Most Third Party Administrators (TPAs) profess to understand their clients’ needs and challenges to provide the lowest possible costs associated with casualty, health and disability claims in an Enterprise Risk Management (ERM) environment.
On July 28, 2016, the Chief Financial Officers Council (CFOC) and the Performance Improvement Council (PIC) released a document entitled Playbook: Enterprise Risk Management (ERM) for the U.S. Federal Government. The document is designed to provide key concepts for a comprehensive and effective ERM program to meet the requirements of the revised OMB Circular A -123.
In the U.S., risk-based capital (RBC) is a method developed by the National Association of Insurance Commissioners (NAIC) to measure the minimum amount of capital that an insurance company needs to support its overall business operations. Can the concepts of RBC work for self-insurers with large, complex risk profiles?