US Regulatory News

NAIC Rejects ACLI Proposals for Capital and Surplus Relief (January, 2009)

On January 29, 2009, the NAIC Executive Committee meeting by teleconference voted to reject the emergency implementation of changes to statutory reserve and Risk Based Capital reporting as proposed by the American Council of Life Insurers. These changes which were designed to mitigate the unintended impact of the current economic downturn on the capital position of life insurers, had undergone extensive review by a specially formed Capital and Surplus Relief Working Group which had recommended approval of some of the proposals with some modifications. It now appears these changes will be considered further in 2009 under the established procedures for such matters.