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U.S. Solvency Modernization Initiative

U.S. Solvency Modernization Initiative. Christina Urias Director, Arizona Department of Insurance Chair, Solvency Modernization Initiative Task Force. What is the SMI?. Critically review the U.S. Regulatory Solvency Framework 7 Core Principles International developments

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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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