FSRA2024-084 - Actuarial Consulting Contracts for Supporting the Auto Insurance Rate Filing Rev

This process involves: consulting with industry stakeholders to finalize costing
assumptions, developing actuarial benchmarks that FSRA can rely on for upcoming reforms,
ensuring industry acceptance of FSRA’s actuarial decisions by leveraging external expertise, and
assisting FSRA in reviewing a high volume of auto reform filing applications. Given the evolving
regulatory landscape, it is critical to expand FSRA’s access to external actuarial resources to meet
the growing demand for independent analyses and industry engagement.
1. Rate Filing Review – Review of auto insurance rate filing applications for
reasonableness of proposed changes to rate level and risk classification.
2. Predictive Model Review – Review of predictive models used in auto insurance rating
and underwriting.
Benchmark and Product Reform – Actuarial analysis of loss cost trend in auto
insurance, and actuarial costing analysis for auto insurance product reform.
4. Trends and Emerging Issues – Market assessments and regulatory support in
reviewing, analyzing, and responding to emerging issues, including recommendations
and solutions on how to address any identified concerns.