Answers to difficult economic Naic

 

Thursday, Mar 05,2009, 11:32:08 AM   Click:

Discuss the regulation of insurance capital, excess demand for relief

KANSAS CITY, Mo. (January 2, 2009) - The National Association of Insurance Commissioners (NAIC) held a meeting today to discuss the request of the American Council of Life Insurers (ACLI) in capital and surplus Relief for life insurance companies. First requested by the ACLI in November 2008, the call comes during a period of unprecedented challenges of the national economy.

"During the last two months we have worked diligently to inform us of what is requested and what might be necessary and possible," said NAIC President and New Hampshire Insurance Commissioner Roger Sevigny. "While ACLI most applications have been reviewed by insurance regulators for some time, I can assure you that careful consideration will be exercised before any action is taken. "

The NAIC is the capital and surplus relief working group to consider the request ACLI. The Working Group then obtained using multiple NAIC technical groups to provide their initial analysis of the ACLI proposal. In addition to a public comment period which ended 26 December 2008, the Working Group will hold a public hearing to receive comments and additional information.

WHAT: Public hearing to consider the request ACLI Capital and Surplus Relief
WHEN: 10 am - 2 pm ET
Tuesday January 27, 2009
LOCATION: Marriott Wardman Park Hotel
2660 Woodley Road, NW
Washington, DC 20008

COMMENTS: Written comments must be submitted by Friday 23 January 2009, Todd Sells to tsells@naic.org

"State regulation of insurers to take the conservative solvency standards to provide the best protection for consumers - to ensure that the company will be able to pay claims," said Sevigny. "We will not make changes that could have a negative impact on consumer protection measures."

The ACLI request includes nine specific elements, which propose changes to the reservation, venture capital, reinsurance and guarantee the accounts of the NAIC requirements.About

Headquartered in Kansas City, Mo., the National Association of Insurance Commissioners (NAIC) is a voluntary organization of chief insurance regulatory officials of the 50 states, the District of Columbia United States and five territories. NAIC primary objective is to assist the State insurance regulators in protecting consumers and helping maintain the financial stability of the insurance industry by offering financial, actuarial, legal, IT , research, market conduct and economic expertise. Established in 1871, the NAIC is the oldest association of state officials. For over 135 years, the state insurance supervision has served the needs of consumers, industry and insurance business in general ensuring that the practice, first line of protection for consumers, while providing platforms for insurance uniform and coordinated systems they need for effective competition in a market in perpetual evolution.