The Solvency Modernization Initiative. Understanding the Most Significant Insurance Regulatory Reform in a Generation

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1 The Solvency Modernization Initiative Understanding the Most Significant Insurance Regulatory Reform in a Generation

2 Important developments in insurance regulatory policies and practices at an international level, such as the European Union s (EU) Solvency II directive, as well as the recent global financial crisis, have caused U.S. regulators to reconsider their current system of solvency supervision of insurance companies. INTRODUCTION Insurance regulations in the United States and the effectiveness of the current 50-state regulatory structure have been hotly debated for the last 20 years. Based on certain market events, there also has been a call for and movement toward a central federal regulatory body. As recently as March 2008, the U.S. Treasury Department issued Blueprint for a Modernized Financial Regulatory Structure (nicknamed The Paulson Blueprint after former Treasury Secretary Henry Paulson), which recommended the establishment of a federal insurance regulatory body for the creation of an optional federal charter. 1 The merits of a federal regulatory body were also debated in the lead-up to the Dodd-Frank Wall Street Reform and Consumer Protection Act, which ultimately authorized the Federal Insurance Office (FIO). The FIO s primary responsibilities are to advise the U.S. Secretary of the Treasury on insurance issues, consult with individual states on insurance matters of national and international importance, and monitor all aspects of the insurance industry. The FIO does not, however, have explicit regulatory authority. Important developments in insurance regulatory policies and practices at an international level, such as the European Union s (EU) Solvency II directive, as well as the recent global financial crisis, have caused U.S. regulators to reconsider their current system of solvency supervision of insurance companies. In addition, regulation and the role of regulators across the entire financial services industry continue to be reassessed based on recent market considerations. For the U.S. insurance industry, this reconsideration is embodied in the National Association of Insurance Commissioners (NAIC) Solvency Modernization Initiative (SMI). Many industry experts consider SMI the most significant program of insurance regulatory reform in the United States since the early 1990s and predict that it will have a significant impact on the overall industry. This white paper examines the drivers for the SMI and its principal components. Also discussed are some key lessons learned from the early stages of Solvency II in Europe that are based on Protiviti s experience in helping organizations adapt to the directive s requirements. Insurance carriers subject to the SMI can learn from and practically apply the lessons learned from Solvency II as they work to deliver the right value to their organizations in implementing this reform. 1 The Department of the Treasury Blueprint for a Modernized Financial Regulatory Structure, March 2008: press-releases/documents/blueprint.pdf. PROTIVITI THE SOLVENCY MODERNIZATION INITIATIVE 1

3 There is currently a shift in the United States toward adopting a more principles-based approach to insurance industry regulation. U.S. INSURANCE REGULATORY REFORM: A HISTORICAL PERSPECTIVE Before diving into the current SMI proposal and its suggested framework, it is important to look back at the recent history of U.S. insurance regulatory reform, starting in the early 1990s. During that period, the insurance industry saw an unprecedented number of insolvencies in both the property and casualty and the health insurance industries. In response, the NAIC enhanced regulation in the following areas: 1. Risk-based capital requirements 2. Enhancements to early warning systems 3. Improved examination procedures 4. Limitations on certain investment asset classes 5. Development of uniform financial regulation standards 6. Creation of an accreditation program 7. Codification of statutory accounting principles, among other changes Since that time, there have been additional enhancements to the U.S. regulatory framework, such as the introduction of the NAIC s Model Audit Rule. It appears that both internal and external forces are likely motivating U.S. regulators to modernize the system for insurance industry solvency oversight. The principal motivation behind the SMI is U.S. regulators desire to employ their perception of what constitutes best practice a perception that is informed, but not dictated, by regulatory developments outside the United States, such as in the European Union, as well as by other factors. The recent financial crisis has helped to fuel the NAIC s program for regulatory reform despite the insurance industry s relatively strong performance during the downturn. MOVEMENT TOWARD A PRINCIPLES-BASED APPROACH In looking at the various insurance regulatory systems across the world, two basic approaches emerge: 1) a prescriptive or rules-based approach; and 2) a principles-based approach. U.S. regulators have generally employed a rules-based approach, which also often results in a one size fits all application in practice. The primary focus under the U.S. regulatory system had been on insurers compliance with these rulesbased approaches aimed largely at a carrier s ability to pay claims rather than on how well the insurer is being managed and its overall financial risk. However, there is currently a shift in the United States toward adopting a more principles-based approach to insurance industry regulation. Regulators are now assessing how well insurers manage both their financial and operational risks. The focus is on the insurer s ability to meet certain quantitative thresholds, deploy sound qualitative practices and report these activities to the regulators. The goal of the NAIC s SMI is to combine the best of both regulatory approaches rules-based and principles-based into one framework to best monitor and regulate insurers. PROTIVITI THE SOLVENCY MODERNIZATION INITIATIVE 2

