State insurance commissioners may need to establish guidelines for deciding which situations are emergencies.
Regulators talked about that topic Thursday during a conference call organized by the National Association of Insurance Commissioners, Kansas City, Mo.
The NAIC organized the call to consider a 9-point capital and surplus rules change proposal submitted by the American Council of Life Insurers, Washington.
Members of the NAIC executive committee voted 16-1 against sending the proposal to the plenary, the body that includes all voting NAIC members.
The NAIC executive committee was reviewing the proposal on an expedited, emergency basis. Individual states still could adopt some or all of the ACLI recommendations on their own, and the NAIC still may consider the proposal through the normal NAIC model law process.
But commissioners repeatedly said that proposal supporters had not made the case that an emergency exists.
Thomas Hampton, the District of Columbia commissioner, asked that the NAIC define the term “emergency.”