FCAS, MAAA, CSPA
Senior Consulting Actuary
Autonomous Vehicles and the Future of Auto Insurance
Mar 27, 2018
Data Breach at Equifax
Sep 26, 2017
Cyber Risk Continues to Grow
Apr 18, 2017
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Ms. Maxwell currently serves the Casualty Actuarial Society (CAS) as a member of the Casualty Loss Reserve Seminar Planning Committee, E-Forum Committee, Examination Committee, Cyber Risk Task Force, Working Party on On-Demand Insurance and Secretary/Treasurer of the Casualty Actuaries of the Bay Area.
Prior to consulting she was a product manager for a direct auto insurer and held actuarial positions with a state insurance department and national rating bureau. Her background includes personal and commercial lines pricing and reserving.
October 2018 APEX Webinar
Status of Cyber Liability Insurance and Methodology
Authored by Laura A. Maxwell and Radost Roumenova Wenman.
December 2017 APEX Webinar
Actuarial Standards of Practice Update
Authored by Laura A. Maxwell and John E. Wade.
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Dedicated Fund Review
Pinnacle was asked by a State Insurance Department to review the financial soundness of a State controlled, dedicated fund. The review consisted of establishing the State’s outstanding liabilities and future funding needs. Detailed historic exposure and loss experience were not readily available from the State because the program was administered by individual insurers. Pinnacle designed and conducted an industry data call on behalf of the State. The collected data was then used by Pinnacle in support of their analysis. As the data was still somewhat limited, additional industry data was gathered from other states to supplement Pinnacle’s analysis. Pinnacle then provided the State with a report detailing the determination of the estimated liabilities, the indicated rate changes, and recommendations on data capturing for enhancement on future studies.
Pinnacle was approached by an aircraft manufacturer to provide recommended funding for various aviation and liability coverages. Pinnacle’s initial steps included discussing coverages to be provided and what data was available to complete the funding study. The captive was a start-up with no loss information on which to determine appropriate funding levels. Pinnacle was able to determine that the National Transportation Safety Board (NTSB) had a database of aircraft incidents that recorded both the manufacturer and model of the aircraft involved in the incident. Since the manufacturer was able to provide the number of units produced, Pinnacle was able to determine the frequency and severity of the incidents and project ultimate funding levels. The captive is currently operational after receiving regulatory approval.
U S Domestic Statement of Actuarial Opinion
Domestic U.S. property/casualty insurers and risk retention groups are required to file an Annual Statement with state regulators each year by March 1. Part of that filing includes the submission of a formal Statement of Actuarial Opinion (SAO) by a qualified Appointed Actuary as to the reasonableness of held loss and loss adjustment expense reserves. The SAO must be one of five types:
In addition to the SAO, most jurisdictions require an Actuarial Opinion Summary (AOS) providing more detail on the Appointed Actuary’s specific findings by March 15. Lastly, a formal report narrative in support of the SAO and AOS is required to be available by May 1.
As the SAO is a compliance document, the primary audience is state regulators but the individual company must arrange for the service to be provided.
A recent SAO for one of our clients touched on many of the required disclosures:
At Pinnacle, we partner with you to explore whatever path it takes to find the answers you need.
December 18, 2018
December Apex Discussion Series -
Actuarial Standards of Practice (ASOP) Disclosures: A Professionalism Quiz