The National Association of Insurance Commissioners says it will hold separate “yes or no” votes Jan. 29 on each of the 9 sections of the American Council of Life Insurers’ proposal for changing capital and surplus rules.
Members of a capital and surplus working group at the NAIC, Kansas City, Mo., will provide recommendations on each of the 9 points.
Both the NAIC executive committee and the NAIC plenary – the body that includes all voting members of the NAIC – will meet during the Jan. 29 call, officials say.
If members vote to accept a recommendation, the NAIC executive committee and plenary members will decide whether the recommendation should be prospective or retrospective, officials say.
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The ACLI, Washington, presented the proposal in November 2008.
The capital and surplus working group will prepare for the vote by holding a public hearing on the ACLI proposal Jan. 27 in Washington.
Some of the witnesses scheduled to testify include Bob Hunter of the Consumer Federation of America, Washington; Peter Gallanis, of the National Organization of Life & Health Insurance Guaranty Associations, Herndon, Va.; Scott Harrison of the Affordable Life Insurance Alliance, Washington; and Bradley Smith of Milliman Inc., Seattle.
The ACLI and a UNITE HERE, a labor union, also will be sending witnesses, officials say.