Vol. 14 | May 2014 |
Loss Adjustment Expense (LAE) Call Explained |
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The Loss Adjustment Expense (LAE) Call is for reporting Countrywide Allocated and Unallocated Loss Adjustment Expenses and Incurred Losses, as a supplement to the Automobile, General Liability and Medical Professional Liability data. This is primarily used in creating loss adjustment factors which help develop aggregate loss data to best reflect industry experience.
NISS also collects this data in the Insurance Expense Exhibit (IEE) Call, however, the Loss Adjustment Expense Call breaks out the expense data further by bodily injury and property damage which is necessary to calculate the factors properly.
In order to help clarify the Loss Adjustment Expense (LAE) Call, we have added new displays to the Call Instructions. These exhibits will help guide you through the correct way to fill out the LAE form. To view these exhibits, please view the 2014 LAE Call under "Data Submissions & Filings" on the member side of the NISS website. We hope these new displays will help answer your LAE Call questions and simplify this Call.
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2014 NISS Workshop |
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There is still time to sign up for the 2014 NISS Workshop if you act now! The annual NISS Statistical Workshop will be held at our Indianapolis office on Monday, May 19, 2014. The workshop covers a range of topics, including:
- a brief history of statistical reporting
- terms and concepts
- an overview of the NISS internal flow of data
- annual statement reconciliation
- resources and reporting tips
- edit tools (including Edit Software)
- explanation of reports sent on behalf of member companies
- frequently found errors
It also includes a thorough walkthrough of the NISS website, including tutorials on the member-interactive features. The workshop is fairly technical in nature and primarily directed to staff members that are involved in the details of data management and statistical reporting. It is also a wonderful opportunity to meet the NISS Staff. All hotel reservations must be made no later than May 4, 2014. For registration information, please click here. We hope to see you there!
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Industry Meetings Update |
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In March, NISS attended the NAIC Meetings in Orlando, Florida. In April, NISS attended the Insurance Data Management Association's (IDMA) Annual Conference in Philadelphia, Pennsylvania. In June, NISS will host booth #637 at the Insurance Accounting & Systems Association's (IASA) Annual Conference in Indianapolis, Indiana. In September, NISS will attend the Association of Insurance Compliance Professionals (AICP) Annual Conference in Phoenix, Arizona. Also in September, NISS will host booth #616 at the NAMIC Convention in Washington D.C. NISS will also be attending the NAIC meetings throughout the year, and we will conduct our NISS Annual Meeting on September 29th.
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Meet Theresa Szwast |
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 Theresa Szwast has been with NISS for 21 years. She has a bachelor's degree in Actuarial Mathematics from the University of Michigan located in Ann Arbor, Michigan.
Theresa has been married to her husband, Stanley, for 22 years. They enjoy golfing together, going to Colts football games, and spoiling their nieces and nephews. She also enjoys reading, word or number puzzles, rooting for the Detroit Tigers, and running.
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About Us |
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NISS is a unique resource for the property/casualty insurance industry. We collect and report timely, quality insurance data and perform other related functions at a reasonable cost.
For more information, please visit www.niss-stat.org.
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2014 Upcoming Due Dates
For a list of upcoming due dates, please click here.
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2014 Upcoming Meetings
Technical Advisory Committee Meeting
Indianapolis, IN
June 17, 2014
Executive Committee Meeting
Teleconference
July 15, 2014
Board Meeting & NISS Annual Meeting
Indianapolis, IN
September 29, 2014
Technical Advisory Committee Meeting
Indianapolis, IN
October 21, 2014
Executive Committee Meeting
Kansas City, MO
November 24, 2014
Board Meeting
Teleconference
December 15, 2014
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Stat Brain Teaser
A train leaves New York heading west to Pittsburgh. On the same tracks, another train leaves Pittsburgh heading east to New York. Both trains are travelling the same speed and leave on the same day at 1:00, and arrive safely five hours later. How?
Please email your answers to NISSNews@niss-stat.org. A person will be randomly drawn from the first ten correct answers, and that person will win a $10 gift card from Amazon.com!
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Congratulations to Lacey Morris who won the $10 Amazon Gift Card in the last drawing for answering the Brain Teaser correctly! For the question and answer from the last brain teaser, please click here.
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