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2024 Membership (PDF)

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.Ìý