Our Expertise in Providing Services to Insurance Departments
Taylor & Mulder, Inc. provides a complete set of solutions to meet the challenges faced by regulators. Our actuaries are experts in conducting financial examinations and market conduct examinations, reviewing rate filings, performing actuarial reserve reviews, evaluating new company licensing, and evaluating a company’s compliance with NAIC and accounting rules related to standards set forth by the National Association of Insurance Commissioners (“NAIC”) pursuant to Chapter 62 of the Statement of Statutory Accounting Principles (“SSAP 62”) and Financial Accounting Standards Board (“FASB”) Standard 113 (“FAS 113”) with respect to risk transfer. Our actuaries use TeamMate for financial examinations of insurance companies.
Our Experience in Providing Services to Insurance Departments
Taylor & Mulder regularly performs work for several state insurance departments. We provide insurance departments with actuarial support for both non-traditional lines of business, such as mortgage guaranty insurance, financial guaranty insurance, low income housing bonds, media liability and unique residual value insurance, and the more traditional lines of business, including legal and medical malpractice, workers’ compensation, general liability, commercial automobile liability, and products liability.
Our actuaries have been involved in every line of business for both property and casualty insurance companies and reinsurers. We have experience in every aspect of insurance company operations, pricing, and reserving.
We have a proven history of aiding insurance departments in financial examinations and other work, and we have the qualifications to ensure that our work is performed to the highest standards of best practices:
- Our senior actuaries are all Fellows or Associates of the Casualty Actuarial Society
- Our staff is familiar with the Actuarial Guidelines listed in the NAIC Financial Condition Examiners Handbook
- Our actuaries have all of the continuing education credits required for work in loss reserves and ratemaking
- Our actuaries have stellar reputations and are all members in good standing of the American Academy of Actuaries
- Our company has sufficient nationwide resources to accommodate examinations occurring in any state. We have offices located directly outside of Washington D.C., Philadelphia, New York City and Salt Lake City.
- We can project future operations and make preliminary estimates in case of a prospective merger, sale, or reinsurance transaction of a Property Casualty Insurer or Reinsurer
- We have the ability to analyze alternatives of existing reinsurance arrangements for Property and Casualty Insurers or Reinsurers in terms of cost, earnings, and surplus objectives
- We are able to evaluate internal control procedures pertaining to the underwriting, accounting, and claims with respect to transactions involving reinsurance
- We know that insurance laws and regulations take precedence over actuarial standards and principles, and we know when to adjust our analyses as appropriate given the laws of each domiciliary state.
Services we Provide to Insurance Departments
- Analyzing of insurer reserve adequacy
- Evaluating insurance company operations including analytical issues related to specific lines of business and/or products
- Identifying and suggesting remedies for data problems
- Analyzing the effect of reinsurance on reserves
- Restating or explaining inter-company transactions
- Identifying trends in insurance products and claims
- Preparing certifications, exhibits, documentation, actuarial reports and other support functions for the Department’s attorneys or other legal representatives
- Working with Department’s attorneys to formulate strategy, identify issues, analyze the opposing strategy, and furnish explanations of unfamiliar actuarial terms and procedures
- Analyzing reinsurance agreements as to the effect on the financial well-being of the ceding and assuming companies
- Providing ‘what if’ analysis for a variety of financial conditions and its financial implications
- Analyzing compliance with NAIC and accounting rules relating to risk transfer and reinsurance
- Collecting, organizing, analyzing, and presenting information and data for hearing or trial presentation
- Providing deposition and expert witness testimony
Regarding the final point, expert witness testimony and litigation support includes many functions, some best performed by the Department, some by the Department’s attorneys, and some by consulting actuaries. Our actuaries are experienced Fellows and Associates of the Casualty Actuarial Society providing litigation support and, if needed expert witness testimony. Our consulting actuaries bring special skills and insight to the following:
- Analysis of the arguments anticipated from the opposing counsel’s expert actuarial witnesses
- Assistance in identifying weaknesses and strengths of the cases for each party to the legal proceedings and formulating appropriate responses
- Preparation of exhibits, graphs, charts, schedules, and other numerically oriented visual aids