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International Monetary Fund. Monetary and Capital Markets Department
This Technical Note (TN) is a targeted review of cross-cutting themes building on the detailed assessment of the Insurance Core Principles (ICPs) conducted in 2015. The targeted review was chosen, in part, due to the performance of the U.S. insurance regulatory system in the 2015 detailed assessment where it was assessed that the U.S. observed 8 ICPs, largely observed 13 ICPs and partly observed 5 ICPs. The analysis relied on a targeted self-assessment against a subset of ICPs covering valuation and solvency, risk management, conduct, winding-up, corporate governance and enforcement, and the objectives, powers and responsibility of supervisors. The choice of subjects covered in this review is based on those aspects most significant to financial stability and a follow-up on key recommendations from the 2015 detailed assessment. The focus of the analysis has been on the state-based system of regulation and supervision, reflecting the existing institutional setup.
International Monetary Fund. Monetary and Capital Markets Department

revisions Annual Financial Reporting Model Regulation 2014 revision 2009 Revisions to the Standard Valuation Law (PBR) Corporate Governance Annual Disclosure Model Act and Corporate Governance Annual Disclosure Model Regulation Source: 2019 Accreditation Program Manual. 25. Consistency of solvency regulation and supervision is promoted across the U.S. states and territories through the NAIC Accreditation Program . The Accreditation Program requires a state insurance department to demonstrate to a team of reviewers that they meet legal, financial, functional

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to ensure individual states implement solvency requirements effectively. However, there is a need for development of the policy framework in relation to insurance and financial stability and international issues; and for extensive reform to the laws governing state insurance departments, including on appointment and dismissal of commissioners, to secure the independence of regulatory work. The approach to supervision of groups needs significant development. 2. The assessment of the U.S.’s compliance with International Association of Insurance Supervisors (IAIS

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Exchange Commission. The team also met with financial and energy market participants, officials of the Federal Reserve Banks of Dallas and New York, and the New York State Insurance Department in February and March. The United States is a party to the convention on Combating Bribery of Foreign Public Officials in International Business Transactions and the Financial Action Task Force (FATF) . An evaluation of the United States’ compliance with FATF recommendations took place in 2006, with the report currently being finalized. U.S. authorities are developing a

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-leading. There are mechanisms to ensure individual states implement solvency requirements effectively. However, there is a need for development of the policy framework in relation to insurance and financial stability and international issues; and for extensive reform to the laws governing state insurance departments, including on appointment and dismissal of commissioners, to secure the independence of regulatory work. The approach to supervision of groups needs significant development. A. Introduction 2. This assessment of the U.S.’s compliance with International

International Monetary Fund
This paper discusses key findings of the Detailed Assessment of Observance of International Association of Insurance Supervisors (IAIS) Insurance Core Principles for the United States. Most U.S. insurers write primary insurance on U.S. risks. The U.S. market is characterized by low market concentration in most sectors, indicating a high degree of competition. Overall, the insurance sector, and the property and casualty companies in particular, has been resilient through the financial crisis. However, there have also been significant stresses in the insurance sector in the last two years.
International Monetary Fund. Monetary and Capital Markets Department
This paper discusses key findings of the Detailed Assessment of Observance of the Insurance Core Principles on the United States. The assessment finds a reasonable level of observance of the Insurance Core Principles. There are many areas of strength, including at state level the powerful capacity for financial analysis with peer group review and challenge through the processes of the National Association of Insurance Commissioners. Lead state regulation is developing and a network of international supervisory colleges has been put in place. Key areas for development include the valuation standard of the state regulators, especially for life insurance, and group capital standards.
International Monetary Fund. Monetary and Capital Markets Department

mentioned), the Federal Reserve Board (in respect of consolidated supervision only) and the FIO. Technical discussions with officials from federal agencies and bodies (FIO, FRB, FSOC, FinCEN), NAIC and two sample state insurance departments (those of the states of New York and Massachusetts), and the independent member with insurance expertise of the FSOC also enriched this report; as did discussions with industry participants. As the assessment addresses national compliance and the assessors were not able to hold discussions or review material from more than a few state

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of bond insurance and securities lending and modernize solvency requirements ST, HP The National Association of Insurance Commissioners (NAIC) and state legislatures should undertake reforms covering the terms of Commissioners’ appointments, the rulemaking powers of state insurance departments, and their funding and staffing to bolster specialist skills MT, MP Strengthen oversight of market infrastructure Allow systemic payment, clearing, and settlement infrastructures to have accounts at the Fed in order to settle in