2022-3-4 Meeting Agenda
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
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Meeting ID: 973 0281 0980
Find your local number: https://zoom.us/u/aff6Fp5v1
Attendees
@Peter Antley (Deactivated)
@Megan Ebling
@Kristin McDonald (Deactivated)
@Ash Naik (Deactivated)
Melissa Pereira
@Chudwick, Susan R
Allen Thompson
Brian Hoffman
@George Bradner
Jeff Braswell
Jodi Ebersole
Kevin Petruzielo
Libby Crews
@Lori Dreaver Munn (Deactivated)
Sai Vasa
@Sean Bohan
Stephen Lee
@Ken Sayers (Deactivated)
@Harris, Dale
Mike Nurse
Andy Case
@Eric Lowe
@Joan Zerkovich (Deactivated)
Nick Vitale
Rambabu
@Ryan Blakeney
@Sandra Darby
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)
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
Recording