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2025 Membership (PDF)

2026 Proposed Charges 

The mission of the Invested Assets (E) Task Force is to provide regulatory leadership and expertise to establish and maintain all aspects of the ²»Á¼Ñо¿Ëù¹Ù·½â€™s analysis of insurer invested assets.  This includes Overseeing the work of the Investment Analysis (E) Working Group, the Investment Designation Analysis (E) Working Group, and the Credit Rating Providers (E) Working Group. Provide a forum for education from various parties to regulators on investment products, their performance, and the financial risks for regulatory policy purposes, as well as how regulators may address such risks. Understand new or evolving investment products that may possess characteristics that pose unique risks to insurers and the industry and coordinate with different ²»Á¼Ñо¿Ëù¹Ù·½ groups of the Financial Condition (E) Committee or other ²»Á¼Ñо¿Ëù¹Ù·½ groups, if necessary, to develop, implement, or advise on investment-related solvency policy changes (e.g., accounting, risk-based capital [RBC], etc.) or procedures within their analysis and examination of insurers subject to such risks.

1. The Investment Analysis (E) Working Group (INVAWG) will:
   1. Monitor the risks associated with all types of invested assets, including collateral loans, mortgage loans, real estate, and Schedule BA investments.
   2. Analyze the details of new or evolving investment products or new investment characteristics that could pose unique risks to insurers and provide recommendations to the Task Force on investment-related solvency policy changes to be made in conjunction with other ²»Á¼Ñо¿Ëù¹Ù·½ groups of the Financial Condition (E) Committee.
   3. Analyze insurers and groups that hold new, evolving, or riskier investments and advise the state of domicile on applicable risks, either directly or through coordination with the Financial Analysis (E) Working Group or Valuation Analysis (E) Working Group.   Where applicable, utilize ²»Á¼Ñо¿Ëù¹Ù·½ staff from the Securities Valuation Office and Structured Securities Group and Capital Markets Bureau to assist the Working Group with these deliverables.
   4. Oversee a revised portfolio analysis product from ²»Á¼Ñо¿Ëù¹Ù·½ staff, the CMB Research agenda, and analytical investment reports produced by ²»Á¼Ñо¿Ëù¹Ù·½ for the public.
   5. Oversee the ²»Á¼Ñо¿Ëù¹Ù·½â€™s implementation of revised systems designed to improve the availability of various investment data points from existing ²»Á¼Ñо¿Ëù¹Ù·½ databases while also identifying and providing ²»Á¼Ñо¿Ëù¹Ù·½ staff who support this group with at least one investment software package that facilitates portfolio analysis and portfolio modeling.
   6. Monitor information technology and data resource needs to ensure data can be retrieved efficiently and effectively.
   7. Develop best practice examples of supervisory plans that monitor complex investments where the company and the regulator oversee company-designed risk dashboards on their riskier investment areas/or risk mitigation tracking.
2. The Investment Designation Analysis (E) Working Group (IDAWG) will:
   1. Review and monitor the operations of the ²»Á¼Ñо¿Ëù¹Ù·½ Securities Valuation Office (SVO) and the ²»Á¼Ñо¿Ëù¹Ù·½ Structured Securities Group (SSG) to ensure they continue to reflect regulatory objectives.
   2. Maintain and revise the Purposes and Procedures Manual of the ²»Á¼Ñо¿Ëù¹Ù·½ Investment Analysis Office (P&P Manual) to provide solutions for investment-related regulatory issues for existing or anticipated investments.
   3. Monitor changes in accounting and reporting requirements resulting from the continuing maintenance of the Accounting Practices and Procedures Manual (AP&P Manual), as well as financial statement blanks and instructions, to ensure that the P&P Manual reflects regulatory needs and objectives.
   4. Provide effective direction to the ²»Á¼Ñо¿Ëù¹Ù·½â€™s mortgage-backed securities modeling firms and consultants.
   5. Identify potential improvements to the credit filing and designation processes, including formats and electronic system enhancements.
   6. Coordinate with the Invested Assets (E) Task Force, Investment Analysis (E) Working Group, and other ²»Á¼Ñо¿Ëù¹Ù·½ working groups and task forces to formulate recommendations and make referrals to other ²»Á¼Ñо¿Ëù¹Ù·½ regulator groups to ascertain that 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 ²»Á¼Ñо¿Ëù¹Ù·½ regulatory groups and the objectives of their guidance is reflected in the P&P Manual. Implement additional and alternative ways to measure and report investment risk.
3. The Credit Rating Provider (E) Working Group will:
   1. Identify potential improvements to the filing exempt (FE) process (i.e., using credit rating provider ratings to determine an ²»Á¼Ñо¿Ëù¹Ù·½ designation) through ongoing implementation of the CRP due diligence framework to ensure greater consistency, uniformity, and appropriateness to achieve the ²»Á¼Ñо¿Ëù¹Ù·½â€™s financial solvency objectives.
   2. Implement policies resulting from the CRP due diligence framework related to ²»Á¼Ñо¿Ëù¹Ù·½â€™s staff administration of rating agency ratings used in ²»Á¼Ñо¿Ëù¹Ù·½ processes, including staff discretion over the applicability of their use in its administration of FE.
   3. Coordinate with the Investment Designation Analysis (E) Working Group on issues identified from the maintenance of the CRP due diligence framework. 
       

