- Financial Condition (E) Committee
- Accounting Practices and Procedures (E) Task Force
- Blanks (E) Working Group
- Statutory Accounting Principles (E) Working Group
- Capital Adequacy (E) Task Force
- Health Risk-Based Capital (E) Working Group
- Life Risk-Based Capital (E) Working Group
- Generator of Economic Scenarios (GOES) (E/A) Subgroup
- Longevity Risk (E/A) Subgroup
- Variable Annuities Capital and Reserve (E/A) Subgroup
- Property and Casualty Risk-Based Capital (E) Working Group
- Catastrophe Risk (E) Subgroup
- Risk-Based Capital Investment Risk and Evaluation (E) Working Group
- Examination Oversight (E) Task Force
- Electronic Workpaper (E) Working Group
- Financial Analysis Solvency Tools (E) Working Group
- Financial Examiners Coordination (E) Working Group
- Financial Examiners Handbook (E) Technical Group
- Information Technology (IT) Examination (E) Working Group
- Financial Analysis (E) Working Group
- Financial Stability (E) Task Force
- Macroprudential (E) Working Group
- Group Capital Calculation (E) Working Group
- Group Solvency Issues (E) Working Group
- Own Risk and Solvency Assessment (ORSA) Implementation (E) Subgroup
- Mutual Recognition of Jurisdictions (E) Working Group
- ²»Á¼Ñо¿Ëù¹Ù·½/American Institute of Certified Public Accountants (AICPA) (E) Working Group
- National Treatment and Coordination (E) Working Group
- Receivership and Insolvency (E) Task Force
- Receivership Financial Analysis (E) Working Group
- Receivership Law (E) Working Group
- Reinsurance (E) Task Force
- Reinsurance Financial Analysis (E) Working Group
- Restructuring Mechanisms (E) Working Group
- Risk-Focused Surveillance (E) Working Group
- Risk Retention Group (E) Task Force
- Valuation Analysis (E) Working Group
- Valuation of Securities (E) Task Force
- Financial Condition (E) Committee
- Accounting Practices and Procedures (E) Task Force
- Blanks (E) Working Group
- Statutory Accounting Principles (E) Working Group
- Capital Adequacy (E) Task Force
- Health Risk-Based Capital (E) Working Group
- Life Risk-Based Capital (E) Working Group
- Generator of Economic Scenarios (GOES) (E/A) Subgroup
- Longevity Risk (E/A) Subgroup
- Variable Annuities Capital and Reserve (E/A) Subgroup
- Property and Casualty Risk-Based Capital (E) Working Group
- Catastrophe Risk (E) Subgroup
- Risk-Based Capital Investment Risk and Evaluation (E) Working Group
- Examination Oversight (E) Task Force
- Electronic Workpaper (E) Working Group
- Financial Analysis Solvency Tools (E) Working Group
- Financial Examiners Coordination (E) Working Group
- Financial Examiners Handbook (E) Technical Group
- Information Technology (IT) Examination (E) Working Group
- Financial Analysis (E) Working Group
- Financial Stability (E) Task Force
- Macroprudential (E) Working Group
- Group Capital Calculation (E) Working Group
- Group Solvency Issues (E) Working Group
- Own Risk and Solvency Assessment (ORSA) Implementation (E) Subgroup
- Mutual Recognition of Jurisdictions (E) Working Group
- ²»Á¼Ñо¿Ëù¹Ù·½/American Institute of Certified Public Accountants (AICPA) (E) Working Group
- National Treatment and Coordination (E) Working Group
- Receivership and Insolvency (E) Task Force
- Receivership Financial Analysis (E) Working Group
- Receivership Law (E) Working Group
- Reinsurance (E) Task Force
- Reinsurance Financial Analysis (E) Working Group
- Restructuring Mechanisms (E) Working Group
- Risk-Focused Surveillance (E) Working Group
- Risk Retention Group (E) Task Force
- Valuation Analysis (E) Working Group
- Valuation of Securities (E) Task Force
2025 Proposed Charges
The mission of the Valuation of Securities (E) Task Force is to provide regulatory leadership and expertise to establish and maintain all aspects of the ²»Á¼Ñо¿Ëù¹Ù·½â€™s credit assessment process for insurer-owned securities, as well as produce insightful and actionable research and analysis regarding insurer investments.
