CSAA IG 2024 Impact Report_0725_Rev4 - Flipbook - Page 42
Practice
Our Impact
2024
From our CEO
its 2023 rating. AM Best recognized
CSAA’s balance sheet strength and
its wildfire risk reduction in California.
CSAA also maintained its “Prominent”
innovation assessment, placing it
ahead of other peer companies in
the innovation space and in the top
10th percentile. The innovation rating
evaluates a company’s innovation
level based on its innovation process
and the impact of its innovation
efforts. AM Best’s innovation scores
are based on the premise that
innovation is fundamental to an
insurer’s long-term financial viability.
Regulatory oversight
The lead insurer for CSAA (CSAA
Insurance Exchange) is domiciled
in California and licensed by the
California Department of Insurance
(DOI) as a property and casualty
insurer. The insurance company
subsidiaries that are part of CSAA
Insurance Group are domiciled in
Arizona, Indiana and New Jersey and
are similarly licensed by the DOIs
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Planet
in each jurisdiction where they are
selling insurance.
CSAA Insurance Exchange and its
insurance subsidiaries are subject
to quarterly and annual financial
reporting requirements and periodic
examinations of financial status by
the DOIs in the states where they
are domiciled.
In addition to the oversight exercised
by domiciliary DOIs, each state where
an insurer does business exercises
oversight of business practices
conducted in the state. DOIs regulate
the rates charged by insurers and
review business practices using data
calls, surveys and market conduct
examinations.
CSAA Insurance Exchange and its
insurance subsidiaries maintain good
working relationships with insurance
regulators in the jurisdictions where
they do business and have had no
material findings arising from financial
or market conduct examinations.
Our government affairs team keeps
us informed of proposed, newly
People
Practice
enacted and amended legislation as
well as the countrywide departments
of insurance activities. Our regulatory
affairs team works cross-functionally
to ensure compliance with legislative
and regulatory changes.
We continue to focus on enhancing
our regulatory change management
process to ensure that we keep pace
with the growth of our business and
new legislation. Our process now
includes new lines of business and
incorporates all jurisdictions where we
operate, with additional staff support.
Our board
The CSAA board of directors
comprises 11 elected directors and
three ex-officio voting members.
Each director brings strong business
leadership experience and strategic
oversight expertise, as well as their
broad backgrounds, experiences and
perspectives.
The board’s responsibilities include
approving major policy decisions;
selecting, evaluating the performance
of and approving compensation
for the CEO; approving the
annual budget; defining decisionmaking authority for significant
expenses, capital expenditures and
substantive organization changes;
providing expertise and counsel to
management; and upholding and
overseeing CSAA’s maintenance of an
ethical business environment.
The board has delegated authority
to four standing committees:
audit; finance and investment;
compensation and human capital;
and nominating and governance.
The roles and responsibilities for
each committee are defined
by charter and include oversight of
a variety of environmental, social
and governance matters.
