Illinois says it will let several carriers use “permitted practices,” or exceptions to the usual capital and surplus reporting rules.
The carriers that can use the permitted practices are Allstate Life Insurance Company, Northbrook, Ill.; Allstate Insurance Company, Northbrook; and Continental Casualty Company, Chicago, according to Illinois Division of Insurance bulletins.
Allstate Life and Allstate are units of Allstate Corp., Northbrook.
Continental Casualty is a unit of CNA Financial Corp., Chicago.
Michael McRaith, Illinois division director, sent a letter Jan. 28 that gives Allstate Life permission to switch from a market-value approach to a book-value approach for market-value-adjusted annuities. Allstate Life can use the annuity valuation change for “the year ending 2008 through Sept. 30, 2009,” McRaith writes.
McRaith sent another letter, on Feb. 11, that gives both Allstate Life and Allstate Insurance permission
to increase use of deferred tax assets for reporting from Dec. 31, 2008, through Dec. 30, 2009.