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STAY TUNED! If you are anticipating additional search filters by attribute and level to align with the CAS Capability Model, it is coming later this Summer. As the CAS begins to code recorded sessions by specific attributes and levels (starting with the 2023 Annual Meeting), these will be tagged in the CAS database of presentations going forward and should be searchable.
But you may use the Capability Model now to help you identify topics. For example, if you want to move up one level under the content area “Functional Expertise,” you may search topics in the particular functional area to expand your knowledge.
Recorded content is searchable by Capability Model attribute and level in the CAS Online Library.
NAIC Codification of Statutory Accounting
The NAIC, through its Accounting Practices and Procedures Task Force, identifies, investigates, and develops solutions to accounting problems. Their ultimate goal is to guide insurers in properly accounting for various aspects of their operations. To this end, the NAIC has recently completed their codification of statutory accounting principles. These principles took effect January 1, 2001.
The Committee on Property and Liability Financial Reporting (COPLFR), part of the American Academy's Casualty Practice Council, monitors activities regarding financial reporting related to property and liability risks. They also review proposals made by various organizations affecting the actuarial aspects of financial reporting and auditing issues related to property and liability risks. They evaluate property and liability insurance and self-insurance accounting issues. COPLFR has prepared and issued a document that provides guidance in compliance with these principles.
This panel will discuss implementation, compliance, and key issues such as "best estimate," "discounting," and "premium deficiency reserves."
Source:
2001 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Moderators:
Thomas Warthen
Panelists:
Jay Morrow, Lawrence Buhl, Stephen Johnson
Keywords:
Codification of Statutory Accounting, Accounting Practices
Fair Value of Insurance Liabilities- CAS White Paper
This session will discuss the CAS white paper on this topic published in the 2001 CAS Winter Forum. It will begin with a definition of the term "fair value," a summary of initiatives undertaken by various standard-setting bodies, and a brief introduction to the white paper. Each section of the paper will then be presented in summary form. Sections include fair value estimation methods, alternatives to fair value, implementation issues, presentation issues (e.g., what would an income statement look like under fair value accounting), and a critique as to the value of "fair value" financial statements. The discussion will end with a dialog as to the profession's readiness to implement such a system, and what may be needed to prepare the profession for a "fair value" world.
Source:
2001 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent,Paper
Panelists:
Michael McCarter
Industry Reserve Adequacy
Beginning with a historical perspective on the adequacy of the insurance industry's reserves, this session will use runoff statistics to explore differences by market segment. Afterwards, the panel will focus on various studies of the industry's current reserve position and factors in particular lines of business that are affecting the trend in reserve adequacy.
Source:
2001 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Panelists:
Sarah Hibler, Kevin Wick, Robert Farnam
Keywords:
Reserve
Reserving in Mergers and Acquisitions Situations
During insurance company mergers and acquisitions, many loss reserve issues arise both in due diligence and the following integration. Many post date-of-sale issues arise that are unclear and provide significant uncertainty at a time when management needs firm information. This session will offer an overview of some of the pitfalls and possible solutions to some of these reserving problems.
Source:
2001 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Moderators:
Thomas Warthen
Panelists:
Robert Bennett
Keywords:
Mergers and Acquisitions, Reserving
Considerations of New ASOP and Codification Standards in Issuing Actuarial Opinions
In 2000, a new Standard of Practice for Statements of Actuarial Opinion for Property/Casualty Loss and Loss Adjustment Expense Reserves went into effect. This Standard contains an emphasis on materiality and redefines categories of opinions. In addition, Codification of Statutory Accounting went into effect January 2001. The discussion will include the views of the regulator, the consultant, and the company actuary on the progress and problems involved in incorporating the concepts contained in these documents into the statutory opinions.
