Overview
                State of the Industry
                Financial Analysis
                Examination White Paper
                Risk-Focused Examinations
                Other Solvency Issues
    NAIC                      © 2004 National Association of Insurance Commissioners                      2
   making progress . . . together
     How many P/C 
    insolvencies a year? 
                   Trend of P&C Insolvencies
                                              As of April 2004
           20
           18                                                     20
           16                                                                   18
           14
           12                       14
           10                                      12
             8
             6
             4        6
             2                                                                                  3
             0
                    1999           2000          2001           2002           2003           2004
    NAIC                      © 2004 National Association of Insurance Commissioners                      4
   making progress . . . together
    Financial Analysis 
                   Data/Information Sources
                Annual & Quarterly Statements
                Management’s Discussion & Analysis Letters
                Independent Auditors Reports
                Actuarial Reports
                RBC Report
                Holding Company Filings
                Securities and Exchange Commission Filings
                Rating Agency Reports/Actions
    NAIC                      © 2004 National Association of Insurance Commissioners                      6
   making progress . . . together