U.S. insurance regulators are trying to offer input on solvency systems, building on a system developed over the last 10 years.
The issue came up during two recent regulatory discussions: one involving capital adequacy and one that concerned standards now being looked at by the Life & Health Actuarial Task Force of the National Association of Insurance Commissioners, Kansas City, Mo. LHATF is looking at solvency protections on products such as variable annuities with guaranteed living benefits.
Virginia Commissioner Al Gross says that as the discussion among international insurance regulators evolves, he wants to bring the expertise that U.S. regulators are developing to the discussion.
The International Association of Insurance Supervisors, Basel, Switzerland, met earlier this year in Lisbon, where a solvency subcommittee discussed drafting a general solvency framework.