CIPR Homepage
Solvency Modernization Initiative (SMI)
Archived February 01, 2017

Archived Key Issue

The NAIC's Solvency Modernization Initiative (SMI) began in June 2008. The SMI is a critical self-examination of the United States' insurance solvency regulation framework and includes a review of international developments regarding insurance supervision, banking supervision, and international accounting standards and their potential use in U.S. insurance regulation. While the U.S. insurance solvency regulation is updated on a continuous basis, the SMI will focus on five key solvency areas: capital requirements, international accounting, insurance valuation, reinsurance, and group regulatory issues.

The project is being guided by the SMI Roadmap—a document describing in some detail, the policy direction and priorities agreed upon for the project. The Roadmap is critical to overall success of the project. The SMI requires coordination from a number of regulatory groups for successful completion of the overall initiative. It describes how the NAIC's SMI (EX) Task Force will monitor the activities of these groups to assure a coordinated work product and to minimize the level of overlapping responsibilities.

The SMI highlighted the strengths of the state-based national system of insurance regulations and identified improvements that might be made. The SMI project was completed in 2013, and the NAIC continues to review recommendations for implementation.

For a Larger Overview, CLICK HERE for the SMI Roadmap (12/31/12)

SMI Related Task Forces, Working Groups and Subgroups


August 25, 2013 SMI White Paper Adopted by SMI (E) Task Force


December 31, 2012 SMI Roadmap
August 31, 2012 News Release
SMI Roadmap
March 29, 2012 News Release
SMI Roadmap


Dec 22, 2011 Document Adopted by Corporate Governance (E) Working Group
Existing U.S. Corporate Governance Requirements
Nov. 30, 2011 News Release
SMI Roadmap
June 10, 2011

ERM Symposium and Governance Interim Meeting 
July 20-21, 2011, Jacksonville, FL
Registration is now closed.

May 20, 2011 News Release
SMI Roadmap
Jan. 31, 2011 Summary of SMI Activity
SMI Update
Jan. 5, 2011 Distinguished Scholar Study:
Solvency II Calibration


July 28, 2010 Summary of SMI Activity
SMI Update - The Future of Risk-Based Capital Requirements
June 7, 2010 Letter from Director Christina Urias to Lou Felice, Chair of the Capital Adequacy (E) Task Force
SMI's Risk-Based Capital (RBC) Proposals
March 17, 2010 Summary of SMI Activity
SMI Update - Commissioners and Financial Regulators Discuss Future Solvency Regulation

Additional Resources

NAIC White Paper: The U.S. National State - Based System of Insurance Financial Regulation and the Solvency Modernization Initiative
Adopted Aug. 25, 2013


SMI Overview (9/3/09)


SMI Roadmap and Studies

The U.S. National State-Based System of Insurance Financial Regulation and the Solvency Modernization Initiative

SMI Roadmap December 31, 2012

SMI Roadmap August 31, 2012

SMI Roadmap March 29, 2012

SMI Roadmap November 30, 2011

SMI Roadmap May 20, 2011

SMI Roadmap, August 25, 2010 

Solvency II Calibration, January 5, 2010

A Comparison of Solvency Systems: US and EU, 2008 Draft

SMI Studies of International Solvency Systems, 2009-2010

US Solvency Framework, February 19, 2010

SMI Issues for Consideration, June 14, 2009


Capital Requirements

Property Catastrophe RBC Proposal, June 2010

Capital Requirements, December 2009

(For group capital, see "Group Supervision.")

For Additional Information: SMI RBC (E) Subgroup


Risk Management

Own Risk and Solvency Assessment (ORSA)

ORSA Guidance Manual

ORSA Proposal, February 2011 (Not Adopted)

Consultation Paper, August 6, 2010

For additional information: Group Solvency Issues (E) Working Group


Coroprate Governance

Existing U.S. Corporate Governance Requirements(Adopted 12/22/11)


Group Supervision

Group Capital Assessment Proposal - ORSA

Group Capital Assessment Options

CIPR Groups Symposium, July 15-16, 2010

Group Solvency - Windows and Walls, February 26, 2010

For Additional Information: Group Solvency Issues (EX) Working Group



For Additional Information: Reinsurance (E) Task Force


Statutory Accounting and Financial Reporting

Future of Statutory Accounting, October 2010

Comments to FASB and IASB:

Principles-Based Reserving

For Additional Information:


Media queries should be directed to the NAIC Communications Division at 816-783-8909 or

Kris DeFrain, FCAS, MAAA, CPCU 
Director, Research and Actuarial Department
Phone: 816.783.8229
Fax: 816.460.0159

Todd Sells  
Director, Financial Regulatory Services
Phone: 816.783.8403
Fax: 816.460.7614

NAIC Center for Insurance Policy and Research (CIPR)

CIPR Homepage


© 1991 - 2019 National Association of Insurance Commissioners. All rights reserved.
SM Insure U and Stop. Call. Confirm are registered service marks of the National Association of Insurance Commissioners.