Source:
2001 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Moderators:
Gary Shook
Panelists:
Patricia Teufel, Charles Yesker
Keywords:
ASOP, Codification Standards in Issuing Actuarial Opinions
Loss Reserves from Actuarial, Accounting, and IRS Perspectives
Determining loss reserves is, by its nature, an uncertain process. Various professionals involved with the financial reporting context will provide their perspectives regarding uncertainty. This session will provide the audience with the perspective of the actuary, the accountant, and the IRS on the treatment of uncertainty within loss reserves. The focus of this presentation will be on the various professional standards associated with loss reserving, such as those promulgated by the Financial Accounting Standards Board and the Actuarial Standards Board.
Source:
2001 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Moderators:
Gary Shook
Panelists:
Michael Hazel, Joe Long
Keywords:
Loss Reserves, Actuarial, Accounting, and IRS Perspectives
Determining Reserve Ranges and Variability of Loss Reserves
Often a high degree of variability exists in loss and loss adjustment expense reserve estimates, particularly with excess of loss reinsurance or long-tailed primary lines of business. Estimates may be as simple as a set of discrete values for low, best and high estimates, or they may involve a complex family of loss distributions. Estimates that include the determination of the level of confidence an actuary places in a particular reserve level have received increased scrutiny by both regulatory authorities and rating agencies. This panel addresses some common techniques used to analyze the variability of reserves and their underlying assumptions, and hence, validity. Current financial statements require a single liability number and not the distribution of liabilities. This panel will also consider the issue of booking a single number and ways to address risks faced by insurers from regulators, market analysts, and insureds in selecting that single liability number.
Source:
2001 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Moderators:
Chad Karls
Panelists:
Rodney Kreps
Keywords:
Reserve Ranges, Variability of Loss Reserves
Regression Models and Loss Reserving
Casualty actuaries have begun to turn from deterministic methods to stochastic models. Deterministic reserving methods, such as the chain ladder, the Bornhuetter-Ferguson, and the Cape Cod, have been, to varying degrees, either blended with or replaced with stochastic models, especially with regression models. This session will show how stochastic reserving relates to and moves beyond deterministic reserving. Panelists will discuss the progress made to date in applying regression models to loss reserving, and what progress remains to be made. Simple examples will illustrate the theory and will suggest how to apply it to loss reserving.
Source:
2001 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Moderators:
Chad Karls
Panelists:
Prakash Narayan, David Clark
Keywords:
Regression Models and Loss Reserving
Reserving for Financial Lines
The liabilities associated with many of the financial lines of insurance have characteristics that do not lend themselves to traditional actuarial techniques. Several examples of these lines include mortgage insurance, financial guaranty, and various short-term credit risk coverages. This session will discuss various techniques used by both actuaries and nonactuaries to analyze these types of coverages. The session will begin with a few different "type-of-coverage" presentations and will end with a discussion that attempts to uncover the fundamentals that underlie each of the analyses.
Source:
2001 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Moderators:
Mark Proska
Panelists:
John Gibson
Keywords:
Reserving, financial lines of insurance, mortgage insurance, financial guaranty, and various short-term credit risk coverages
Enterprise Risk Management Papers
ERM seeks to develop an overall corporate strategy for addressing risk. This involves both quantitative and qualitative aspects. Two recently published papers will be presented during this session, "Enterprise Risk Management: An Analytic Approach" and "Enterprise Risk Management: A Consultative Perspective."
Source:
2001 Spring SIS- Enterprise Risk Management
Type:
Paper
Panelists:
Edgar Davenport, Jerry Miccolis, L. Bradley, Samir Shah
Keywords:
ERM: An Analytic Approach, ERM: A Consultative Perspective
Surety
Surety is atypical. Losses are generally not expected. This session will examine the unique reserving issues engendered by this line. It will review techniques, statutory requirements, and current issues.
Source:
2001 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Moderators:
Mark Proska
Panelists:
Joseph Malsky, Sean Foley, Stephen Trecker
Keywords:
statutory requirements, Surety
Reserving for Automobile Warranty and Other Long Duration Contracts
Unearned premium reserves for long duration contracts can be substantial liabilities on the financial statements for many property and liability insurance companies. This session will investigate reserving techniques and philosophies for unearned premium reserves for automobile warranty and other long-term policies. In addition, the session will facilitate a discussion around unusual coverages or circumstances, not strictly contemplated by the drafters of current statutory rules.
