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International Solvency (EX) Working Group
Executive (EX) Committee
Solvency Modernization Initiative (EX) Task Force

2009 Charges

  • Assist the Task Force with all focus areas in the Solvency Modernization Initiative.
  • Critically review and provide input and drafting to the International Association of Insurance Supervisors (IAIS) Solvency and Actuarial Issues Subcommittee, and on other IAIS papers as assigned by the parent Task Force. From this work, identify future initiatives to improve our regulatory solvency system.
  • Analyze other financial supervisory modernization initiatives, to the extent appropriate. Analysis should include the following:
    • the Basel II international capital framework for banks and implementation in the U.S.;
    • solvency work by the International Association of Insurance Supervisors (IAIS);
    • solvency proposals in place or under development in other jurisdictions, including Australia, Canada, Switzerland and the EU; and
  • Complete the analysis of the US Solvency system compared to the EU Solvency II proposed system upon final action by the EU, and identify areas for U.S. regulators to consider including in the current NAIC programs.

Image - Exposure Drafts
There are no exposure drafts at this time.
Image - Meeting and Conference Call Materials

Meeting Minutes
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Conference Call
October 28, 2009

  1. Standard on ERM (applying to solo and groups);
  2. Guidance paper on ERM (for solo);
  3. Guidance paper on ERM (for groups);
  4. Standard on investments (applying to solo and groups);
  5. Guidance paper on investments(applying to solo and groups)

    Cover Note for Papers 6-8
  6. Standard on capital adequacy (applying to solo and groups)
  7. Guidance on capital adequacy (applying to groups)
  8. Guidance on capital adequacy (A test version that would apply at both solo and group level);
  9. Standard on internal models (applying to solo and groups);
  10. Guidance on internal models (for groups).

    Discussion Documents
  11. General Questions
  12. IAIS Solvency Subcommittee Papers
  13. 9-NM Comments – Draft Standard on internal models 20091009
  14. 10-NM Comments – Updated Draft Guidance on Internal Models for groups
  15. 10-AZ Comments - Updated Draft Guidance on Internal Models for groups
  16. NE NY Comments on IAIS Group Adequacy
Image - Committee Documents
SMI Roadmap (Working Document, Sept. 2009)
Issues for Consideration in the SMI Paper

Issues for Consideration in the SMI Presentation

IAIS Solvency Subcommittee Meeting Updates:

  1. June 2006: Rio
  2. September 2006: Quebec
  3. November 2006: Rotterdam
  4. January 2007: Johannesburg
  5. March 2007 : Tokyo
  6. June 2007: London
  7. Sept. 2007: Sydney
  8. December 2007: Paris
  9. Jan. 2008: Malaysia
  10. Sept. 2008: Guernsey
  11. Nov. 2008: Bonn
  12. Jan. 2009: Tokyo
  13. Apr. 2009: Santiago presentation
  14. Apr. 2009: Santiago
  15. July 2009: Edinburgh
  16. Sept. 2009: Madrid

IAIS Solvency Subcommittee papers

  1. IAIS Position Paper on Technical Provisions - Final 10/07
  2. IAIS Structure Paper - Final 2/07
  3. IAIS ALM Standard - Final 10/06
  4. IAIS ALM Issues Paper
  5. IAIS Cornerstones - Final 10/05
  6. Standard: Structure of Regulatory Capital, Final 10/08
  7. Standard: Enterprise Risk Management, Final 10/08
  8. Standard: Internal Models, Final 10/08
  9. Standard: Capital Resources, 10/09
  10. Guidance Paper: Structure of Regulatory Capital, Final 10/08
  11. Guidance Paper: Enterprise Risk Management, Final 10/08
  12. Guidance Paper: Internal Models, Final 10/08
  13. Guidance: Capital Resources, 10/09
  14. Proportionality, Draft May 2008

EU Solvency II:

  1. Nov 2005: Introduction
  2. May 2006: Update
  3. Sept 2006: Update
  4. Dec 2006: Update
  5. March 2007: Update
  6. September 2007: Update
  7. March 2008: Framework Directive
  8. May 2008: Working Draft, US/EU Solvency Comparison
  9. NAIC Member letter on 'Solvency II' to European Council - November 3, 2008
  10. March 2009: CEIOPS Lessons Learned
Image - Contacts
Media queries should be directed to the NAIC Communications Division at 816-783-8909 or news@naic.org.
Kris DeFrain, FCAS, MAAA, CPCU
Director, Actuarial and Statistical Department
Phone: 816-783-8229
Please see the current Committee List for a complete list of committee members.