NAPSLO has been involved in two projects concerning establishing data standards for industry.
London Data Standards Project
With the possibility of underwriting risks more accurately and therefore lowering reinsurance costs, developing a set of standards for data transfers to the London market has become a high priority.
Work on the Binding Authority and Exposures Reporting standards started in the fall of 2002 as members of the London market and ACORD met to begin work on the process. With the impact affecting many members, NAPSLO participated in the discussions and has helped keep members up-to-date on the process.
Following the November 2002 meeting, ACORD’s steering committee approved establishing a “working group” to develop the data standards. The group completed its work by the summer of 2003 with the adoption of the new standards by ACORD and a number of firms started implementing the standards with 2004 renewals.
The Implementation Guides represent the data in both spreadsheet and XML technology and the guides are available on the Property & Casualty XML Documentation section of the ACORD website. You will need to agree to the "Terms and Conditions" to download the following guides:
The Binding Authority Reporting Implementation Guide accommodates the Property and Household lines of business for US-based risks. The standard represents data on an as-at basis and includes location and value information.
The Exposure Reporting Implementation Guide accommodates the Property line of business (open market). This standard also represents data on an as-at basis, and includes location, values and limits/deductibles information for international risks.
For more information on the project, see the ACORD website.
Stamping Offices - In 2002 NAPSLO was contacted by stamping offices requesting information on industry standards and existing programs related to data transfers. As a result, several stamping offices are exploring working with ACORD regarding the potential of XML assisting the stamping offices in electronically receiving data. They hope to achieve their goal of maximizing uniformity in the transfer of information and keeping with various state laws.