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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

U.S. SolvencyModernization Initiative

Christina Urias

Director, Arizona Department of Insurance

Chair, Solvency Modernization Initiative Task Force

slide2

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
slide3

Capital Requirements

Governance &

Risk Management

SMI

Group Supervision

Statutory Accounting &

Financial Reporting

Reinsurance

SMI Focus Areas

slide4

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
slide5

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
slide6

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
slide7

Reinsurance

  • Reinsurance Regulatory Modernization Framework
    • Financial Strength
    • Collateral Adjustments
    • Certified Reinsurers
    • Qualified Jurisdictions
  • State reinsurance collateral reforms
  • Revisions to Reinsurance Model Laws
  • Accreditation
slide8

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
slide9

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!
smi information
SMI Information

NAIC Website www.naic.org

  • Solvency Modernization Initiative button
  • Consultation papers
  • Links to Task Forces & Working Groups
  • Updates