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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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- While doing decoding jobs we used the stat plan as biz guide for implementing stat record processing (policy & claim records). Stat plan used by AAIS with code 56 loads personal/commercial auto.
- Next big deliverable for this group - looking ahead - is creating a data submission guide for personal auto for openIDL.
- They have been using the term 'stat plan' but this term will be avoided moving forward. Term 'openIDL personal auto data submission standard' will be used instead as name of document (a tentative choice).
- Mason - overview of his work - going through plan and filtering out much of what we aren't focusing on - in this case commercial auto. Focusing excl. on personal auto in this particular standard. Filtering out elements specific to commercial. Questions he sent to Peter - helpful to ask: what needs to be done with references w/commercial auto. It will have its own standard to keep this as focused on personal auto as possible. There is potentially a benefit of leaving within the instructions how it might pertain to commercial. Mason then pulled up his questions from document concerning how data is submitted to HDS specifically. This is a broad submission standard (a single chapter in the book). Stressed that documentation needs to be normalized across lines (differences explored/discussed in subsections).
- Discussion among group about storage of documentation on website
- Also agreed this document should be labeled as draft w/version data
- It should be developed and built as individual chapters and then compiled as a single document when published
- Discussion - group - 'What do we want to do about Commercial Specific Auto Codes?' is it worth keeping coding and instructions specific to commercial auto? Group agreed that no references to commercial are necessary at all. Decision to eliminate double 0 for personal/commercial and C code and F.
- Documentation needs to be regularly updated along with augmentation with new rules.
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