U.S. insurance regulators continue to improve upon the financial regulatory system. The NAIC’s new Model Audit Rule goes into effect for 2010. The session will provide advice to actuaries who are supporting their company’s efforts to become controls compliant. This includes guidance on how to identify and document processes, identify risks, design and implement controls, and test controls for effectiveness.
The NAIC is pursuing a Solvency Modernization Initiative to improve the current regulatory system. The session will focus on some key areas of the initiative: capital requirements, international accounting, reinsurance, loss valuation and group solvency.