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

Florida Automobile No-Fault Impact Analyses
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Florida Automobile No-Fault Impact Analyses

In 2006 and 2007, Pinnacle was retained by Floridians for Lower Insurance Costs (FLIC) to conduct independent actuarial studies to determine the cost implications on the Florida Health Care system from various changes to the Florida No Fault Law.

First in 2006 we conducted an independent actuarial study to determine the cost implications of repealing Florida’s current no-fault law. Pinnacle also priced first party medical payments benefits of $2,500, $5,000 and $10,000 as replacements for current personal injury protection (PIP) benefits.

Then in 2007, Pinnacle determined the impact that would result from the sunset of Florida’s current no fault law. Pinnacle also determined what current PIP insurance costs will be absorbed by other insurance programs compared to costs that will go unreimbursed since the current PIP coverage will be eliminated at the time that no fault is sunset. Pinnacle testified before the Florida House Committee Working Group on Insurance in support of the analysis. The Florida No Fault Law was sunset only to be reenacted immediately thereafter.

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.

Medical Malpractice PCF
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Medical Malpractice PCF

Pinnacle has developed an excellent working knowledge of patient compensation and birth-related injury funds in many jurisdictions, including Florida, Indiana, New Mexico, Ohio, Virginia, and Wisconsin. In several of these states, we not only complete regular rate indications and loss reserve analyses, we are frequently involved in legislative costing of proposed laws that may impact the fund. These proposed laws have included addition, modification and removal of damage caps, changes to primary coverage limits, revisions to program eligibility or mandatory coverage requirements, and program benefits changes. In all of these states, policymakers have benefitted from Pinnacle’s expert analysis, understandable reports and insightful advice.

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