Solvency Modernization Initiatives (EX) Task Force
Solvency Modernization Initiatives (EX) Task Force Page
Executive (EX) Committee Task Forces and Working Groups Summary Report
Fall 2009 Meeting Summaries Index

The Solvency Modernization Initiative (EX) Task Force met Sept. 23, 2009. During this meeting, the Task Force:

• Adopted 2010 charges, with an added charge for the International Solvency Working Group to study solvency improvements made by the individual states.
• Adopted a motion to create a Corporate Governance Working Group to report to the Task Force. Charges will be adopted via e-mail vote.
• Heard a report on the July 2009 CIPR/AIRA Symposium on U.S. Insurance Regulation. The purpose of the symposium was to bring together people well-versed in financial issues and international developments to discuss solvency regulation in the United States. Overall, participants generally agreed that the U.S. solvency record was good and that state-based insurance regulation works. Some said that RBC should be replaced to take advantage of technological improvements that have occurred since the 1990s, and that companies’ enterprise risk management processes should be more fully incorporated into the U.S. solvency system. The Insurance Holding Company System Regulatory Act (#440) and the work of the Financial Analysis (E) Working Group were identified as being important components of the U.S. insurance regulatory system. Group supervisory colleges were considered beneficial if there is “real” information-sharing. For multi-country groups, the fungibility of capital is an issue.
• Adopted interim conference call minutes and working group reports.