National Association of Insurance Commissioners Solvency Modernization Initiative 2011 Update
Feb 7, 2011
In an update issued today, February 7, 2011, Missouri Department of Insurance Director John Huff and Texas Senior Associate Commissioner Danny Saenz announced their planned activities for the coming year as Co-Chairs of the National Association of Insurance Commissioners Group Solvency Issues Working Group. Those include:
- Accreditation–the development of guidance for holding company financial analysis
- Continued development of holding company and supervisory colleges best practices
- Group capital assessments through the new “Own Risk and Solvency Assessment” tool
The report also reviewed 2010 Solvency Modernization Initiative-related accomplishments.
NAIC priorities for the Solvency Modernization Initiative in 2011 will focus on five key areas: capital requirements, governance and risk management, group supervision, statutory accounting and financial reporting, and reinsurance.
The Solvency Modernization Initiative 2011 update is attached for review.
Should you have any comments or questions, please contact Colodny Fass.