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2012 Charges
- Serve as a coordinating body with all NAIC technical groups involved with projects related to a principle-based approach to regulation and assist the Task Force with the “insurance valuation” focus area in the Solvency Modernization Initiative.
- Consider policy and practice issues related to principle-based regulation for life insurance, including but not limited to the impact on areas such as corporate governance, examination and analysis, as well as staff resources and other insurance department administrative concerns.
- Focus on balancing theoretical approaches with effective regulatory practices to achieve desired end results in solvency monitoring efforts, and further coordinate with NAIC leadership to provide direction to NAIC technical groups, including, setting timelines for such pursuit, and ensuring other issues are addressed concurrently with implementation of principle-based approaches by the technical groups.
- Evaluate necessary changes to existing state insurance laws, regulations or administrative policies to effectuate a principle-based regulatory framework
- Critically review and provide input and drafting on the IAIS papers, as assigned by the parent Task Force. From this work, identify future initiatives to improve our regulatory solvency system.
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