- 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
- NAIC/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
- NAIC/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
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 NAIC’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 NAIC Securities Valuation Office (SVO) and the NAIC Structured Securities Group (SSG) to ensure they continue to reflect regulatory objectives.
- Maintain and revise the Purposes and Procedures Manual of the NAIC 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 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.
- Identify potential improvements to the credit filing process, including formats and electronic system enhancements.
- Provide effective direction to the NAIC’s mortgage-backed securities modeling firms and consultants.
- 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 make referrals to other NAIC 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 NAIC 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 NAIC designation) to ensure greater consistency, uniformity, and appropriateness to achieve the NAIC’s financial solvency objectives.
- 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 its administration of filing exemption.
- Establish criteria to permit staff’s discretion over the assignment of NAIC designations for securities subject to the filing exempt process (the use of credit rating provider ratings to determine an NAIC designation) to ensure greater consistency, uniformity, and appropriateness to achieve the NAIC’s financial solvency objectives.
- Implement additional and alternative ways to measure and report investment risk.
Public Conference Call
Tuesday, October 01, 2024
1:00 PM ET, 12:00 PM CT, 11:00 AM MT, 10:00 AM PT
Expected Length of Call: 30 min
Webex Link
Valuation of Securities (E) Task Force
Tuesday, August 13, 2024
2:00 PM - 3:30 PM CDT
McCormick Place Convention Center—S103—Level 1
Insurance Topics
Our improved resource can help you navigate committee-curated topics for a comprehensive understanding.
ExploreAdopted 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:
Adopted effective June 18, 2024:
- P&P Manual Amendment to Permit NAIC 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 NAIC 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 Amendment regarding Subsidiary, Controlled and Affiliated (SCA) and Related Party Bond or Preferred Stock Investments
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.