- Review and monitor the operations of the ²»Á¼Ñо¿Ëù¹Ù·½ Securities Valuation Office (SVO) and the ²»Á¼Ñо¿Ëù¹Ù·½ Structured Securities Group (SSG) to ensure they continue to reflect regulatory objectives.
- Maintain and revise the Purposes and Procedures Manual of the ²»Á¼Ñо¿Ëù¹Ù·½ Investment Analysis Office (P&P Manual) to provide solutions to investment-related regulatory issues for existing or anticipated investments.
- Monitor changes in accounting and reporting requirements resulting from the continuing maintenance of the Accounting Practices and Procedures Manual, as well as financial statement blanks and instructions, to ensure that the P&P Manual continues to reflect regulatory needs and objectives.
- Consider whether improvements should be suggested to the measurement, reporting and evaluation of invested assets by the ²»Á¼Ñо¿Ëù¹Ù·½ as the result of: 1) newly identified types of invested assets; 2) newly identified investment risks within existing invested asset types; or 3) elevated concerns regarding previously identified investment risks.
- Identify potential improvements to the credit filing process, including formats and electronic system enhancements.
- Provide effective direction to the ²»Á¼Ñо¿Ëù¹Ù·½â€™s mortgage-backed securities modeling firms and consultants.
- Coordinate with other ²»Á¼Ñо¿Ëù¹Ù·½ working groups and task forces—including, but not limited to, the Capital Adequacy (E) Task Force, the Statutory Accounting Principles (E) Working Group, the Blanks (E) Working Group, the Risk-Based Capital Investment Risk & Evaluation (E) Working Group, and the Valuation Analysis (E) Working Group—to formulate recommendations and to make referrals to such other ²»Á¼Ñо¿Ëù¹Ù·½ regulator groups to ensure expertise relative to investments, or the purpose and objective of guidance in the P&P Manual, is reflective in the guidance of such other groups and that the expertise of such other ²»Á¼Ñо¿Ëù¹Ù·½ regulatory groups and the objectives of their guidance is reflected in the P&P Manual.
- Identify potential improvements to the filing exempt process (the use of credit rating provider ratings to determine an ²»Á¼Ñо¿Ëù¹Ù·½ designation) to ensure greater consistency, uniformity and appropriateness to achieve the ²»Á¼Ñо¿Ëù¹Ù·½â€™s financial solvency objectives.
- Implement policies to oversee the ²»Á¼Ñо¿Ëù¹Ù·½â€™s staff administration of rating agency ratings used in ²»Á¼Ñо¿Ëù¹Ù·½ processes, including staff’s discretion over the applicability of their use in its administration of filing exemption.
- Establish criteria to permit staff’s discretion over the assignment of ²»Á¼Ñо¿Ëù¹Ù·½ designations for securities subject to the filing exempt process (the use of credit rating provider ratings to determine an ²»Á¼Ñо¿Ëù¹Ù·½ designation) to ensure greater consistency, uniformity and appropriateness to achieve the ²»Á¼Ñо¿Ëù¹Ù·½â€™s financial solvency objectives.
- Implement additional and alternative ways to measure and report investment risk.
2024 Adopted Charges
The mission of the Valuation of Securities (E) Task Force is to provide regulatory leadership and expertise to establish and maintain all aspects of the ²»Á¼Ñо¿Ëù¹Ù·½â€™s credit assessment process for insurer-owned securities, as well as produce insightful and actionable research and analysis regarding insurer investments.
The Valuation of Securities (E) Task Force will:
- Review and monitor the operations of the ²»Á¼Ñо¿Ëù¹Ù·½ Securities Valuation Office (SVO) and the ²»Á¼Ñо¿Ëù¹Ù·½ Structured Securities Group (SSG) to ensure they continue to reflect regulatory objectives.
- Maintain and revise the Purposes and Procedures Manual of the ²»Á¼Ñо¿Ëù¹Ù·½ Investment Analysis Office (P&P Manual) to provide solutions for investment-related regulatory issues for existing or anticipated investments.
- Monitor changes in accounting and reporting requirements resulting from the continuing maintenance of the Accounting Practices and Procedures Manual, as well as financial statement blanks and instructions, to ensure that the P&P Manual reflects regulatory needs and objectives.
- Consider whether improvements should be suggested to the measurement, reporting, and evaluation of invested assets by the ²»Á¼Ñо¿Ëù¹Ù·½ as the result of: 1) newly identified types of invested assets; 2) newly identified investment risks within existing invested asset types; or 3) elevated concerns regarding previously identified investment risks.
