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February 09, 2009 at 07:00 PM
Illinois and Ohio insurance regulators have posted Web notices discussing how they will respond to life insurers’ requests for changes in accounting rules.
Illinois says it will keep its rules the same.
The Illinois Department of Financial and Professional Regulation appreciates the efforts of the Capital and Surplus Relief Working Group at the National Association of Insurance Commissioners, Kansas City, Mo., to evaluate the 9-point capital and surplus rules change package proposed by the American Council of Life Insurers, Washington, Illinois Insurance Director Michael McRaith writes in Bulletin 2009-02.
“The division also recognizes the need to consider each company’s particular financial circumstances,” McRaith writes.
Illinois “will not broadly or by blanket application reduce accounting standards governing capital and surplus adequacy,” McRaith writes.
But individual companies can ask for individual variances from statutory accounting practices, McRaith writes.
“This consideration will be based on the specific applicant’s substantive explanation in support of the requested practice and the consumer impact of the variance, if approved,” McRaith writes.
