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.
Join Zoom Meeting
https://zoom.us/j/97302810980
Meeting ID: 973 0281 0980
One tap mobile
+13126266799,,97302810980# US (Chicago)
+19292056099,,97302810980# US (New York)
Dial by your location
+1 312 626 6799 US (Chicago)
+1 929 205 6099 US (New York)
+1 301 715 8592 US (Washington DC)
+1 346 248 7799 US (Houston)
+1 669 900 6833 US (San Jose)
+1 253 215 8782 US (Tacoma)
877 853 5247 US Toll-free
888 788 0099 US Toll-free
Meeting ID: 973 0281 0980
Find your local number: https://zoom.us/u/aff6Fp5v1
Attendees
Goals
Discussion items
| Time | Item | Who | Notes | |
|---|---|---|---|---|
| 1 | Anti Trust | Peter | ||
| Intro | new people | |||
| Vote on Premium Day-1 | Carriers/Regulators | |||
| Discussion on Claim | Group |
Vote Results
| Entity | Voter | Vote | Entity Type |
|---|---|---|---|
| Travelers | Dale | Yes | Carrier |
| Hartford | Kevin | Yes | Carrier |
| Hanover | Allen | Yes | Carrier |
| Virginia | Eric | Yes | Regulator |
| Connecticut | George | Yes | Regulator |
| Maine | Sandra | Yes | Regulator |
| Mississippi | Ryan | Yes | Regulator |
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)
- Stat reporting contracts (Day 1)
- 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
- Discussed removing Claim Identifier
- 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
- Date formats – Consistent to policy date rules
- Policy
- Some policy items reviewed, proposed revisions will need a vote on an amendment/change from the first vote.
- Claim
- Day 1/Day 2, Timelines
Action items
- Review auto stat plan for any enumerations of the cause of loss for auto claims
- Peter – Determine versioning