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Transcript of Automated Financial Analysis Solvency Tools David A. Vacca, CPA Assistant Director Insurance...
![Page 1: Automated Financial Analysis Solvency Tools David A. Vacca, CPA Assistant Director Insurance Analysis & Information Services Department For Regulators.](https://reader037.fdocuments.net/reader037/viewer/2022103123/56649d6e5503460f94a501ef/html5/thumbnails/1.jpg)
Automated Financial Analysis Solvency Tools
David A. Vacca, CPA Assistant Director
Insurance Analysis & Information Services Department
For Regulators Only
![Page 2: Automated Financial Analysis Solvency Tools David A. Vacca, CPA Assistant Director Insurance Analysis & Information Services Department For Regulators.](https://reader037.fdocuments.net/reader037/viewer/2022103123/56649d6e5503460f94a501ef/html5/thumbnails/2.jpg)
For Regulators Only
Presentation Overview
• Overview of Financial Analysis Solvency Tools
• Databases Serving Other Purposes
![Page 3: Automated Financial Analysis Solvency Tools David A. Vacca, CPA Assistant Director Insurance Analysis & Information Services Department For Regulators.](https://reader037.fdocuments.net/reader037/viewer/2022103123/56649d6e5503460f94a501ef/html5/thumbnails/3.jpg)
NAIC Databases
Financial Data Repository (FDR) Exam Tracking System (Financial and Market) Complaints Special Activities Producer database Change of Control (Form A) Regulator Actions Valuation of Securities
Confidential - Regulator Only
![Page 4: Automated Financial Analysis Solvency Tools David A. Vacca, CPA Assistant Director Insurance Analysis & Information Services Department For Regulators.](https://reader037.fdocuments.net/reader037/viewer/2022103123/56649d6e5503460f94a501ef/html5/thumbnails/4.jpg)
For Regulators Only
Financial Analysis Solvency Tools
• Collection of automated solvency tools designed to provide an integrated approach to screening and analyzing the financial condition of insurers
• Financial Analysis Solvency Tools (FAST)– Navigation Tools– Notification Tools– Analytical Tools– Prioritization Tools– Adhoc Reporting
![Page 5: Automated Financial Analysis Solvency Tools David A. Vacca, CPA Assistant Director Insurance Analysis & Information Services Department For Regulators.](https://reader037.fdocuments.net/reader037/viewer/2022103123/56649d6e5503460f94a501ef/html5/thumbnails/5.jpg)
Tools and Resources
NAIC I-SITE & StateNet
PrioritizationTools Summary
Reports
AnalyticalTools Databases
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For Regulators Only
Navigation Tools
![Page 7: Automated Financial Analysis Solvency Tools David A. Vacca, CPA Assistant Director Insurance Analysis & Information Services Department For Regulators.](https://reader037.fdocuments.net/reader037/viewer/2022103123/56649d6e5503460f94a501ef/html5/thumbnails/7.jpg)
For Regulators Only
Number of Insurers Filing to the NAIC
0
1,000
2,000
3,000
4,000
5,000
6,000
2006 2007 2008 2009 2010
P/ C
Life
Health
Fraternal
Title
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![Page 9: Automated Financial Analysis Solvency Tools David A. Vacca, CPA Assistant Director Insurance Analysis & Information Services Department For Regulators.](https://reader037.fdocuments.net/reader037/viewer/2022103123/56649d6e5503460f94a501ef/html5/thumbnails/9.jpg)
Confidential - Regulator Only
Electronic Filing - PDFs
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Confidential - Regulator Only
![Page 11: Automated Financial Analysis Solvency Tools David A. Vacca, CPA Assistant Director Insurance Analysis & Information Services Department For Regulators.](https://reader037.fdocuments.net/reader037/viewer/2022103123/56649d6e5503460f94a501ef/html5/thumbnails/11.jpg)
Pick-A-Page
• Selection and print capabilities of any financial or demographic information that comes from the annual/quarterly statements filed by insurance companies with the NAIC
Confidential - Regulator Only
![Page 12: Automated Financial Analysis Solvency Tools David A. Vacca, CPA Assistant Director Insurance Analysis & Information Services Department For Regulators.](https://reader037.fdocuments.net/reader037/viewer/2022103123/56649d6e5503460f94a501ef/html5/thumbnails/12.jpg)