4 SOLVENCY MODERNIZATION INITIATIVES The five principal areas of focus of the NAIC s SMI, explained in more detail below, are: 1. Capital modeling 2. Governance and risk management 3. Group supervision 4. Statutory accounting and financial reporting 5. Reinsurance 1. Capital Modeling U.S. insurance regulatory authorities appear to be leaning toward a model-based approach in determining regulatory capital requirements for insurance companies; this would reflect an insurer s true risk profile better than a formula-based approach. Under this model-based approach, companies have the option of using an internally developed and regulator-approved model or a regulator-provided model. This is very similar to what has happened in the banking industry over the last couple of years. A model-based approach has the desirable attributes of compelling insurers to take a more forward-looking and comprehensive view of their financial and operational risks, and determining a regulatory capital amount better tailored to fit a particular insurer s specific needs and circumstances. Like the EU s Solvency II, both financial risks (insurance, market, credit, liquidity) and operational risks are required to be taken into consideration whether the insurer uses an internal model or the standard formula provided in the directive. Many insurers are already performing capital modeling in managing their businesses. They also are incorporating enterprise risk management (ERM) practices into their risk management activities. Therefore, a model-based approach would seem most consistent with the regulatory goal of employing best practices to ensure regulatory policies and standards are effective and efficient. 2. Governance and Risk Management Solvency II has gained significant focus in the U.S. market because there are many U.S.-based insurers with significant foreign subsidiaries, especially in the European Economic Area (EEA) that is covered by Solvency II. The focus on the SMI will be consistent with the principles that fall within Pillar II of the Solvency II directive. The Solvency II framework has three main areas (pillars): Pillar 1 Consists of the quantitative requirements. Pillar 2 Sets out requirements for the governance and risk management of insurers, as well as for the effective supervision of insurers. This pillar deals with the qualitative aspects of a company s internal controls and risk management framework. Pillar 3 Focuses on disclosure and transparency requirements. A big emphasis of this area is reporting. As noted by many financial services specialists, Solvency II is similar in structure to the Basel II regulation for the banking industry. Both are based on three pillars that include quantitative and qualitative requirements and include specific components that focus on capital, risk, supervision and disclosure. Under Pillar II, the European Commission is placing significant emphasis on enhancing the use of qualitative procedures to augment the quantitative measures under Pillar I. The premise underlying Pillar II is that the risks recognized by quantitative models under Pillar I must be managed with appropriate processes and decisions in the context of a comprehensive risk management system. PROTIVITI THE SOLVENCY MODERNIZATION INITIATIVE 3

5 A key element of Pillar II is the supervisory review process. It involves the appraisal of the strategies, processes and reporting procedures established by the insurer, as well as the risks the insurer faces or may face and its ability to assess these risks. Regulators also must evaluate the adequacy of an insurer s methods and practices to identify possible events or future changes in economic conditions that could have unfavorable effects on the insurer s overall financial position. This common practice is referred to in the industry as stress testing and scenario modeling. Under the newly proposed SMI, insurers will be required to perform their own risk and solvency assessment (ORSA) to document their risk management activities and controls. An initial ORSA proposal was issued in February 2011 and received extensive industry comment. According to the proposal, The ORSA is an internal assessment of the risks associated with an insurer s current business plan, and the sufficiency of capital resources to support those risks. The proposal goes on to assert that two primary goals of the ORSA are to: 1. Foster an effective level of ERM at all insurers, through which each insurer identifies and quantifies its material and relevant risks, using techniques that are appropriate to the nature, scale and complexity of the insurer s risks, in a manner that is adequate to support risk and capital decisions. 2. Provide a group-level perspective on risk and capital as a supplement to the existing legal entity view. U.S.-based insurers subject to an ORSA requirement will be expected to conduct and annually file an ORSA with their regulator. ORSA will apply to any individual U.S. insurer that writes more than US$500 million of annual direct written and assumed premiums, and/or insurance groups that collectively write more than US$1 billion of annual direct written and assumed premiums. These thresholds apply to premiums written domestically as well as internationally. The ORSA prepared and filed by an insurer would have three major sections: 1. A description of the insurer s risk management policy 2. Quantitative measurements of the insurer s risk exposure in normal and stressed environments 3. A prospective solvency assessment The ORSA proposal goes on to outline detailed requirements for each section. 3. Group Supervision Group supervision has been discussed in the United States for quite some time and is another area that has been marked for review under the NAIC s SMI. This review has received further importance due to the problems experienced by some financial holding companies during the recent financial crisis. Regulators would now look at the activities of the parent or holding companies as well as any non-insurance subsidiaries within the group to assess the risks held at the parent company level, or where the risks of a sister entity could negatively impact the stability and the policyholders of the insurance carrier. In the past, regulators focused almost entirely on the statutory or insurance-specific entities within a consolidated insurance company structure. In the future, regulators want to enhance certain prudential features of group supervision within the models and monitoring practices, providing clearer windows into group operations while building upon the existing walls that provide solvency protection for insurers. 4. Statutory Accounting and Financial Reporting The SMI addresses several areas within statutory accounting. The key enhancement is in the area of principles-based accounting for life insurance reserves or valuation. To date, the NAIC has adopted a Standard Valuation Law (Model #820, adopted 2009) and will implement it once a Valuation Manual is finalized by the Life Actuarial and Health Actuarial Task Forces, which is expected to be re-examined in The Valuation Manual will address four areas: PROTIVITI THE SOLVENCY MODERNIZATION INITIATIVE 4

