FCAS, MAAA, CERA
Principal and Consulting Actuary
“Ch-ch-ch-ch-Changes (Turn and Face the Strange)”
Oct 10, 2017
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What's an innovative actuary to do?
Captive Review - Cayman Report
Authored by Robert J. Walling III.
December 3 2020 APEX Webinar
So You Want to Be An Innovative Actuary
Authored by Kendra Letang and Robert J. Walling III.
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Legislative / Regulatory Impacts
A state medical society asked Pinnacle to evaluate the impact of a change in the state’s damage caps for non-economic damages for medical professional liability. Pinnacle worked with the medical society to identify the most appropriate claims databases to assess the legislation’s potential impact. Our detailed analysis not only considered data from that state, but several others to stress test the results and provide a range of reasonable outcomes. In addition, we performed a thorough analysis of how the state compared to other states in terms of the availability and affordability of medical professional liability insurance coverage, insurer operating results for the line, and access to healthcare in the states. Through this industry analysis, we identified differences well beyond a simple loss limitation and provide a more complete review of potential environmental changes that could be expected in the state.
Optimization of Assets and Liabilities
An international insurance and reinsurance company wanted to design an optimization model to be used for both asset and liability decisions. Pinnacle actuaries were able to demonstrate to company management that their initial approach was both practically and theoretically unsound and prevented them from implementing a flawed decision making procedure. We were also able to suggest approaches that were more sound and would allow them to design a model that performed as desired.
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.
June 17, 2021
June APEX Webinar -
Medical Professional Liability: State of the Market in 2021
July 13, 2021
July APEX Webinar -
Causes of Recent Adverse Development