Board of Directors Approves New Team for Rate Hearings

NMLTA Board Votes to Chart a New Course with OSI for Rate Hearings

At the November 2022 NMLTA Board Meeting a recommendation was made by the 2023 Hearing Preparation and Actuary Search Subcommittee to attempt a "collaborative approach" with the OSI in an effort to improve the rate making process. To that end, the subcommittee recommended engaging a new team consisting of Spencer Edelman, of the Modrall Sperling law firm, as counsel; Jason Pessel, FCAS, MAAA of Oliver Wyman, as actuarial expert; and Michael Sadler, Ph.D, as economic expert.

The board approved the recommendation at an extension meeting held on December 12, 2022, in the hope of improving the current, often contested method for determining fair premium rates for the industry.