKET IN ARKANSAS
A REPORT TO THE LEGISLATIVE COUNCIL AND THE SENATE AND HOUSE COMMITTEES ON INSURANCE AND COMMERCE OF THE ARKANSAS GENERAL ASSEMBLY (AS REQUIRED BY ACT 1007 OF 2003) ANNUAL STUDY OF MEDICAL MALPRACTICE
More informationGAP Insurance Techniques and Challenges
Lee Bowron, ACAS, MAAA, and John Kerper, FSA, MAAA Abstract: GAP (Guaranteed Asset Protection) insurance is an insurance product that insures the difference (if any) between the loan balance and the actual
More informationBasel Committee on Banking Supervision. Consultative Document. TLAC Holdings. Issued for comment by 12 February 2016
Basel Committee on Banking Supervision Consultative Document TLAC Holdings Issued for comment by 12 February 2016 November 2015 This publication is available on the BIS website (www.bis.org). Bank for
More informationCitizens Property Insurance Corporation Surplus Note Depopulation Program
Citizens Property Insurance Corporation Surplus Note Depopulation Program General This Surplus Note Depopulation Program (Program) is being adopted by the Board of Governors (Board) of Citizens Property
More information