NU Online News Service, Feb. 13, 2004, 1:17 p.m. EST – Regulators want life insurers to supply more information about liquidity risk.[@@]
Officials at the National Association of Insurance Commissioners, Kansas City, Mo., are talking about changing life insurance financial blanks to reflect changes suggested in September 2002 by the NAIC’s life liquidity risk working group.
Future blanks might require certification from an insurer’s highest ranking financial officer that the officer believes, after consulting with the insurer’s staff, that the company has appropriate financial tools and management structures in place to assess this type of risk.
Blanks also might incorporate the concept of disclosure for institutional business. The liquidity risk working group discussed the concept in an attachment to its final paper.
Officials plan to introduce the blanks proposal in March at the NAIC spring meeting. After a comment period, officials would present the proposal to the NAIC’s financial blanks committee. If all goes smoothly, the changes could become effective for the 2005 blanks, officials say.