In order to manage the large loss claims subject to the under-reserving process, a list, was maintained. The list detailed, amongst other things, the existing claim reserve estimate recorded on the firm’s claims database, as well as the claims handlers’ recommended claim reserve estimate. Frequent, undocumented meetings were held between those individuals involved in the under-reserving process to discuss the large loss claims.
I haven’t read so much on so many different topics since I was in graduate school! Not only do I get to discuss economics and monetary policy, but also--as chair of the Board’s bank supervision committee--I am deeply involved in bank regulation and operations issues.