The Solvency Modernization Initiative (SMI) Task Force hopes to see a model law or other tool developed by December 2012.
The task force, part of the National Association of Insurance Commissioners (NAIC), Kansas City, Mo., officially unveiled an updated version of the SMI Roadmap this week at the NAIC’s summer meeting in Seattle.
Arizona Insurance Director Christina Urias, chair of the task force, says the task force is studying solvency structures used all over the world.
The task force began its work in June 2008.
The model law to be developed in December 2012 would deal with governance and risk management efforts, officials say.
Another roadmap goal would be to have decisions about possible changes in the risk-based capital (RBC) system – the system that helps insurers and regulators incorporate investment risk and other types of risk in assessments of capital adequacy – ready in December 2012, officials say.