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The Importance of Data Management and Data Quality
Multiple June 09, 2020 Posted in: Blog Posts, Apex Webinar
On the May 2020 Pinnacle APEX Webinar, “The Importance of Data Management and Data Quality,” we addressed a critical business issue:  the costs of poor data, reasons for data management, and ways to improve how data is managed in an organization. The webinar also took a deep dive into methods to address the major challenge of missing data.
Commentary on NAIC’s Casualty Actuarial and Statistical Task Force White Paper – “Regulatory Review of Predictive Models”
Greg Frankowiak March 24, 2020 Posted in: Blog Posts, News, Predictive Analytics

While predictive analytics can provide significant benefits to insurance companies and customers, the rapid pace at which analytics is evolving and the relative complexity of some of the models used poses a significant challenge to state regulators who are charged with reviewing and approving such models. The National Association of Insurance Commissioners (NAIC) recognized this emerging issue and created the Casualty Actuarial and Statistical Task Force (CASTF), which has been charged with identifying best practices to guide state insurance departments in their review of predictive models for underlying rating plans. Over the course of the last year, the CASTF has released multiple drafts of the white paper “Regulatory Review of Predictive Models” for public comment. And comment the public has! Numerous letters have been submitted from trade associations, actuarial organizations, credit agencies, consumer groups and even insurance departments to provide their input on the lengthy white paper.

Puerto Rico as the Bridge Between Latin America and the U.S.
The 2017 Self-Insurance Institute of America (SIIA) International Conference took place in San Juan, Puerto Rico on April 18-19. Session highlights included the advantages of the island’s financial services environment for offshore companies and an overview of the Puerto Rico Insurance Code. An accredited member of the National Association of Insurance Commissioners (NAIC), Puerto Rico’s Office of the Commissioner of Insurance (OIC) has taken an active role in promoting the island as an ideal domicile for international insurers.
Statements of Actuarial Opinion at Year-End 2016
Aaron Hillebrandt February 02, 2017 Posted in: Blog Posts, Apex Webinar
On January 27, 2017, Pinnacle’s Managing Principal Joe Herbers and I co-presented January’s APEX webinar, “Statements of Actuarial Opinion at Year-End 2016.” We discussed topics ranging from Statement of Actuarial Opinion (SAO) best practices to what is changing for year-end 2016 SAOs. Required changes for SAOs that are under the regulation of the National Association of Insurance Commissioners (NAIC), may be found in the Official NAIC Annual Statement Instructions. For year-end 2016, the changes are not significant and focus on clarification of reporting requirements.
Erich Brandt

What is Material Adverse Deviation?

Let’s Start Exploring

What is Material Adverse Deviation?
Erich Brandt September 15, 2015 Posted in: Blog Posts, Apex Webinar
This past January, Pinnacle presented an Apex webinar on the “Statements of Actuarial Opinion – Year End 2014” which discussed considerations when creating or reviewing a Statement of Actuarial Opinion (SAO) focusing on changes in the National Association of Insurance Commissioners (NAIC) guidance memo. Feedback from this presentation indicated that future discussions of the Risk of Material Adverse Deviation (RMAD) section of the SAO, as well as how to interpret the role of the Chief Risk Officer (CRO) in assessing a company’s risk profile may be useful expansions of this general topic.
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