Test: NAIC Catastrophe Subgroup Finalizes Model Handbook Bibliography, Draft Regulator Questions
Jul 29, 2009
The National Association of Insurance Commissioners (“NAIC”) Catastrophe Subgroup (“Subgroup”) of the Casualty Actuarial and Statistical (C) Task Force (“Task Force”) held a conference call meeting on July 28, 2009 during which it reviewed draft documents designed to revise certain questions listed in the NAIC 2001 Catastrophe Computer Model Handbook (“Handbook”).
Howard Eaglefeld represented Florida as a Subgroup member.
The Handbook, which addresses the effect of computer models on individual states’ insurance rates, also explores issues arising from the use of computer catastrophe models. Detailed information about specific modelers, state and modeler contacts, enacted state legislation, the Florida Hurricane Catastrophe Fund and the California Earthquake Authority is also included.
First reviewed on the meeting agenda was the Bibliography of Catastrophe Model Presentations from 2000 to March 2009. Approved unanimously, and without discussion, the Bibliography now will be forwarded to the Task Force for review.
Revised updates to a series of questions that may assist a regulator in evaluating catastrophe situations were discussed extensively. Formatted from the perspective that might be taken by a regulator reviewing a rate filing that involves the use of a catastrophe model output, the questions were divided into three areas: general, earthquake and hurricane-related. Input to the model, information about the model itself and model output were incorporated in the questions. The questions are anticipated to enhance Section 7 of the Handbook.
One of the Subgroup members proposed a total reorganization of the questions. This was agreed upon by all.
Copies of the meeting agenda and attendees, the Bibliography and the draft Handbook questions are attached.
Once these revisions are applied, Subgroup Members will review the new version of the Handbook. A follow-up conference call then will be scheduled in approximately one month. Information about the meeting will be provided as it becomes available.
The meeting was adjourned.
Should you have any questions or comments, please contact Colodny Fass.
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