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Life Health > Running Your Business

Actuaries Ask For OII Role

By Staff Writer

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The American Academy of Actuaries wants a permanent seat on the advisory group that might serve a proposed federal Office of Insurance Information.

Rep. Paul Kanjorski, D-Pa., has called for creating the OII within the U.S. Treasury Department in H.R. 5840, the Insurance Information Act of 2008.

James Rech, a vice president at the AAA, Washington, has written a letter on behalf of the group’s financial regulatory reform task force to Sen. Christopher Dodd, D-Conn., chairman of the Senate Committee on Banking, Housing and Urban Affairs.

In the letter, Rech notes that the AAA has no position on whether creating a federal insurance regulatory system would be appropriate.

But the AAA “has worked for many years to assure that sound actuarial principles are reflected in the current state-based regulatory system,” Rech writes in the letter.

The AAA regulatory reform task force would like to see lawmakers explicitly define the role of the actuary in H.R. 5840, to ensure that any federal system that evolves would “directly incorporate the actuarial role,” Rech writes.

The bill should provide that the staff of the OII would include an actuary who would report to the deputy assistant secretary in charge of the office, Rech writes.

The bill also should specify that one member of the OII advisory group must be an AAA representative, Rech writes.

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