Legislative Costing

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— Alan Seeley
New Mexico Insurance Division

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Legislative Costing

With insurance laws and regulations constantly evolving, being alert to changes and their implications is only part of your challenge. Since even a seemingly small modification can have a material impact, you need actuarial experts who can detect a potential law’s implications on insurance markets quickly and accurately.

Our experienced property/casualty actuaries can apply their expertise to help you understand the potential legislative impact in your state. Our costing studies of proposed insurance legislation help policy makers in many states sift through legislative implications. And, as you work to meet unrealistic deadlines in even more complicated political circumstances, we will make sure our analysis is both timely and easy to understand.

We are also available to provide both written and oral testimony to support our findings. As expert witnesses, our actuaries assist insurance trade organizations and state regulators, legislative committees and industry associations, including physician and hospital groups.

As innovators in the actuarial profession, we helped create the underwriting and pricing practices that are now industry standards. We remain on the cutting edge of actuarial science through our recognized commitment to the actuarial profession and thought leadership. We combine our deep expertise and insight gained from working with a wide range of clients with unique qualities that help us ensure we stand apart from other providers:

Independent. Solely-owned by our professional staff, Pinnacle is not affiliated with any insurance company or accounting firm. Pinnacle’s independence is demonstrated by the variety of clients who trust us for legislative support projects including: state insurance regulators, state legislative committees, insurance trade organizations, and state associations of physicians, hospitals, insurers and trial lawyers.

Credible. Our legislative support spans a variety of cases and venues. As recognized leaders in the actuarial profession, our legislative analyses are given the highest standard of credibility.

Experienced. Along with our seasoned actuaries, our team includes training actuaries who can provide a fresh perspective. We pull from our deep bench to assemble the right team for each assignment.

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Case Studies

Comparative / Contributory Negligence
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Comparative / Contributory Negligence

In 2009, we were retained by a lawyers’ association to evaluate the historical impact of contributory negligence and comparative negligence tort systems on personal automobile insurance.

Low Cost Auto
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Low Cost Auto

Pinnacle was retained by an industry trade organization to provide an independent review of the proposed costing of a new private passenger auto insurance program for low income insureds. The project included working in an open session with legislators and public members to arrive at a workable rate and classification plan for the new program.

Workers' Compensation
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Workers' Compensation

Pinnacle was retained by a major national political organization to investigate the impact of several workers compensation reforms including: implementation of mandatory managed care, privatization of state workers compensation insurance funds and the permitting of private insurers to enter previously monopolistic workers compensation states. Our analysis looked at state-level differences in rate levels, insurer experience, coverage competition, the mix of medical and indemnity claims and numerous other metrics. The study was extremely well received and ultimately presented to more than half of the nation’s governors.

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