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.
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.