- Identify potential improvements to the credit filing process, including formats and electronic system enhancements.
- Provide effective direction to the ²»Á¼Ñо¿Ëù¹Ù·½â€™s mortgage-backed securities modeling firms and consultants.
- Coordinate with other ²»Á¼Ñо¿Ëù¹Ù·½ working groups and task forces—including, but not limited to, the Capital Adequacy (E) Task Force, the Statutory Accounting Principles (E) Working Group, the Blanks (E) Working Group, and the Risk-Based Capital Investment Risk and Evaluation (E) Working Group—to formulate recommendations and make referrals to other ²»Á¼Ñо¿Ëù¹Ù·½ regulator groups, ensuring expertise relative to investments, or the purpose and objective of guidance in the P&P Manual, is reflective in the guidance of other groups and that the expertise of other ²»Á¼Ñо¿Ëù¹Ù·½ regulatory groups and the objectives of their guidance is reflected in the P&P Manual.
- Identify potential improvements to the filing exempt process (the use of credit rating provider ratings to determine an ²»Á¼Ñо¿Ëù¹Ù·½ designation) to ensure greater consistency, uniformity, and appropriateness to achieve the ²»Á¼Ñо¿Ëù¹Ù·½â€™s financial solvency objectives.
- Implement policies to oversee the ²»Á¼Ñо¿Ëù¹Ù·½â€™s staff administration of rating agency ratings used in ²»Á¼Ñо¿Ëù¹Ù·½ processes, including staff’s discretion over the applicability of their use in its administration of filing exemption.
- Establish criteria to permit staff’s discretion over the assignment of ²»Á¼Ñо¿Ëù¹Ù·½ designations for securities subject to the filing exempt process (the use of credit rating provider ratings to determine an ²»Á¼Ñо¿Ëù¹Ù·½ designation) to ensure greater consistency, uniformity, and appropriateness to achieve the ²»Á¼Ñо¿Ëù¹Ù·½â€™s financial solvency objectives.
- Implement additional and alternative ways to measure and report investment risk.
Valuation of Securities (E) Task Force
Sunday, November 17, 2024
2:30 PM - 3:30 PM MT
Gaylord Rockies Hotel—Aurora Ballroom B—Level 2
Insurance Topics
Our improved resource can help you navigate committee-curated topics for a comprehensive understanding.
ExploreAdopted effective November 17, 2024:
- P&P Manual Amendment to Require Annual Reviews of Regulatory Transactions
- P&P Manual Amendment to Update the List of ²»Á¼Ñо¿Ëù¹Ù·½ Credit Rating Providers (CRPs) and the ²»Á¼Ñо¿Ëù¹Ù·½ use of CRP Credit Ratings
- P&P Manual Amendment to Remove References to Subscript-S and Update References to Investment Risk
Adopted effective August 13, 2024:
Adopted by the Valuation of Securities (E) Task Force on August 13, 2024, and adopted by the Financial Condition (E) Committee on August 29, 2024, and adopted by the ²»Á¼Ñо¿Ëù¹Ù·½'s Plenary on November 19, 2024:
Adopted effective June 18, 2024:
- P&P Manual Amendment to Permit ²»Á¼Ñо¿Ëù¹Ù·½ Designations for Short-term ABS
- P&P Manual Amendment to Add Spain to the List of Foreign (Non-U.S.) Jurisdictions Eligible for Netting for Purposes of Determining Exposures to Counterparties for Schedule DB, Part D, Section 1
- P&P Manual Amendment to Change the Effective Date for the Implementation of CLO Modeling
- P&P Manual Amendment to Clarify Permitting Insurers to Self-assign an ²»Á¼Ñо¿Ëù¹Ù·½ Designation 6*
- P&P Manual Amendment to Make Current the List of SVO Processes
Adopted effective May 2, 2024:
- P&P Manual Amendment to Update U.S. Government Agency and Other U.S. Government Obligation Abbreviations
- Technical P&P AmendmentÌýregarding Subsidiary, Controlled and Affiliated (SCA) and Related Party Bond or Preferred Stock Investments
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Contacts
Media Inquiries
(816) 783-8909
news@naic.org
Charles Therriault
Director, Securities Valuation Office
Phone: 212.386.1920
Marc Perlman
Managing Investment Counsel
Phone: 212.386.1945
Eric Kolchinsky
Director, Structured Securities Group
Phone 212.386.1943
Please see the current Committee List for a complete list of committee members.