NAIC International Solvency & Accounting Working Group/Financial Condition Committee Meeting September 3-4

The National Association of Insurance Commissioners (“NAIC”) has scheduled a joint interim meeting of its Financial Condition (E) Committee and International Solvency and Accounting (E) Working Group on September 3 and 4, 2008 at the Chicago O’Hare Airport Hilton in Illinois.  A detailed agenda and related documents will be forthcoming.  

The goal of the interim meeting is to develop an action plan to modernize the U.S. solvency system, as directed by the NAIC Solvency Modernization Initiative (“SMI”).

September 3 will be an open meeting with the opportunity to discuss issues surrounding the five SMI focus areas: capital requirements, international accounting, group supervision, valuation issues in insurance, and reinsurance.

September 4 will be a regulator-to-regulator format that will focus on developing detailed work plans for the Initiative, including discussion about the future of statutory accounting in light of the convergence project between United States Generally Accepted Accounting Principles (“GAAP”) and International Financial Reporting Standards (“IFRS”), as well as recommendations on the approach to studying international solvency systems, and potential ways to modernize the U.S. solvency system.

To RSVP for the meeting, please e-mail Amy Lopez at alopez@naic.org by August 22, 2008.

 

Should you have any questions or comments, please do not hesitate to contact Colodny, Fass, Talenfeld, Karlinsky & Abate.

 

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