6 1. Margin on individual assumptions 2. Return assumptions on reinvested assets 3. Mortality development 4. Net premium reserve definition The first two items have been resolved and the remaining two should be resolved later this year. The NAIC is continually monitoring developments at the accounting standards governing bodies, primarily the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB). In addition, it is monitoring the U.S. Securities and Exchange Commission s (SEC) stance toward International Financial Reporting Standards (IFRS). Currently, the NAIC has provided feedback to FASB and IASB regarding accounting for insurance contracts. Once the joint FASB/IASB project is complete and the SEC has formally stated its position on IFRS, the NAIC will evaluate these accounting rule changes for possible inclusion in any updates to the statutory accounting standards. What is clear is that statutory accounting will continue to evolve and management must stay informed of these changes. 5. Reinsurance For the last few years, the U.S. insurance industry has struggled with the amount of reinsurance credit that carriers receive for placing reinsurance with domestic reinsurers as opposed to foreign reinsurers. There have been multiple movements within the NAIC to promote the facilitation of reinsurance transactions between the United States and international parties, simplification of multistate reinsurance transactions, and uniformity of regulation across the United States to reduce collateral requirements. The Reinsurance (E) Task Force was created by the NAIC during its Winter 2008 National Meeting. It is tasked with considering (1) the current collateralization requirements regarding unauthorized reinsurers, and (2) the design of a revised U.S. reinsurance regulatory framework. The Reinsurance Framework is intended to facilitate cross-border reinsurance transactions and enhance competition within the U.S. market, while also ensuring that U.S. insurers and policyholders are adequately protected against the risk of insolvency. The proposed SMI reinsurance regulation is looking to address some of the apparent inequalities in the treatment of domestic versus foreign reinsurance. Under the proposed approach, primary insurers are allowed full credit for reinsurance placed with reinsurers domiciled and regulated in the United States and some approved foreign insurers that deposit funds in U.S. financial institutions according to regulatory collateral requirements. In the near term, there is still more to come from the NAIC in the area of reinsurance. CHALLENGES IN COMPLIANCE WITH MULTIPLE REGULATIONS AND INITIATIVES Although ORSA is new to the regulatory landscape in the United States, ORSA and ERM go hand-in-hand in establishing a strong ERM framework and a sustainable approach to ongoing ORSA compliance. By design, ORSA is an internal, strategic risk management process integral to an insurance company s management of risk and solvency. ORSA is not just a regulatory requirement it also makes good business sense. Under the anticipated ORSA requirements, an insurance company s legal entity or holding insurance company must document its risk framework and processes. It also must disclose information to the insurance department(s) about risks the insurance company s legal entity is exposed to, the magnitude of those risks, and a prospective solvency assessment based upon the impact the risks have on the specific legal entity. Like the Sarbanes-Oxley Act and Model Audit Rule compliance, carriers must keep their ORSA up-to-date through an annual review process and filing. PROTIVITI THE SOLVENCY MODERNIZATION INITIATIVE 5

