NAIC Panel Wants To Start Mortality Data Collector

If the NAIC simply wants to conduct national studies, it might be able to get all of the information it really needs by surveying the top 50 to 75 carriers in any market, said John Bruins, a life actuary with the American Council of Life Insurers, Washington.

Starting out with a full, accurate description of the data that regulators want is also important, because reengineering data calls can get to be expensive, said Armand de Palo, chief actuary at Guardian Life Insurance Company of America, New York. The reason, he explained, is that it becomes expensive to reengineer data calls.

Participants also discussed matters such as whether the program would rely on one statistical agent or several different firms, whether the agent (or agents) would prepare the data gathered for use, and what role state insurance departments would play in gathering the data.

John Rink, a Nebraska insurance regulator, and Tomas Serbinowski, a Utah regulator, said their departments would not want to handle company data submissions.

Determining who will pay any statistical agent, or agents, is very important, Bruins said.

Protecting the confidentiality of any data submitted is also very important, said Tom Rhodes, actuarial director of MIB Group Inc., Westwood, Mass.