Insurance Departments

Insurance Regulation

Taylor & Mulder regularly performs work for numerous state insurance departments. We provide insurance departments with actuarial support for both traditional and non-traditional lines of business.

Expertise Delivering Solutions 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 Providing Services to Insurance Departments

Our actuaries have expertise in some of the longer tail liability lines such as hospital and physicians, surgeons, professional liability, products liability, general liability, commercial automobile liability, environmental liability, cyber liability, farmowners, and workers’ compensation as well as the more traditional lines of business such as private passenger automobile and homeowners.

Our expertise includes wide variety of some of the more unique and esoteric lines of business such hurricane, wildfire, earthquake, flood, libel and slander, felonious assault, construction defect, inland marine, surety, fiduciary, crop insurance, personal umbrella, equipment breakdown, media liability, title insurance, legal malpractice, aviation title, strike insurance, railroad liability, FHA/HUD mortgage guaranty program, financial guaranty insurance, unique residual value insurance, taxicab liability as well as asbestos, environmental, and other mass tort exposures among others.

Our actuaries have been involved in every line of business for both property & casualty insurance companies and reinsurers. We have experience in every aspect of insurance company operations, pricing, and reserving.

We have a proven history of providing actuarial expertise to 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 are all proficient in Risk-Focused Financial Examinations
Our actuaries hold TeamMate licenses
Our actuaries have all of the continuing education credits required for work in loss reserves and ratemaking
Our actuaries have stellar reputations, and many are 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 around Washington D.C., Minneapolis MN, Ostander OH, Los Angeles CA, Bakersfield CA, Lincoln NE, and Jefferson City MO.
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 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 the 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

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