The Changing Regulatory Environment

Why would a casualty actuary, in his or her right mind, become a regulator? Maybe there's no good answer for that. But I can tell you this: It's not because the pay is better than in the private sector. It's not for the excitement of attending NAIC meetings at exotic locations throughout the United States. It's not for the pleasure of reviewing totally unorganized rate filings prepared by underwriters or marketers who are unfamiliar with actuarial methods. It's not for the privilege of examining companies whose loss-reserving data base contains no more than what is necessary to fill out Schedule P. And it's not for the sheer job of doing battle over a disapproved rate filing or an examination adjustment to reserves. Regulation