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Valuation of Securities (E) Task Force

2023 Membership

2023 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 NAIC’s credit assessment process for insurer-owned securities, as well as produce insightful and actionable research and analysis regarding insurer investments.

The Valuation (E) Securities (E) Task Force will:

  1. Review and monitor the operations of the NAIC Securities Valuation Office (SVO) and the NAIC Structured Securities Group (SSG) to ensure they continue to reflect regulatory objectives.
  2. Maintain and revise the Purposes and Procedures Manual of the NAIC Investment Analysis Office
    (P&P Manual) to provide solutions to investment-related regulatory issues for existing or anticipated investments.
  3. Monitor changes in accounting and reporting requirements resulting from the continuing maintenance of the Accounting Practices and Procedures Manual (AP&P Manual), as well as financial statement blanks and instructions, to ensure that the P&P Manual continues to reflect regulatory needs and objectives.
  4. Consider whether improvements should be suggested to the measurement, reporting, and evaluation of invested assets by the NAIC 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.
  5. Identify potential improvements to the credit filing process, including formats and electronic system enhancements.
  6. Provide effective direction to the NAIC’s mortgage-backed securities modeling firms and consultants.
  7. Coordinate with other NAIC 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 to make referrals to such other NAIC 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 NAIC regulatory groups and the objectives of their guidance is reflected in the P&P Manual.
  8. Identify potential improvements to the filing exempt (FE) process (the use of credit rating provider [CRP] ratings to determine an NAIC designation) to ensure greater consistency, uniformity, and appropriateness to achieve the NAIC’s financial solvency objectives.
  9. Implement policies to oversee the NAIC’s staff administration of rating agency ratings used in NAIC processes, including staff’s discretion over the applicability of their use in their administration of FE.
  10. Establish criteria to permit staff’s discretion over the assignment of NAIC designations for securities subject to the FE process (the use of CRP ratings to determine an NAIC designation) to ensure greater consistency, uniformity, and appropriateness to achieve the NAIC’s financial solvency objectives.
  11. Implement additional and alternative ways to measure and report investment risk.
Valuation of Securities (E) Task Force 10/12/2023

Public Conference Call
Thursday, October 12, 2023
1:00 PM ET, 12:00 PM CT, 11:00 AM MT, 10:00 AM PT
Expected Length of Call: 1 hr
Webex Link

Valuation of Securities (E) Task Force

Valuation of Securities (E) Task Force
Monday, August 14, 2023
2:00 PM - 3:30 PM PT

Regency Ballroom B - Level 7 - Hyatt Regency Seattle

Related NAIC Publications


Media Inquiries
(816) 783-8909

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.