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International Solvency and Accounting (E) Working Group
Financial Condition (E) Committee

2009 Charges

  • Critically review and provide input and drafting to the International Association of Insurance Supervisors Solvency and Actuarial Issues Subcommittee on Standards and Guidance papers expected to follow from the structure paper.
  • 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 under consideration in other jurisdictions, including Australia, Canada and the EU;
    • accounting standards being developed by the International Accounting Standards Board (IASB).
  • Complete the analysis of the US Solvency system compared to the EU Solvency II proposed system, and identify areas for U.S. regulators to consider including in the current NAIC programs;
  • Monitor the developments of the International Accounting Standards Board (IASB) and the International Association of Insurance Supervisors as they relate to insurance accounting issues;
  • Monitor the IASB and Financial Accounting Standards Board (FASB) joint convergence projects;
  • Provide the IASB/IAIS with comments on insurance accounting issues and actively provide input to the IAIS Insurance Contracts Subcommittee on comment papers to the IASB;
  • Coordinate, review, and comment on developments with the International Insurance Relations (G) Committee; and
  • Report findings relative to these developing issues to the Accounting Practices and Procedures (E) Task Force.

There are no related topics at this time.

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For the Solvency Modernization Initiative, the Working Group released the following more detailed work plan for a 60-day comment period. Please provide comments to Kris DeFrain (kdefrain@naic.org) by Feb. 4, 2009.
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Regulators may access meeting minutes through MyNAIC.org. Non-Regulators may purchase meeting minutes through NAIC Store.

Conference Call January 15, 2009

  1. US and EU Solvency Comparison
  2. US/EU Comments: ACLI
  3. US/EU Comments: CEA
  4. US/EU Comments: GNAIE

Conference Call January 6, 2009

  1. IAIS Principles on Group-Wide Supervision, October 2008 (Final)
  2. IAIS Guidance Paper on the Role and Responsibilities of a Group-Wide Supervisor, October 2008 (Final)
  3. IAIS Guidance Paper on the Use of Supervisory Colleges in Group-Wide Supervision, 6 November 2008 (Draft)
  4. IAIS Group and Solvency Subcommittee
    1. Memo from Subcommittee Chairs
    2. IAIS Group Issues Paper, Nov. 24, 2008 (draft, out for formal consultation)
    3. Comment Template
  5. IAIS Supervisory Standard on Group Coordination, October 2000 (Final)
  6. IAIS Supervisory Standard on the Exchange of Information January 2002 (Final)
  7. Nebraska Group Presentation
  8. IAIS Group Issues Paper Comments:
  9. ACLI Group Draft Application Guidance

Meeting Dec. 6, 2008

  1. Agenda
  2. 10/6 Minutes
  3. US and EU Solvency Comparison
  4. US/EU Comments: ACLI
  5. US/EU Comments: CEA
  6. US/EU Comments: GNAIE
  7. Solvency Modernization Initiative - Solvency Issues
  8. IAIS Solvency Subcommittee Report - Bonn
  9. IASB & FASB Matters Update

Conference Call October 6, 2008

  1. Standard On Internal Models
  2. Guidance Paper On Internal Models
  3. Standard on ERM
  4. Guidance Paper On ERM
  5. Standard On Capital Requirements
  6. Guidance Paper On Capital Requirments

September 22, 2008 Meeting

  1. Agenda
  2. Interim Meeting Minutes
  3. IAIS Solvency Subcommittee Report

Interim Meeting, September 3-4, 2008

  1. Agenda
  2. Solvency 2 Work Plan
  3. US Solvency and Solvency II Draft
  4. Initiative and Meeting Overview
  5. ACLI presentation
    ACLI Solvency Principles
  6. Capital Requirements Overview
  7. Capital Requirements AAA
  8. Reinsurance
  9. Group Issues Overview
  10. Group Issues CRO Forum
  11. International Accounting AAA
  12. International Accounting GNAIE
  13. Insurance Valuation CRO Forum
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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 (coming soon)

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. Guidance Paper: Structure of Regulatory Capital, Final 10/08
  10. Guidance Paper: Enterprise Risk Management, Final 10/08
  11. Guidance Paper: Internal Models, Final 10/08
  12. Guidance Paper: Capital Resources, Draft Nov. 2008
  13. Proportionality, Draft May 2008
  14. Group Issues Paper, Draft Nov. 2008
  15. Valuation Issues, 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

IAIS & IASB Insurance Contracts

  1. IAIS Second Liabilities Paper - final
  2. IASB Fair Value: Issues
  3. IASB Fair Value: SFAS 157
  4. Discussion Paper: Preliminary Views on Insurance Contracts Part 1
  5. Discussion Paper: Preliminary Views on Insurance Contracts Part 2 - Appendices
  6. Tentative Positions on IASB Phase II Insurance Contracts
  7. IAIS Comments on IAIS Phase II Insurance Contracts as of Dec. 4, 2007

IAA Solvency & Accounting

  1. IAA Current Estimates & Risk Margin draft March 2008
  2. IAA Internal Models draft April 2008
  3. IAA Enterprise Risk Management final 8/08
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Media queries should be directed to the NAIC Communications Division at 816-783-8909 or news@naic.org.
Robert M. R. Esson
Senior Manager, Global Insurance Markets
Financial Regulatory Services Division
Phone: 816-783-8131
Kris DeFrain, FCAS, MAAA, CPCU
Sr. Manager & Chief Property/Casualty Actuary
Financial Regulatory Services Division
Phone: 816-783-8229
Please see the current Committee List for a complete list of committee members.