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Document Sets Specific Goals and Timelines for Solvency Modernization Efforts

SEATTLE (Aug. 17, 2010) — At its Summer National Meeting in Seattle, the National Association of Insurance Commissioners' (NAIC) Solvency Modernization Initiative (SMI) Task Force released an updated SMI Roadmap. The document tracks the progress of the various NAIC working groups charged with solvency and financial regulatory concerns.

"This new version of the roadmap builds on the task force's considerable research on solvency structures from all over the world," said Christina Urias, Chair of the Solvency Modernization Initiative Task Force and Arizona Director of Insurance. "The roadmap now includes both short-term and long-term plans for putting this knowledge to use."

The SMI began in June 2008 as a critical self-examination of the U.S. insurance solvency regulation framework. The effort began with a review of international developments regarding insurance supervision, banking supervision, and international accounting standards and their potential use in U.S. insurance regulation. While U.S. insurance solvency regulation is updated on a continuous basis, the SMI focuses on five key areas:

  • Capital requirements;
  • Governance and risk management;
  • Group supervision;
  • Statutory accounting and financial reporting; and
  • Reinsurance.

Specific timelines with actions in key areas are now included. The Roadmap presents a list of deliverables including: further research; formulas and tools; and publications. The task force will develop model bulletins, guidance and/or laws to assist the states with implementation.

Click HERE for the the SMI web page

Click HERE for the the SMI Roadmap

About the NAIC

Formed in 1871, the National Association of Insurance Commissioners (NAIC) is a voluntary organization of the chief insurance regulatory officials of the 50 states, the District of Columbia and five U.S. territories. The NAIC has three offices: Executive Office, Washington, D.C.; Central Office, Kansas City, Mo.; and Securities Valuation Office, New York City. The NAIC serves the needs of consumers and the industry, with an overriding objective of supporting state insurance regulators as they protect consumers and maintain the financial stability of the insurance marketplace. For more information, visit

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