7 Management needs to be involved in key areas of the implementation process, including developing a charter, budget allocation, resources and timeline, and needs to stay engaged throughout the project. LESSONS LEARNED FROM SOLVENCY II THAT CAN BE APPLIED TO THE SMI Any initiative that extends to the entire organization can be tough and extremely challenging to drive the right culture. Many companies challenged by an implementation think: Can t I just flip on the autopilot? However, based on what we have seen with Solvency II, the most successful companies can and should strive to engage their organizations every day. But the overriding finding coming out of Solvency II with many U.K. and European insurers has been that they treat the directive as a tick-box compliance exercise; consequently, they fail to reap the full rewards from their investments in risk management frameworks and risk processes. Companies need to realize that technically completing the exercise is not the most important factor in assessing risk management excellence. If the organization just shows up, checks the box, and goes home day after day, it is missing out on a lot more improvement and value that this initiative can bring through better risk awareness, a stronger risk culture and an improved risk management process. Following are some of the other key lessons learned from Solvency II that can be analyzed and leveraged as an organization navigates the ORSA requirements: Senior buy-in and ownership When considering the implementation of a comprehensive entity-level ERM program that includes the framework to comply with ORSA, the topics of senior management buyin and tone at the top should be the key areas of focus. This is true not only in situations where a company is establishing an ERM or risk management framework, but also where any fundamental change in company practices is involved. Those within an organization who possess the slightest knowledge of what is involved in such a change accept that senior management buy-in is important. If there is no management commitment to adopt a new risk process and culture, the effort will not yield the expected benefits. Typically, insurers have senior management teams who possess a deep understanding of the importance of risk management. However, unexpected problems still can arise after organizations begin to optimize risk management procedures. Two opposing forces are at work: resistance to change from within the organization, and management s commitment to overcome that resistance and keep the company focused on the expected benefits. Management needs to be involved in key areas of the implementation process, including developing a charter, budget allocation, resources and timeline, and needs to stay engaged throughout the project. Management s involvement will allow it to be positioned to assist in steering the project back on course when it veers, and also, to campaign for the importance of the initiative if its benefits are questioned. Organization structure and change To achieve optimal risk management, companies need to define the organizational structure, how changes will be driven, how changes will be measured, and how status will be tracked throughout the implementation and through monitoring. Organizational change management and governance arrangements based on business functions (e.g., risk management, internal audit and actuarial function) need to be restructured accordingly. Understanding the audience that will be affected by the change, initial corporate perceptions and potential resistance to change, as well as the role the company s culture(s) will play during the implementation process, are all critical to successful change management. Consideration of change management from the beginning of this initiative helps to facilitate a successful rollout. PROTIVITI THE SOLVENCY MODERNIZATION INITIATIVE 6

8 Based on what we have learned from Solvency II, there will be a significant shortage of qualified employees in the risk management function within the insurance industry in the years following the SMI. Data integrity For ERM and capital modeling to be successful, the organization must understand the sources of the required data, how the data is used within the business processes, what areas of the organization utilize the data, and the overall definitions for things such as measures of data quality so that the company can properly deploy the data. One of the key lessons learned from Solvency II regarding the development of internal models is that the model output is largely determined by the quality, adequacy and availability of the underlying data. In working on ERM and with related data, an organization s first step should be to set out a clear scope and needed inputs to drive the successful outputs. Companies should use both industry and internally developed approaches and methodologies to lay out what ERM data means to each organization (e.g., what is to be tracked, to what functions does it apply, who will use the data, and how will standards be enforced). The data for ERM needs to be available, complete and accurate for ongoing ERM monitoring. IT challenges Technology, coupled with the access to information it affords, has made it far easier to monitor an organization s continuing risks. As mentioned above, the starting point is good data, and lots of it or at least enough to provide a sound statistical basis for effective decision-making. Collecting data requires solid front-end systems, an effective system and data architecture with limited human intervention, and robust database and business intelligence technology. One of the key lessons learned is that data collection is sometimes more important than the systems that support the data process. As technology has assisted insurers in the areas of risk management, many organizations have focused on data collection and not the underlying systems that support data. Organizations should ensure their IT systems give them the flexibility to manage and report data in multiple ways that benefit the business. Most companies tend not to invest heavily in complicated risk analysis and modeling platforms, and instead focus on utilizing existing systems and enhancing existing platforms. In addition, many companies focus most of their IT changes on developing new risk management reports that help with the ongoing monitoring of risk management. It is imperative to involve IT early on in the project so they fully understand the scope and timeline. Their early involvement also will help to create synergies and integration with other key projects (e.g., IFRS). THE FUTURE OF INSURANCE RISK MANAGEMENT PROFESSIONALS The statistics are clear: Based on what we have learned from Solvency II, there will be a significant shortage of qualified employees in the risk management function within the insurance industry in the years following the SMI. In response to that need, many universities in the United States are establishing majors focused on risk management and insurance to train the next generation of industry leaders. Competition among regulators, industries and professional firms is making risk management talent even harder to find. To build the talent required in today s marketplace, insurance and risk management businesses must understand and develop strategies that attract, retain and engage key staff. As for the insurance industry being able to return to the status quo once implementation is complete, what we learned from Solvency II is that this new world of regulation will create a new norm, with many more people employed to make sure companies are able to satisfy regulatory demands. PROTIVITI THE SOLVENCY MODERNIZATION INITIATIVE 7