Confidential - Regulator Only
Pick-A-Page
![Page 13: Automated Financial Analysis Solvency Tools David A. Vacca, CPA Assistant Director Insurance Analysis & Information Services Department For Regulators.](https://reader037.fdocuments.net/reader037/viewer/2022103123/56649d6e5503460f94a501ef/html5/thumbnails/13.jpg)
Confidential - Regulator Only
![Page 14: Automated Financial Analysis Solvency Tools David A. Vacca, CPA Assistant Director Insurance Analysis & Information Services Department For Regulators.](https://reader037.fdocuments.net/reader037/viewer/2022103123/56649d6e5503460f94a501ef/html5/thumbnails/14.jpg)
Line Reports
• Allow users to compare one line from the annual statement with a group of companies matching the selected criteria (w/ statement type)
Confidential - Regulator Only
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Line Report Example
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Line Report Example
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Company Demographics
Confidential - Regulator Only
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Confidential - Regulator Only
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Preferences
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Validation Exceptions
Confidential - Regulator Only
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Confidential - Regulator Only
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MyNAIC Portal
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Notification Tools
Confidential - Regulator Only
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Personalized Information Capture System (PICS)
• Push technology
• Create profile
• Specify criteria
• E-mails generated when data changes for companies/individuals that fit into the criteria specified
Confidential - Regulator Only
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Confidential - Regulator Only
Email Notification Tools
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PICS notifications go directly to your mail inbox
Confidential - Regulator Only
![Page 27: Automated Financial Analysis Solvency Tools David A. Vacca, CPA Assistant Director Insurance Analysis & Information Services Department For Regulators.](https://reader037.fdocuments.net/reader037/viewer/2022103123/56649d6e5503460f94a501ef/html5/thumbnails/27.jpg)
Confidential - Regulator Only
![Page 28: Automated Financial Analysis Solvency Tools David A. Vacca, CPA Assistant Director Insurance Analysis & Information Services Department For Regulators.](https://reader037.fdocuments.net/reader037/viewer/2022103123/56649d6e5503460f94a501ef/html5/thumbnails/28.jpg)
For Regulators Only
Analytical Tools
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NAIC Financial Analysis Handbook• Provides a uniform means for insurance
departments to more diligently identify companies experiencing financial problems or that pose the greatest potential for developing financial problems
• Provides guidance for the insurance departments to define and evaluate particular areas of concern in troubled companies
• Updated annually
Confidential – Regulator Only
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For Regulators Only
Financial Analysis Handbook Summary Report
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Financial Profile Reports • The Financial Profile Report is a summary of
key financial information for a company over the last five years
• Includes a Financial Summary page
• There are also detailed sections for: Assets, Liabilities, Capital & Surplus, Loss & LAE Reserve Analysis, Income Statement, Cash Flow and Exhibit of Business and Profitability
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For Regulators Only
Trend and Ratio Analysis by Insurer
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For Regulators Only
Automated Graphs by Insurer
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Profile: Peer Analysis Report• Release for Annual 2007 – Life/Health • Released for Annual 2009 – Property/Casualty• Profile defines 10 peer companies based on:
