Life insurers are urging state regulators to change capital and surplus reporting rules in time to affect the 2008 financial statements.
State insurance commissioners reviewed a 9-point proposal from the American Council of Life Insurers, Washington, Friday, during a conference call organized by the National Association of Insurance Commissioners, Kansas City, Mo.
Commissioners decided to defer action until after a Jan. 27 public hearing.
The upcoming hearing was scheduled after critics argued that the ACLI had presented the plan in secret and that regulators were not giving consumers and others a chance to weigh in.
During the call, Thomas Hampton, the District of Columbia commissioner, and Thomas Sullivan, the Connecticut commissioner, reviewed the accounting and actuarial requests made by ACLI and the recommendations of NAIC technical working groups.
What remains uncertain is whether, following the Jan. 27 public hearing, regulators will make decisions that can be incorporated into the 2008 financial statements.
The 2008 financial statements must be filed by March 15, and work on the 2008 financials is already starting.
“Having a public hearing in late January, with no stated intention of making any decisions on at least some of changes the [Capital & Surplus] Working Group has already acknowledged are necessary and appropriate, quite frankly would be an embarrassment to the NAIC,” writes Bruce Ferguson, an ACLI senior vice president.