9 ABOUT PROTIVITI Protiviti ( is a global consulting firm that helps companies solve problems in finance, technology, operations, governance, risk and internal audit. Through our network of more than 70 offices in over 20 countries, we have served more than 35 percent of FORTUNE 1000 and Global 500 companies. We also work with smaller, growing companies, including those looking to go public, as well as with government agencies. Protiviti is a wholly owned subsidiary of Robert Half International Inc. (NYSE: RHI). Founded in 1948, Robert Half International is a member of the S&P 500 index. Our Value Proposition Establishing a risk management framework and culture is an evolutionary process. Its development is more successful when it is done in stages and people understand the objectives building blocks that move the organization closer to an end-state vision. Protiviti s proven approach to insurance regulation compliance provides the risk management infrastructure needed not only to implement a robust ERM framework, but also to perform the self-assessment of material risks and evaluate the interrelationships of those risks required by ORSA. How We Can Help Risk management capability assessment and ORSA road map Our experts can perform an assessment of current risk management practices of specific areas against an ERM/ORSA capability maturity model to identify gaps, create recommendations to remediate gaps and develop a road map for ERM/ORSA implementation/enhancement. Model validation We can assess a company model, the output of which is used to support key decisions to ensure the model is logical and conceptually sound. In addition, we can benchmark the company model against other model constructs and methods, and compare model predictions to real events and outcomes. Stress testing framework and methodology Protiviti can provide the governance, framework and methodology to conduct a systematic stress-testing process for key risk exposures to assist insurers in managing their risks and maintaining adequate resources to deal with those risks under atypical conditions. We also can help you to maintain risk-taking activities within your risk appetite. Integrated compliance and risk management We offer a process for selecting and implementing tools and technologies to automate and increase the organization s efficiency around risk management and compliance activities. We will work with you to maximize your investment and gain synergies. Software vendor selection and tool implementation Protiviti s process for selecting and implementing tools and technologies to automate and increase the organization s efficiency around risk management and compliance activities can help you to maximize your investment and gain synergies. Internal audit Our experts can review the internal audit process to identify key process controls and make recommendations for improvement, highlighting gaps and inefficiencies in controls. PROTIVITI THE SOLVENCY MODERNIZATION INITIATIVE 8

10 Contacts Carol Beaumier Executive Vice President Global Industry Programs Global Leader - Financial Services Industry Practice carol.beaumier@protiviti.com Shawn Seasongood Managing Director U.S. Insurance Practice shawn.seasongood@protiviti.com Cory Gunderson Managing Director U.S. Financial Services Practice Leader Global Leader Risk & Compliance Solutions cory.gunderson@protiviti.com Michael Pisano Associate Director U.S. Insurance Practice michael.pisano@protiviti.com PROTIVITI THE SOLVENCY MODERNIZATION INITIATIVE 9

11 THE AMERICAS EUROPE UNITED STATES FRANCE THE NETHERLANDS Alexandria Atlanta Baltimore Boston Charlotte Chicago Cincinnati Cleveland Dallas Denver Fort Lauderdale Houston Kansas City Los Angeles Milwaukee Minneapolis New York Orlando Philadelphia Phoenix Pittsburgh Portland Richmond Sacramento Salt Lake City San Francisco San Jose Seattle Stamford St. Louis Tampa Washington, D.C. Woodbridge Paris GERMANY Frankfurt Munich ITALY Milan Rome Turin MIDDLE EAST Amsterdam UNITED KINGDOM London ARGENTINA Buenos Aires* BRAZIL Rio de Janeiro* São Paulo* CANADA Kitchener-Waterloo Toronto MEXICO Mexico City* PERU Lima* VENEZUELA Caracas* BAHRAIN Manama* KUWAIT Kuwait City* OMAN Muscat* UNITED ARAB EMIRATES Abu Dhabi* Dubai* ASIA-PACIFIC AUSTRALIA Brisbane Canberra Melbourne Perth Sydney CHINA Beijing Hong Kong Shanghai Shenzhen * Protiviti Member Firm ** Protiviti Alliance Member INDIA Bangalore Mumbai New Delhi INDONESIA Jakarta** JAPAN Osaka Tokyo SINGAPORE Singapore SOUTH KOREA Seoul 2012 Protiviti Inc. An Equal Opportunity Employer. PRO-PKIC Protiviti is not licensed or registered as a public accounting firm and does not issue opinions on financial statements or offer attestation services.

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