SMI Work Plan

Analyze other financial supervisory modernization initiatives, to the
extent appropriate. Analysis should include

the Basel II international capital framework for banks and
implementation in the U.S.;

solvency work by the International Association of Insurance
Supervisors (IAIS);

solvency proposals under consideration in other jurisdictions,
including Australia, Canada, Japan and the EU;

accounting standards being developed by the International
Accounting Standards Board (IASB).

As an on-going process, and as details emerge from the EU,
complete the analysis of EU/S2.

Identify areas for U.S. regulators to consider including in the current
NAIC programs.