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.
The NAIC’s executive committee and its plenary, the body that includes all voting members of the NAIC, has adopted one ACLI-proposed change – a set of model regulation amendments — that will permit the recognition of preferred mortality tables for use in determining minimum reserve liabilities.
The executive committee and plenary also adopted an ACLI-proposed change – an actuarial guideline – dealing with the effects of changes in valuation mortality rates after a life policy is issued.
In other moves, the executive committee and plenary adopted Risk-Based Capital for Health Organizations Model Act revisions.