Iowa is giving 10 life insurance companies capital and surplus relief by letting them use a Feb. 3 bulletin that temporarily relaxes deferred tax asset rules.
Tom Alger, an Iowa Insurance Division spokesman, says the companies that applied for and were granted relief include:
- Aviva Life & Annuity Company, Des Moines.
- CUMIS Insurance Society Inc., Waverly.
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- Principal Life Insurance Company, Des Moines.
- Farm Bureau Mutual Insurance Company, West Des Moines.
- Farm Bureau Life Company, West Des Moines.
- CUNA Mutual Insurance Society, Waverly, Iowa.
- Midland National Life Insurance Company, Des Moines.
- Transamerica Life Insurance Company, Cedar Rapids, Iowa.
- North American Company Life & Health Insurance Company West Des Moines.
- ING USA Annuity & Life Insurance Company, Des Moines.
The bulletin issued by the Iowa insurance department changes the amount of time available for realizing deferred tax assets to 3 years, from 1 year, or to 15%, from 10%, of statutory capital and surplus.