North American solvency watchers have joined together to start a professional association.
The founding members are CROs at insurers with headquarters in the United States, Bermuda and Canda.
The risk managers are forming the council as the new Financial Stability Oversight Council (FSOC) is starting to look at solvency at large financial services companies; as the National Association of Insurance Commissioners, Kansas City, Mo., is updating the models for states’ insurance company and insurance holding company solvency rules; and as the Financial Accounting Standards Board (FASB), Norwalk, Conn., and the International Accounting Standards Board (IASB), London, are trying to update insurance accounting rules.
The new North American CRO Council “seeks to develop and promote leading practices in risk management throughout the insurance industry,” organizers say.
The council will participate in the world regulatory capital standards efforts, advise North American regulators on strategies for evaluating risk management and solvency, applying companies’ own risk models to capital requirements efforts, and produce research on emerging risks, organizers say.
- Allison Bell