Solvency Modernization Initiative (SMI)

What is the Solvency Modernization Initiative (SMI)?

The NAIC’s Solvency Modernization Initiative (SMI) began in June 2008. The SMI is a critical self-examination of the United States’ insurance solvency regulation framework and includes a review of international developments regarding insurance supervision, banking supervision, and international accounting standards and their potential use in U.S. insurance regulation. While the U.S. insurance solvency regulation is updated on a continuous basis, the SMI will focus on five key solvency areas: capital requirements, international accounting, insurance valuation, reinsurance, and group regulatory issues.

The project is being guided by the SMI Roadmap—a document describing in some detail, the policy direction and priorities agreed upon for the project. The Roadmap is critical to overall success of the project. The SMI requires coordination from a number of regulatory groups for successful completion of the overall initiative. It describes how the NAIC’s SMI (EX) Task Force will monitor the activities of these groups to assure a coordinated work product and to minimize the level of overlapping responsibilities.

The SMI will highlight the strengths of the state-based national system of insurance regulations and identify improvements that might be made. All work on the project is expected to be completed by year-end 2012.

For a Larger Overview, CLICK HERE for the SMI Roadmap (12/31/12)

SMI Related Task Forces, Working Groups and Subgroups

 

2013 Updates

August 25, 2013 SMI White Paper Adopted by SMI (E) Task Force
2012
December 31, 2012 SMI Roadmap
August 31, 2012 News Release
SMI Roadmap
March 29, 2012 News Release
SMI Roadmap
2011
Dec 22, 2011 Document Adopted by Corporate Governance (E) Working Group
Existing U.S. Corporate Governance Requirements
Nov. 30, 2011 News Release
SMI Roadmap
June 10, 2011

ERM Symposium and Governance Interim Meeting
July 20-21, 2011, Jacksonville, FL
Registration is now closed.

May 20, 2011 News Release
SMI Roadmap
Jan. 31, 2011 Summary of SMI Activity
SMI Update
Jan. 5, 2011 Distinguished Scholar Study:
Solvency II Calibration
2010
Aug. 17, 2010 News Release
SMI Roadmap: A Timeline to Concrete Action
July 30, 2010 News Release
NAIC Releases RFP to Retain Consulting Actuary for PBR Study
July 28, 2010 Summary of SMI Activity
SMI Update - The Future of Risk-Based Capital Requirements
July 9, 2010 News Release
NAIC Names New Distinguished Scholar
June 7, 2010 Letter from Director Christina Urias to Lou Felice, Chair of the Capital Adequacy (E) Task Force
SMI's Risk-Based Capital (RBC) Proposals
June 3, 2010 News Release
NAIC To Consider Impact Of Principles-Based Reserving
March 28, 2010 News Release
Regulators Scout SMI "Road Map"
March 17, 2010 Summary of SMI Activity
SMI Update - Commissioners and Financial Regulators Discuss Future Solvency Regulation
2008
Go to the exposure draft index.

There are no exposure drafts at this time.

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Reinsurance

For Additional Information: Reinsurance (E) Task Force

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There are no education or traning events at this time.

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Media queries should be directed to the NAIC Communications Division at 816-783-8909 or news@naic.org.
Kris DeFrain, FCAS, MAAA, CPCU
Director, Research and Actuarial Department
Phone: 816.783.8229
Fax: 816.460.0159
Todd Sells 
Director, Financial Regulatory Services
Phone: 816.783.8403
Fax: 816.460.7614
Please see the current Committee List for a complete list of committee members.