Source:
2001 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Moderators:
Edmond Hardy
Panelists:
Grover Edie, Paul Struzzieri, John Kerper
Keywords:
Reserving for Automobile Warranty, long duration contracts
Reserving for Employment Practices Liability
The increasingly complex business environment together with the intense competition in the commercial lines insurance arena have resulted in the development of new or expanded insurance products. In this session, the reserving issues associated with employment practices liability coverage will be discussed. The panel will discuss underwriting, claim, and actuarial issues.
Source:
2001 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Moderators:
Edmond Hardy
Panelists:
Lisa Chanzit, LucyAnn Galito
Keywords:
Liability
Unique Reserving Issues for Private Passenger Automobile
Unexpected court actions along with unique statute interpretations affect the overall estimates of reserve levels for private passenger automobile. Although the line is generally considered to be very straightforward, special reserving considerations arise in many states. This session will review some of these unusual issues and their impact on the analysis of development patterns.
Source:
2001 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Moderators:
Leonard Goldberg
Panelists:
Gregory Hayward, Katharine Barnes, Roger Hayne
Keywords:
Reserving, Automobile
Medical Professional Liability Reserving
Many old and new issues surround the medical professional liability field. This is a unique line of business characterized by claims-made coverage and extended reporting endorsements. It frequently involves self-insured entities, offshore facilities, and state-specific funding mechanisms. Medical professional liability reserving is also very sensitive to the vagaries of the tort system and managed care initiatives. This session will examine how these issues affect the reserving process for this line of business.
Source:
2001 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Moderators:
Leonard Goldberg
Panelists:
William Burns, Alice Edmondson, Rajesh Sahasrabuddhe
Keywords:
medical professional liability, Reserving
Workers Compensation Emerging Issues
Legislative reforms, judicial rulings, and social phenomena continue to affect this line of business. This panel will discuss current issues affecting costs, reserves, and results in this line and ongoing efforts to analyze and better understand workers compensation systems.
Source:
2001 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Moderators:
P. Lefebvre
Panelists:
David Bellusci, Robert Blanco, Michael Helvacian, Dale Broadwater
Keywords:
Workers Compensation, Legislative reforms, judicial rulings
Reserve Margins and Capital
Insurance managers are constantly challenged to produce an acceptable return on invested capital. As such, many managers have more intensively analyzed the amount of capital required to run the business and have found reserve risk to be a major driver of the capital required. All else being equal, companies with margins in their loss reserves can be shown to require less capital.
This session will analyze the relationships between reserve margins and capital. The panel will demonstrate how a DFA model can be used to identify the amount of capital that can be "freed" by maintaining consistent risk margins in the reserve balances.
Source:
2001 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Moderators:
P. Lefebvre
Panelists:
Chandrakant Patel
Keywords:
Reserve Margins, Capital
Capital Allocation
This panel will explore using DFA to help analyze capital allocation issues. A company requires capital to absorb the adverse results associated with (1) current and future writings, (2) past writings (loss reserves), and (3) asset fluctuations.
Capital allocated to a particular line of business or other marketing segment will depend on these three areas, as well as the correlation between the segment and the rest of the company. Correlations between lines of business also need to be considered. The calculation of the simultaneous variability of these elements can get complex, and a simulation DFA approach may be the best way to allocate capital to market segments reflecting all of the major sources of risk.
Source:
2001 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Moderators:
P. Lefebvre
Panelists:
John Kollar
Keywords:
Capital Allocation, loss reserves, asset fluctuations
Actuarial and Accounting Issues Surrounding FAS 113
FAS 113, "Accounting and Reporting for Reinsurance of Short-Duration and Long-Duration Contracts" was issued in December of 1992 and continues to provide the principles for evaluating the appropriate accounting treatment for reinsurance transactions. This standard presents guidance ranging from how to determine whether a contract is "reinsurance" or "financing" as well as whether a contract is "retroactive" or "prospective." Producers, purchasers, and providers of reinsurance refer to the requirements of FAS 113 in order to create vehicles that meet their independent needs. Most commonly, actuaries assist in the development of a cash flow analysis, which is one of the required elements to successfully conclude on a contracts ability to transfer risk.
