AIA Calls For Additional Testing Of NAIC Risk-Based Formula.
ATLANTA, Ga. -- The American Insurance Association (AIA) wanted that there are still "significant problems" with the NAIC proposed standards for property/casualty insurer risk-based capital and called for continued NAIC testing of the formula on all insurers.
In a statement released during the Winter meeting of the National Association of Insurance Commissioner, AIA Vice President Phillip L. Schwartz said continued testing "will help the process by identifying the problem areas."
Specifically. Schwartz noted that in their own research the AIA has found that some insurers have less surplus than the amount required by the formula, although these insurers are actuarially very sound. "It is imperative that the formula finally adopted by the NAIC not show a capital deficiency for financially sound insurers," he said.
Schwartz further noted that although the AIA believes many of the changes that have been adopted by the NAIC working group have improved the formula, problems remain. The AIA, he said, "will continue to work with the NAIC working group through its advisory committee to make the final property/casually risk-based capital formula effective."
The AIA also commented on...
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