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Old 03-23-2018, 08:12 PM
Yamamay Yamamay is offline
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Default Time spent on filings in Canada vs. US

In Ontario, a lot of actuaries are needed to price personal auto insurance because of the amount of work that goes into filings. Other provinces are a lot less regulated. How do the US states' regulations compare ? How about Europe ? How dull is rate filing ?
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Old 03-24-2018, 01:25 PM
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The single biggest difference between the US and Canada in terms of personal insurance filings is the number of jurisdictions involved. 50 states + 1 district versus 10 provinces. (There are territories as well, but let's not complicate the subject.)

Ontario, from what I understand, is worse than many (but not all) states in terms of filing rigor. Most of the US states are more difficult than most other provinces.

When it comes to commercial insurance for small to medium-sized businesses, Canada is much easier in terms of pricing regulation than most states.

I can't speak to how things are in continental Europe, but I do know that motor insurance is effectively deregulated in the UK.

In terms of the relative dullness of rate filings...that depends on the opinion of the person doing the work, what support structures are in place, and the nature of the filing.

Preparing basic exhibits for every state can be extremely tedious, but larger companies, for their primary products, generally have much of that automated. Developing that automation can be quite interesting, depending on your interests.

Fielding routine questions from examiners can be tiring, and tweaking exhibits to comply with the local regulatory interpretation of the day can be annoying. However, if you're filing something new (new program, new rating feature, etc.), figuring out filing strategy, explaining what's going on, and the give-and-take you can sometimes get into with mid-to-senior level folks at the state DoI's can be quite interesting (and frequently frustrating).

It's been years since I worked on personal lines filings in the U.S. In total, I thought it was more fun than not, but there were times it definitely wasn't fun. I'm also quite content that I paid my dues there and moved on to working with less-regulated commercial products.
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Old 03-25-2018, 12:37 AM
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While, in China we only have to work with one regulatory body(CIRC, which went through some re-org recently). All product wording, rate, actuarial report, chief actuary/compliance officer certificate will be send to that agency. CIRC do check loss experience of different company from time to time(similar to the exhibit we submit in US), but it is a monthly statistic info system where all the company has a same reporting format. The major requirements of CIRC in rate making can be found in a super thick dictionary like book. Reading that can be fun.
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Old 03-26-2018, 09:48 PM
Yamamay Yamamay is offline
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Thanks for your input.
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Old 05-27-2018, 05:21 PM
Yamamay Yamamay is offline
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Old 05-27-2018, 10:22 PM
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Why?
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Old 05-28-2018, 12:34 AM
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Why?
There was no better place to express a fondness for 70's dance?
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Old 05-29-2018, 10:18 AM
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Not really much to add to MS's post. If u want a state by state listing in the US of how difficult it is, I'm sure I could list that. As MS said, it varies between Personal Lines and Commercial and even within those you'll get variation by Products.

The filing work is relatively dull. Our pricing team is also the filing team, so you get the interesting part of determining pricing and then you get the dullness of doing the filing together.

I'm not familiar with Canada/any other countries regulatory environments.
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Old 05-29-2018, 12:36 PM
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I'm not familiar with Canada/any other countries regulatory environments.
I think very few people are going to be familiar with both US and Canada. Just guessin'
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