November 14, 2013 - Actuarial Committee Update

Posted Date: November 14, 2013
    

Industry InformationNCCI Actuarial Committee

The Actuarial Committee met on Thursday, November 14, 2013. The major topics covered at this meeting included:

  • Detailed Claim Information (DCI) 2009 Edition—Update (ACT-13-06)
    The 2009 Edition of DCI gives NCCI additional data for research and legislative pricing. An update was shared at the meeting, related to the quality and compliance of the data submitted thus far.
  • Aggregate Ratemaking Research—Loss Development (ACT-13-07)
    NCCI has been researching the predictability of paid and paid-plus-case loss development factors, as well as the correlation between open claim ratios and link ratios. Preliminary results of this research were presented at the meeting.
  • Testing Aggregate Rate Changes Under Alternative Ratemaking Procedures (ACT-13-08)
    Tests of alternative ratemaking methods have been performed, and preliminary results were presented at the meeting. This research uses a Bayesian framework, based on actual developed losses by experience year.
  • Trend in Aggregate Ratemaking (ACT-13-09)
    State-specific and countrywide trend forecasts have been used to project frequency, severity, and loss ratio trends for individual states in NCCI research. The results shared at the meeting showed that exponential fits to countrywide data have predictive value for individual states.
  • Impact of Updated Pension Tables (ACT-13-11)
    NCCI recently filed updated pension tables (Item U-1399) in 36 states. At the meeting, the impact of the pension table changes and adjustments made to the remarriage source information were presented.
  • Medicare Set-Asides Research (ACT-13-12)
    Research plans related to Medicare Set-Asides (MSAs) were discussed at the meeting. The related research will be based on data supplied by a third-party MSA service provider.

Please refer to the minutes of the meeting for any pertinent discussion on each topic. The presentation for each of the listed topics is contained in either the agenda or the minutes for the meeting as indicated below.

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November 14, 2013 Agenda (PDF)

  • Aggregate Ratemaking Research—Loss Development (ACT-13-07)
  • Trend in Aggregate Ratemaking (ACT-13-09)
  • Impact of Updated Pension Tables (ACT-13-11)
  • Medicare Set-Asides Research (ACT-13-12)

November 14, 2013 Minutes (PDF)

  • Detailed Claim Information (DCI) 2009 Edition—Update (ACT-13-06)
  • Testing Aggregate Rate Changes Under Alternative Ratemaking Procedures (ACT-13-08)