openIDL Regulatory Reporting Data Model Working Group Charter

Initial copy and formatting via word: Joan Zerkovich, NOV-21

Conversion to wiki formatting: Peter Antley, NOV-21

Submitted for vote: 13-December-2021

Mission

The mission of the Regulatory Reporting Data Model (RRDM) working group is to foster technical requirements and business-level conversations about the openIDL data model for regulatory reporting that encompass both State Statistical Reporting requirements and data calls; and to maintain all artifacts related to the model as decided by the group.

These conversations will initially be focused on creating the baseline model to enable automated regulatory reporting through openIDL, with an initial focus on statistical reporting. The focus will then transition to broader topics such as data calls.

Membership

The RRDM Group membership is composed of individuals from insurance companies and state regulators/agencies interested in consolidating statistical reporting data and state data call requirements into a single modern model for existing reports while also creating a model flexible and extensible enough to meet emerging reporting needs.  Membership is open to staff with expertise in regulatory reporting, insurance data, and data modeling.

Membership is public information and posted to the working group Wiki.  Potential members may submit their names and other information to the working group Chair for addition to the Wiki.

Discussion Format and Content

The RRDM will host meetings and discussions (in person and online) for member contributions to the model.

• Consolidation of statistical reporting requirements and data call elements
• Discussions regarding iterative improvements to the current data model for regulatory reporting using openIDL
• Published documentation and models for review and revision
• Tracking of the backlog items for model improvement

Amending the Charter

When the charter needs to be updated a request should be made to the RRSC. If the RRSC wishes to move forward with the request it will convene a new charter sub-committee to review and propose a change to the existing charter.  The RRSC will vote to approve or reject the changes to the charter. 

Operating Principles

RRDM Chair

The Chair of the RRDM will rotate on an annual basis to give all working group participants the opportunity to facilitate meetings.  Working group members are not required to hold the Chair position.  The position is voluntary only.

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The group may elect to shift to a different tool than email, so long as the openIDL Regulatory Reporting Steering Committee agrees.

Model Approval

Approval of a version of the model that will be used for openIDL node implementation is by consensus with the opportunity for any member to attach documentation on outstanding issues for consideration, recommended changes or enhancements.  Approved versions are forwarded to the Regulatory Reporting Steering Group for approval as the current working version will be used for automated statistical reporting and proofs of concepts.

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Consistent with agile development and ensuring rapid feedback based upon experience, models versions may be updated quarterly but at least annually.

Antitrust Guidelines

All members shall abide by The Linux Foundation Antitrust Policy available at: http://www.linuxfoundation.org/antitrust-policy​.

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Under no circumstances shall The Linux Foundation be expected or required to undertake any action on behalf of RRDM that is inconsistent with the tax exempt purpose of The Linux Foundation.

License Agreement

The data module development by the Regulatory Reporting working group, including related documentation, Documentation will be received and made available by the working group under the Creative Commons Attribution 4.0 International License (available at http://creativecommons.org/licenses/by/4.0/).

Deliverables 

The product of the RRDM shall be a set of recommended data models for each of the Property Casualty (P&C) lines of business that are required to be reported in accordance with the NAIC Statistical Handbook. These data models shall be forwarded and adopted by the openIDL Regulatory Reporting Steering Committee. The data models shall consist of the data elements that are necessary to satisfy statistical reporting requirements as defined in the NAIC Statistical Handbook.  The data model may also include optional data elements that may be useful for satisfying state and federal regulatory data calls. To the extent possible, data models should adopt definitions previously determined by NAIC and/or other recognized P&C regulatory agencies.

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