– Line of Business– Number of States Writing Business– Geographic considerations– Closest Asset or Premium Size
• Profile provides financial data and ratio analysis for 10 peer companies
![Page 37: Automated Financial Analysis Solvency Tools David A. Vacca, CPA Assistant Director Insurance Analysis & Information Services Department For Regulators.](https://reader037.fdocuments.net/reader037/viewer/2022103123/56649d6e5503460f94a501ef/html5/thumbnails/37.jpg)
For Regulators Only
P&C Peer Analysis Profile
![Page 38: Automated Financial Analysis Solvency Tools David A. Vacca, CPA Assistant Director Insurance Analysis & Information Services Department For Regulators.](https://reader037.fdocuments.net/reader037/viewer/2022103123/56649d6e5503460f94a501ef/html5/thumbnails/38.jpg)
For Regulators Only
Loss Reserve Projection
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Exam Jumpstart
• Analyzes the investment schedules data as compared to SVO VOS database or NRSRO feeds and provides summary of potential errors– CUSIPs
– Rates
– Designations / market value
– Assumed and Ceded Reinsurance
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Percentage of Valuation Discrepancies Analysis
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For Regulators Only
Prioritization Tools
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IRIS Ratio
• 13 ratios for Property/Casualty– Overall– Profitability– Liquidity– Reserve
• 12 ratios for Life and Health• 11 ratios for Fraternal• Asterisks highlight ratios outside usual range
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IRIS Ratios
Ratio Analysis• Evaluate the ratio results by analyzing each
component of the calculation• Understand the industry average in relation to
the company’s result• Understand the company’s historical results
and put them in context
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IRIS Ratios (P&C)
• Gross Prem. Written/Surplus
• Net Prem. Written/Surplus
• Chg. in Net Writings• Surplus Aid/Surplus• Two-Year Overall
Operating Ratio• Investment Yield• Gross Chg. in Surplus• Net Chg. in Surplus
• Liabilities to Liquid Assets
• Gross Agents’ Balances/Surplus
• One-Year Reserve Development/Surplus
• Two-Year Reserve Development/Surplus
• Estimated Current Reserve Deficiency/Surplus
![Page 45: Automated Financial Analysis Solvency Tools David A. Vacca, CPA Assistant Director Insurance Analysis & Information Services Department For Regulators.](https://reader037.fdocuments.net/reader037/viewer/2022103123/56649d6e5503460f94a501ef/html5/thumbnails/45.jpg)
IRIS Ratios (L&H)
• Net Change in C&S• Gross Change in C&S• Net Income to Total
Income• Adequacy of Investment
Income• Non-Admitted to
Admitted Assets• Total Real Estate &
Mortgages to Cash & Invested Assets
• Total Affiliated Investments to C&S
• Surplus Relief• Change in Premiums• Change in Product Mix• Change in Asset Risk• Change in Reserving
Ratio
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For Regulators Only
IRIS Ratios
![Page 47: Automated Financial Analysis Solvency Tools David A. Vacca, CPA Assistant Director Insurance Analysis & Information Services Department For Regulators.](https://reader037.fdocuments.net/reader037/viewer/2022103123/56649d6e5503460f94a501ef/html5/thumbnails/47.jpg)
Prioritizations Tools- IRIS (Only public tool)
Confidential – Regulator Only
![Page 48: Automated Financial Analysis Solvency Tools David A. Vacca, CPA Assistant Director Insurance Analysis & Information Services Department For Regulators.](https://reader037.fdocuments.net/reader037/viewer/2022103123/56649d6e5503460f94a501ef/html5/thumbnails/48.jpg)
Analyst Team System (ATS)
• Available for P&C, Life, Health and Fraternal
• Automated review system that uses statistical analysis, FAST Scores, RBC to assign review levels
– Level A – High level of concern
– Level B – Requires attention
– No level required
• Confirmed by team of State financial analysts and examiners
• ATS Reports
– Analyst Team Comments and Summary of Criteria
![Page 49: Automated Financial Analysis Solvency Tools David A. Vacca, CPA Assistant Director Insurance Analysis & Information Services Department For Regulators.](https://reader037.fdocuments.net/reader037/viewer/2022103123/56649d6e5503460f94a501ef/html5/thumbnails/49.jpg)
