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March 10, 2009 at 08:00 PM
The National Association of Insurance Commissioners has released a list of the insurers that are using non-standard accounting practices in their 2008 statutory financial filings.
The report includes non-standard accounting practices required by insurers’ states of domicile as well as non-standard practices that the insurers themselves asked for permission to use.
The NAIC, Washington, calls the non-standard practices required by state regulators “prescribed practices,” and it calls the non-standard practices permitted by state regulators “permitted practices.”
The NAIC found that at least 58 life insurers are using prescribed practices in their 2008 statutory filings, and 57 are using permitted practices, with 18 using both prescribed practices and permitted practices.
The 97 insurers reporting use of non-standard practices are posting a total of $23 billion in net losses for 2008 and $125 billion in total capital and surplus.
Prescribed practices increased the life insurers’ combined 2008 capital and surplus by $7.7 billion, or 6.2%.
