The National Association of Insurance Commissioners approved many amendments and guidelines – including some of the “emergency relief” provisions proposed by life insurers in late 2008 – at its fall meeting.
The American Council of Life Insurers, Washington, asked for the changes in November 2008.
The ACLI suggested at the time that adopting the proposed changes on an expedited basis could help insurers cope with the effects of the financial crisis. The NAIC, Kansas City, Mo., declined to speed up its approval process, but it agreed to consider the ACLI suggestions through the regular NAIC policymaking process.