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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.

RRDMWG OpenIDL is inviting you to a scheduled Zoom meeting.

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Minutes

• Anti-Trust Policy notice reviewed
• Agenda Reviewed
• Premium Fields/Model
  • Property Damage Limit name change agreed to
  • Attributes for policy, driver, vehicle, coverages placed up for approval vote
    • Day 1 requirements
    • Votes need counting by regulators and by insurance carriers. The majority of each must pass
      • Carriers vote: recorded on Wiki
      • Government vote: recorded on Wiki
      • Unanimously approved by all
    • Claim Modeling
      • Day 1/Day 2, Timelines
        • Trav, Dale Harris: Submit through Reg Reporting openIDL before all the other stuff
        • SDMA validations issue?
        • Day 2 timeline is premature
      • Satisfy special needs first then needs of regulator come second.
        • Stat reporting contracts (Day 1)
          • AU (auto policies)
          • Susan: Will regulators need a contract?
          • Discussion of what Day 1 looks like
        • Ad hoc contracts (Day 2)
      • Claim elements discussed
        • Discussed removing Claim Identifier
          • It can be derived
        • Eric of VA: VA rejects buckets of “other” very quickly
        • Stat reporting traditionally based on ACTUAL premiums and actual paid losses
        • Coverage Claimed Amount as Day 2 or Day 3
        • Finished review of claim elements
      • Next Steps
        • Valid values and validations
        • Sample Data
      • Expected Values discussed
        • Claim
          • Date formats – Consistent to policy date rules
            • Minutes/seconds needed?
            • Most carriers don’t have
            • Would be valuable for telematics, or possible with telematics
          • ISO standard (iso.org) includes a date only (no time) date standard. Recommend this standard over the combo date/time standard
        • Policy
          • Some policy items reviewed, proposed revisions will need a vote on an amendment/change from the first vote.

Action items 

•  Review auto stat plan for any enumerations of the cause of loss for auto claims
•  Peter – Determine versioning

Recording

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