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Old 12-28-2017, 09:27 AM
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Joshua0317 Joshua0317 is online now
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Default Assumption Committees

Internally our company has something called an assumption committee that is more heavily used by the Life side of the business. With the pending AAA ASOP on Assumptions, this became a higher priority item on our list of things to understand. I'm trying to feel out how the P&C side can best utilize an assumption committee (what level of project to track, how often to revise, etc).

Does anyone around here have experience with the concept and have an idea of what works and what doesn't?
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Old 12-28-2017, 10:40 AM
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In the interest of understanding the Committee mandate and operation to advance the discussion...not asking confidential details

Is the Committee chartered or ad hoc?

How often does the Committee meet?

Who (e.g. function and seniority) sits on the Committee?

Is the Committee's review ex ante or ex post?

Does the Committee report up to another Committee or publish conclusions?
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Old 12-28-2017, 11:19 AM
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Is the Committee chartered or ad hoc?
Chartered.

How often does the Committee meet?
Monthly.

Who (e.g. function and seniority) sits on the Committee?
Cross actuarial functions - Pricing, Reserving, Capital Managment, etc. Seniority is variable, but currently Directors and up.

Is the Committee's review ex ante or ex post?
The current use is ex ante.

Does the Committee report up to another Committee or publish conclusions?
Stated goal is to provide conclusions within which functional areas operate.
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