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  #31  
Old 02-05-2014, 10:15 AM
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I responded before I saw your next reply. Thanks again for doing the leg work.
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Old 02-05-2014, 10:21 AM
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The ABCD is a joke, I think we can all agree with that. Evidence and information needs to be way more public.

No idea about the going on at the HPC.

Wasn't ASOP 9 replaced though? Is the complaint the new language isn't strong enough? Same deal with the Statements of Principles --- aren't the deletions covered in the ASOPs now?
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Old 02-05-2014, 10:23 AM
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Originally Posted by campbell View Post
3. Frustration with the ASOP process, ASOP language, ASOP enforceability, and general lack of use of ASOPs for the regulatory actuaries
The pension valuation ASOPs are a joke.
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Old 02-05-2014, 10:40 AM
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The pension valuation ASOPs are a joke.
Yes, but that's not the NAIC's concern

except to the extent these guys are all public employees and are concerned about their pensions getting paid. But they're not in charge of regulating their own pensions. I think.
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Old 02-05-2014, 10:43 AM
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I agree. I was just pointing out that, although I don't understand the nuances of the casualty and health ASOPs being discussed, I am assuming they are as ridiculous as the pension ones, an opinion reinforced (in my limited understanding) by the repeal of ASOP 9.
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Old 02-05-2014, 10:52 AM
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I agree. I was just pointing out that, although I don't understand the nuances of the casualty and health ASOPs being discussed, I am assuming they are as ridiculous as the pension ones, an opinion reinforced (in my limited understanding) by the repeal of ASOP 9.
I find 36, 41, and 43 pretty effective for the P&C reserving/SAO process, though maybe a bit wishy-washy on some of the ranges.

I do think the ASOPs should be more proscriptive in certain areas, and less just 'hey, this is what most other people are doing'.
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Old 02-05-2014, 11:07 AM
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Originally Posted by campbell View Post
If you read the three things, we've got:

1. Frustration over ABCD

2. Frustration with health practice council at the Academy going over the regulatory actuaries' heads

3. Frustration with the ASOP process, ASOP language, ASOP enforceability, and general lack of use of ASOPs for the regulatory actuaries

It goes way beyond the ABCD
You left out the latest pendulum swing of the state vs. federal regulation of insurance. The Fed is tugging the pendulum its way, as well and the international organizations, and the NAIC needs to demonstrate their ability to effectively regulate. I'm not surprised by a muscle flexing exercise under the current circumstances.
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Old 02-05-2014, 11:12 AM
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Don't imagine it would be any better for actuaries if the FIO were given any real power.

But yes, the NAIC has been accelerating deadlines like nobody's business in order to get out in front of the specter of federal regulation.
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Old 02-05-2014, 11:21 AM
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This is all very interesting, but is it relevant to the removal of SOA leaders from the AAA Board?

Bruce
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Old 02-05-2014, 11:25 AM
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This is all very interesting, but is it relevant to the removal of SOA leaders from the AAA Board?

Bruce
No clue.

One of the conjectures was it related to the whole "qualified actuary" issue at the NAIC.... but if that were the case, I'd think the other ex officio directors would also get booted for conflict-of-interest.

FWIW, I just had to do the conflict-of-interest attestation for Academy volunteering. It happens that the group I'm in is trying to move to the SOA, for a variety of reasons.
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