This paper describes the current state of development of the second generation of International Maritime Organization (IMO) intact stability criteria. The objective of the paper is three-fold. First, it is a brief review of the recent history of related IMO development with emphasis on the question: why is the second generation of stability criteria needed? Second, the paper describes the framework of the new criteria in which they are complementary to the existing IMO criteria. The new criteria are applied only to those designs that may be susceptible to one of the modes of stability failure considered (parametric roll, pure loss of stability, surf-riding/ broaching). This is achieved through a set of formalized procedures of vulnerability checks. The ideas, proposals, and justifications of these procedures represent the novel contents of the paper. Last, the paper reviews available technologies for development of direct stability assessment methods or performance-based criteria that should be available for those rare cases when susceptibility to these modes of failures is too high.