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 ²»Á¼Ñо¿Ëù¹Ù·½â€™s credit assessment process for insurer-owned securities, as well as produce insightful and actionable research and analysis regarding insurer investments.

2025 Charges

1. The Valuation of Securities (E) Task Force will:
   
   1. Review and monitor the operations of the ²»Á¼Ñо¿Ëù¹Ù·½ Securities Valuation Office (SVO) and the ²»Á¼Ñо¿Ëù¹Ù·½ Structured Securities Group (SSG) to ensure they continue to reflect regulatory objectives.
   2. Maintain and revise the Purposes and Procedures Manual of the ²»Á¼Ñо¿Ëù¹Ù·½ Investment Analysis Office (P&P Manual) to provide solutions for investment-related regulatory issues for existing or anticipated investments.
   3. 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.
   4. Consider whether improvements should be suggested to the measurement, reporting, and evaluation of invested assets by the ²»Á¼Ñо¿Ëù¹Ù·½ 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.
   5. Identify potential improvements to the credit filing process, including formats and electronic system enhancements.
   6. Provide effective direction to the ²»Á¼Ñо¿Ëù¹Ù·½â€™s mortgage-backed securities modeling firms and consultants.
   7. Coordinate with other ²»Á¼Ñо¿Ëù¹Ù·½ 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, the Risk-Based Capital Investment Risk and Evaluation (E) Working Group, and the Valuation Analysis (E) Working Group—to formulate recommendations and make referrals to other ²»Á¼Ñо¿Ëù¹Ù·½ 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 ²»Á¼Ñо¿Ëù¹Ù·½ regulatory groups and the objectives of their guidance is reflected in the P&P Manual.
   8. Identify potential improvements to the filing exempt process (the use of credit rating provider ratings to determine an ²»Á¼Ñо¿Ëù¹Ù·½ designation) to ensure greater consistency, uniformity, and appropriateness to achieve the ²»Á¼Ñо¿Ëù¹Ù·½â€™s financial solvency objectives.
   9. Implement policies to oversee the ²»Á¼Ñо¿Ëù¹Ù·½â€™s staff administration of rating agency ratings used in ²»Á¼Ñо¿Ëù¹Ù·½ processes, including staff’s discretion over the applicability of their use in its administration of filing exemption.
   10. Establish criteria to permit staff’s discretion over the assignment of ²»Á¼Ñо¿Ëù¹Ù·½ designations for securities subject to the filing exempt process (the use of credit rating provider ratings to determine an ²»Á¼Ñо¿Ëù¹Ù·½ designation) to ensure greater consistency, uniformity, and appropriateness to achieve the ²»Á¼Ñо¿Ëù¹Ù·½â€™s financial solvency objectives.
   11. Implement additional and alternative ways to measure and report investment risk.