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They’re Back! Actuarial Society, Under Pressure, Reinstates Ratemaking Rules
Less than a month ago, the prospect that long-held principles of actuarial ratemaking would survive an action by the Casualty Actuarial Society board of directors to rescind them seemed like a long shot.
But facing continuing pressure from actuaries representing regulatory agencies and consumer interests, the CAS announced a reversal May 7. The reversal came after the CAS had confirmed the rescission on April 1.
The reinstatement restores language ratemaking actuaries and regulators have followed for years: “A rate is reasonable and not excessive, inadequate, or unfairly discriminatory if it is an actuarially sound estimate of the expect value of all future costs associated with individual risk transfer.” ....

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