Missouri Insurance Director to Chair Solvency Modernization Task Force

John M. Huff, director of the Missouri Department of Insurance, has been appointed chair of a national task force focusing on insurance regulation, the department announced.

The Solvency Modernization Initiative was created by the National Association of Insurance Commissioners.

Launched in 2008, the Solvency Modernization Initiative is a critical self-examination of the United States’ insurance solvency regulation framework and includes a review of international developments regarding insurance supervision, banking supervision, and international accounting standards and their potential use in U.S. insurance regulation.

While U.S. insurance solvency regulation is updated on a continuous basis, the SMI will focus on five key solvency areas: capital requirements, international accounting, insurance valuation, reinsurance, and group regulatory issues.

“For state regulators, consumer protection begins with solvency – that is, making sure insurance companies are able to pay policyholder claims,” said Huff. “Company investment practices become more complex each day, so it’s vital that regulators continually update solvency requirements.”

Huff’s other leadership positions with the NAIC include:

• Chair of the Midwest Zone, making him a member of the NAIC’s Executive Committee
• NAIC’s representative on the U.S. Financial Stability Oversight Council
• Vice chair of the Interstate Insurance Product Regulation Commission
• Vice chair of the NAIC / Industry Liaison Committee
• Vice chair of the Reinsurance Task Force

Source: Missouri Department of Insurance