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The Risk Assessment Working Group reviews and enhances the utilization of risk assessment, including the review of risk management practices employed by insurance companies, in the regulation of financial solvency. The Working Group will develop proposed modifications to the financial examination and financial analysis processes as appropriate.
2008 Charges
- Continue to oversee the implementation of the Risk-Focused Surveillance process. This will include revisions to accreditation guidelines, training, ongoing maintenance, and any other issues.
- Continue the delivery of a comprehensive training program for the implementation of the new risk-focused surveillance process and the incorporation of new risk assessment tools as a result of modifications to Financial Condition Examiners Handbook and the Financial Analysis Handbook.
- Consider the challenges of incorporating the assessment of risk and of risk management in the financial solvency oversight role. This is an ongoing charge.
- Provide input and comments to the International Association of Insurance Supervisors (IAIS) or other related groups on issues regarding international risk management concepts and coordinate such comments with the Financial Condition Committee.
- Review and enhance the Risk Prioritization System reports and instructional manuals to assist states in evaluating domiciliary companies and assigning a status level on the basis of risk. This is an ongoing charge.
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