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The mission of the Solvency Modernization Initiative (E) Task Force is to coordinate all NAIC efforts to successfully accomplish the goals of the Solvency Modernization Initiative. The Task Force will coordinate, collaborate and utilize the technical expertise of other NAIC groups, particularly for the five focus areas of the Solvency Modernization Initiative, as follows:
- Capital Requirements: Capital Adequacy (E) Task Force
- Governance and Risk Management: Corporate Governance (E) Working Group and the Group Solvency Issues (E) Working Group
- Group Supervision: Group Solvency Issues (E) Working Group
- Statutory Accounting and Financial Reporting (including international accounting and valuation issues): the International Solvency and Accounting Standards (E) Working Group and the Principles-Based Reserving (E) Working Group; and
- Reinsurance: Reinsurance (E) Task Force.
2012 Charges
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Monitor solvency-related IAIS work products and assign papers to working groups to submit comments to the IAIS. Additionally, the Working Groups should review the papers and recommend whether and/or how the ideas in those papers should be implemented in the U.S. regulatory solvency system.
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Communicate and coordinate with the International Insurance Relations (G) Committee and provide technical support to the Committee as needed.
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Report the status of its work to the Executive Committee at each National Meeting.
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Address the relevant Financial Sector Assessment Program (FSAP) recommendations in the NAIC Implementation Plan.
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