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For Regulators Only
Adhoc Summary Tools
![Page 51: Automated Financial Analysis Solvency Tools David A. Vacca, CPA Assistant Director Insurance Analysis & Information Services Department For Regulators.](https://reader037.fdocuments.net/reader037/viewer/2022103123/56649d6e5503460f94a501ef/html5/thumbnails/51.jpg)
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Timely Industry Data
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Market Share Data
![Page 53: Automated Financial Analysis Solvency Tools David A. Vacca, CPA Assistant Director Insurance Analysis & Information Services Department For Regulators.](https://reader037.fdocuments.net/reader037/viewer/2022103123/56649d6e5503460f94a501ef/html5/thumbnails/53.jpg)
Example of Lead State Report
![Page 54: Automated Financial Analysis Solvency Tools David A. Vacca, CPA Assistant Director Insurance Analysis & Information Services Department For Regulators.](https://reader037.fdocuments.net/reader037/viewer/2022103123/56649d6e5503460f94a501ef/html5/thumbnails/54.jpg)
For Regulators Only
Summary Reports Aggregate Line of Business by State
![Page 55: Automated Financial Analysis Solvency Tools David A. Vacca, CPA Assistant Director Insurance Analysis & Information Services Department For Regulators.](https://reader037.fdocuments.net/reader037/viewer/2022103123/56649d6e5503460f94a501ef/html5/thumbnails/55.jpg)
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2010 Foreign Exposures
Bonds Common Stock Preferred Stock Total
Canada 107,258,924,947 2,797,033,029 102,720,957 110,158,678,933
United Kingdom 75,260,217,980 14,088,268,833 304,893,974 89,653,380,787
Australia 47,217,472,486 968,525,319 1,090,047 48,187,087,852
Japan 44,692,346,938 1,728,086,885 804,703 46,421,238,526
Netherlands 38,799,783,554 738,047,836 162,105,126 39,699,936,516
Cayman Islands 36,240,026,378 387,264,978 1,065,155,396 37,692,446,752
France 22,287,938,985 952,305,774 985,055 23,241,229,814
Luxembourg 19,801,806,241 350,112,961 786,744,995 20,938,664,197
Bermuda 13,224,942,328 6,244,860,443 419,553,675 19,889,356,446
Germany 12,728,799,616 537,539,479 60,627,058 13,326,966,153
Ten Largest 417,512,259,453 28,792,045,537 2,904,680,986 449,208,985,976
Pct of Total Foreign 78.3% 76.5% 93.3% 78.2%
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Exposure to Portugal, Italy, Ireland, Greece and Spain
Bonds Common Stock
Preferred Stock
Total
Portugal 820,986,517 10,128,159 0 831,114,676
Italy 2,299,649,997 127,709,987 0 2,427,359,984
Ireland 9,483,497,840 1,198,190,566 24,872,118 10,706,560,524
Greece 1,160,356,800 7,220,451 142,000 1,167.719,251
Spain 6.371,857,588 200,008,446 88,145,795 6,660,011,829
Total 20,136,348,742 1,543,257,609 113,159,913 21,792,766,264
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For Regulators Only
Databases Serving Other Purposes
![Page 58: Automated Financial Analysis Solvency Tools David A. Vacca, CPA Assistant Director Insurance Analysis & Information Services Department For Regulators.](https://reader037.fdocuments.net/reader037/viewer/2022103123/56649d6e5503460f94a501ef/html5/thumbnails/58.jpg)
For Regulators Only
Consumer Information Source - CIS
Consumer Information Source (CIS) provides information
about insurance companies to the general public.
Anyone can access key information about insurance
companies, by entering the company name and state.
Information provided:
– Closed insurance complaints– Licensing information– Key financial data
Available via a link from the NAIC home page!
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For Regulators Only
CIS – Financial Profile
Financial Profile:• Company Demographic Information• Direct Premium Written By Line of Business• Invested Asset Mix• Three-Year Net Premiums Written• Three-Year Policyholders’ Surplus Trend• Three-Year Income/Loss Trend
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For Regulators Only
Questions
• Please contact David Vacca at [email protected] or 816-783-8134 for questions