2015.Fall 6b
This part of the questions seems to be relevant to NAIC.Solvency but since the question is in the battlecard of this article so i post here. I don't recall i have seen the answers for this question in NAIC.Solvency. Have i missed anything or is this question outdated?
Comments
I double-checked both Porter chapter 4 (which discusses state-based insurance regulation) and NAIC.Solvency (which also discusses state-based regulation) and the answer to that exam question is not explicitly in either reading.
The nearest I could find to an answer to part (b) is paragraph 5-4 from NAIC Solvency which is summarized in the wiki here:
It seems that 2 of these 4 bullet points correspond to answers in the examiners' report, namely the first 2 which are [1] creating a document explaining U.S. regulation [2] examining international practices. So you should get credit for those.
But regarding the other 3 answers in the examiners' report: The answer referring to RBC is now outdated however. ORSA is discussed somewhat in NAIC.Solvency but isn't explicitly mentioned as an initiative. And 2 of the official answers seem very similar: IMF FSAP, which is international, and IFRS, which is also international.
It's possible the answer in the examiners' report is based on a reading that's no longer on the syllabus, even though it seems closely related to the what's covered in chapter 4 of Porter and NAIC.Solvency. The examiners' report mentions that candidates' performance on this question was not good so it probably wasn't a good exam question to begin with.
Note: I have inserted a reference to NAIC.Solvency in the Battle Table for Chapter 4 of Porter.