International Solvency and Accounting Standards (E)
Working Group
Financial Condition (E) Committee
Solvency Modernization Initiative (E) Task Force

2013 Charges

• Assist the Task Force with the Statutory Accounting and Financial Reporting focus area in the Solvency Modernization Initiative.

• Critically review and provide input and drafting to the International Association of Insurance Supervisors (IAIS) Insurance Contracts Subcommittee; IAIS Solvency and Actuarial Issues Subcommittee; and on IAIS papers as assigned by the parent Task Force. From this work, identify future initiatives to improve our regulatory solvency system.

• Analyze other financial supervisory modernization initiatives, to the extent appropriate. Analysis should include the International Accounting Standards Board (IASB) accounting standards development.

• Monitor and provide comments directly or to the IAIS on the IASB developments and on the IASB and Financial Accounting Standards Board (FASB) joint convergence projects related to insurance accounting issues. Coordinate with the Statutory Accounting Principles (E) Working Group to provide responses to the FASB on joint projects.

• Report findings relative to these developing issues to the Accounting Practices and Procedures (E) Task Force.

• In consultation with the Statutory Accounting Principles (E) Working Group, monitor international and national accounting standards development and Securities and Exchange Commission (SEC) policy decisions and develop a recommendation to the NAIC membership regarding the future of U.S. statutory accounting.