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U.S. Solvency Modernization Initiative

Explore the U.S. regulatory solvency framework, core principles, international developments, and focus areas of the Solvency Modernization Initiative (SMI).

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U.S. Solvency Modernization Initiative

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  1. U.S. SolvencyModernization Initiative Christina Urias Director, Arizona Department of Insurance Chair, Solvency Modernization Initiative Task Force

  2. What is the SMI? • Critically review the U.S. Regulatory Solvency Framework • 7 Core Principles • International developments • IAIS Insurance Core Principles, IMF FSAP • Financial crisis – AIG Fallout

  3. Capital Requirements Governance & Risk Management SMI Group Supervision Statutory Accounting & Financial Reporting Reinsurance SMI Focus Areas

  4. Governance and Risk Management • Corporate governance statutes, case law and international developments • White Paper on U.S. Corporate Governance Principles • Existing Regulatory Authority • Own Risk and Solvency Assessment “ORSA” (1) The company’s or group’s risk management process and risk mitigation (2) Stress Tests (3) Prospective Solvency Assessment (3-5 years) (4) Group Capital • ERM Interim Meeting

  5. Capital Requirements • RBC Focus on weakly capitalized companies • RBC Improvements • Add missing risk charges • Evaluate correlation methodology (e.g. square root formula) • Partial Internal models for RBC • Group capital; ORSA

  6. Statutory Accounting & Financial Reporting • Valuation (Life Insurance Principles-Based Reserving) • 2011 Impact Study • Standard Valuation Model Law • Valuation Manual • Future of Statutory Accounting • International accounting standards development - IFRS • SEC, FASB, IASB • IAIS valuation standards – ICP14 • Await Developments

  7. Reinsurance • Reinsurance Regulatory Modernization Framework • Financial Strength • Collateral Adjustments • Certified Reinsurers • Qualified Jurisdictions • State reinsurance collateral reforms • Revisions to Reinsurance Model Laws • Accreditation

  8. Group Solvency • Holding Company Model Act & Amendments • Enterprise Risk Form F • Affiliate Transactions • Supervisory Colleges • IAIS ComFrame for the supervision of internationally active groups • IAIS Supervisory Forum

  9. SMI Roadmap • All major policy decisions by December 2012 • RBC update • ERM Symposium • Major Accomplishments • US Solvency Framework • Standard Valuation Law • Group Holding Company Model Act and Regulation Amendments • 2011 – Expect significant SMI activity!

  10. SMI Information NAIC Website www.naic.org • Solvency Modernization Initiative button • Consultation papers • Links to Task Forces & Working Groups • Updates

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