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This is a weekly series for The Regulatory Reporting Data Model Working Group. The RRDMWG is a collaborative group of insurers, regulators and other insurance industry innovators dedicated to the development of data models that will support regulatory reporting through an openIDL node. The data models to be developed will reflect a greater synchronization of data for insurer statistical and financial data and a consistent methodology that insurers and regulators can leverage to modernize the data reporting environment. The models developed will be reported to the Regulatory Reporting Steering Committee for approval for publication as an open-source data model.
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| Time | Item | Who | Notes |
|---|---|---|---|
| 1 | Anti Trust | Peter | |
| 5 | Agenda | Peter | We can add items |
| 44 | Discuss Attributes | Group | Attributes Index |
| 5 | Discuss content for progress report to RRSC | Group | Peter will create a deck |
Notes
- Attendee Introductions
- Discuss Attributes
- Attributes Index reviewed
- Minimum vs expanded vs. regulatory vs. rejected
- Susan: Derived fields vs raw list.
- Example: Written premium must be provided but earned can be calculated
- Dale: Explain how derived items are derived. Primary vs. minimum
- Eric Lowe: Start at bottom, deal with basic data needed in HDS, leave rest (derivation) to smart contract. Identify just basic data collection
- For each derived field, explain the columns that feed it.
- Debate on NAIC equivalent or something more, better, different
- Eric Lowe: Just emulating NAIC misses opportunities for better data. How do we make this one row (record) in a table in HDS then regulators
- James Madison: Concerned that baking in a transactional model now, will keep it from getting broader, better later.
- Truman: Monthly snapshot is the operational tempo of the data not the grain of it.
- James: Grain comes down to key.
- Ruturaj: Recommends continuing this exercise as is.
- Attributes List discussed
- Territory
- Carriers often use proprietary ones so may not provide.
- Sandra: Consider developing a standardized list.
- Eric Lowe: Just use zip code to cross different mappings.
- Agreed on 9 digit zip.
- Carriers don’t want to provide where these policies are.
- Ruturaj: This list is based on current stat plan, thus they are de facto essential. But should these be put onto openIDL? Question to remain open to next week.
- Dale: Do we need business rules? Yes.
Action items
- Pull out business rules
- Review the list and update the page
- Agenda for next week by Wednesday
- Draft presentation to steering committee on the model on 12/7/21 @ 2pm EST.