In this session we will review the accounting basics outlined in FAS 113, discuss some of the issues addressed in the FAS's "Q&A 113--Accounting for Reinsurance: Questions and Answers about Statement 113." We will also identify some of the issues facing entities in developing risk transfer models and provide insight on an example of products being used in the market to transfer risk under FAS 113.
Source:
2001 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Moderators:
P. Lefebvre
Panelists:
Jerome Degerness, Peter Wildman
Keywords:
Accounting and Reporting for Reinsurance of Short-Duration and Long-Duration Contracts, FAS 113
Enterprise Risk Management-Fad or Fact?
The ERM concept, although appealing and gaining acceptance, is still not well defined and evidence of the purported benefits of ERM are elusive. This panel will discuss the transformation of the risk management profession from one that historically viewed corporate risk exposures in isolation to one that now seeks to measure, manage, and exploit risk within a consistent framework.
Source:
2001 Spring SIS- Enterprise Risk Management
Type:
concurrent
Moderators:
Barbara Russo
Panelists:
Gustave Krause, Roberta Garland, Kevin Hoskinson, John Bugalla, Wolfgang Friedel
Keywords:
ERM, risk management profession
Introduction to the Alternative Risk Transfer Market
Alternative Risk Transfer (ART) represents a broader approach to risk than traditionally exhibited by the conventional insurance/reinsurance market. ART involves products and combinations of products from the conventional insurance/reinsurance market, banking, capital markets, and corporate markets.
This session provides an overview of drivers behind the growth in ART as well as the characteristics of ART when compared to conventional insurance/reinsurance. Some of the ART programs to be discussed are:
Multi-Line Programs (incorporate traditional property and casualty lines and financial exposures such as foreign exchange, interest rate, and commodity risks)
Securitization
Credit Enhancement
Project Finance
Source:
2001 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Moderators:
Matthew Kunish
Panelists:
David Molyneux, Sam Dell
Keywords:
Alternative Risk Transfer
Loss Portfolio Transfers
Loss Portfolio Transfer is a product an insurance company (or a corporation) utilizes to remove and transfer existing liabilities to a third party. This session will discuss the various reasons for parties to enter into this transaction and will describe the process underlying this transaction, with a focus on the evaluation of the loss reserve liabilities. In addition, panelists will explore critical issues associated with these transactions, namely accounting and tax considerations for both parties.
Source:
2001 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Moderators:
Roger Hayne
Panelists:
Charles Woodman, Marc-Andre Lefebvre
Keywords:
Loss Portfolio Transfers
Case Study
This workshop session covers the concepts discussed in the preceding intermediate sessions. Audience participation is encouraged in analyzing and discussing the cases, and proposing techniques to be applied in estimating the loss reserves. Various techniques will be discussed. A calculator will be helpful. No advance preparation is required.
Source:
2001 Casualty Loss Reserve Seminar (CLRS)
Type:
Workshop
Keywords:
loss reserves
Intermediate Track III Reserving Techniques
This session is a continuation of Intermediate Track II. Techniques. The instructors will explore methods to detect changes in mix of business, claim closing patterns, and case reserve adequacy. Adjustments of loss reserve method to account for each situation will also be discussed. Not intended for members of the Casualty Actuarial Society. No advance preparation is required.
Source:
2001 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Keywords:
case reserve adequacy, loss reserve method
Intermediate Track II
An introduction to intermediate-level reserving techniques, this session will cover the Bornhuetter-Ferguson method, the average hindsight method, and the average incremental paid method. Not intended for members of the Casualty Actuarial Society. No advance preparation is required.
Source:
2001 Casualty Loss Reserve Seminar (CLRS)
Type:
concurrent
Keywords:
Bornhuetter-Ferguson method
