Regulators are continuing to talk about developing a system that would gather life insurance mortality data.
Members of the “statistical agent” subgroup, an arm of the Life and Health Actuarial Task Force at the National Association of Insurance Commissioners, Kansas City, Mo., say the statistical agent system might gather experience data that regulators could use to detect trends and compare individual valuation data with industry data.
Regulators say they wished they had more data today to evaluate insurers using the 2001 Commissioners Standard Ordinary preferred-class mortality tables.
Regulators also would like more data to support efforts to move toward a more flexible, “principles-based” approach to regulation.
Subgroup members discussed the statistical agent proposal earlier this week.
Representatives from the insurance industry emphasized the importance of the NAIC knowing just why it was establishing a statistical agent system.