Examination Oversight (E) Task Force
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Joint Executive (EX) / Plenary Committee Summary Report
Summer 2009 Meeting Summaries Index

The Examination Oversight (E) Task Force met June 14, 2009.

During this meeting, the Task Force:
 

• Adopted new guidance and tools for inclusion in the Financial Condition Examiners Handbook to assist examiners in conducting a risk-focused review of the general IT processes in place at an insurer.

• Discussed a survey of the states regarding progress toward adopting the revised Model Regulation to Define Standards and Commissioner’s Authority for Companies Deemed to be in Hazardous Financial Condition (#385). Based on the results of the survey, 29 states plan to adopt the revisions, three states plan to adopt the revisions with minor changes, three states do not plan to adopt the revisions, six states are undecided, and 10 states did not provide a response. Of the states that plan to adopt the revisions, 10 states plan to complete the adoption in 2009, seven in 2010, one in 2011, and 14 do not yet have a timeline for adoption. No states have indicated that problems are anticipated in adopting the model revisions. NAIC staff will continue to update this survey on a quarterly basis, and the results will be discussed at each national meeting.

• Discussed proposed salary rate adjustments for financial examiners by reviewing changes in the Consumer Price Index over the past year.

• Adopted the reports of the Analyst Team System Oversight Working Group, the Financial Analysis Handbook Working Group, the Financial Examiners Coordination Working Group, the Financial Examiners Handbook Technical Group and the IT Examination Working Group.

Action Items:

• Adopted new guidance and tools related to IT reviews for inclusion in the Financial Condition Examiners Handbook.
• Adopted the reports of the following groups:
  • Analyst Team System Oversight Working Group
  • Financial Analysis Handbook Working Group
  • Financial Examiners Coordination Working Group
  • Financial Examiners Handbook Technical Group
  • IT Examination Working Group