FOR IMMEDIATE RELEASE

NAIC RESPONDS TO ECONOMIC DIFFICULTIES
Insurance Regulators Discuss Capital, Surplus Relief Request

KANSAS CITY, Mo. (Jan. 2, 2009) — The National Association of Insurance Commissioners (NAIC) held a meeting today to discuss a request from the American Council of Life Insurers (ACLI) for capital and surplus relief for life insurance companies. First requested by the ACLI in November 2008, the appeal comes during a time of unprecedented national economic challenges.

“Over the past two months, we have worked diligently to inform ourselves of what is being requested, as well as what might be necessary and possible,” said NAIC President and New Hampshire Insurance Commissioner Roger Sevigny. “While many of the ACLI’s requests have been under consideration by insurance regulators for quite some time, I can assure that careful deliberation will be exercised before any action is taken.”

The NAIC formed the Capital and Surplus Relief Working Group to review the ACLI request. The Working Group then enlisted the aid of several NAIC technical groups to provide their initial analyses of the ACLI proposal. In addition to a public comment period that ended Dec. 26, 2008, the Working Group will hold a public hearing to gather additional comments and information.

WHAT:
Public Hearing to Discuss ACLI Request for Capital and Surplus Relief
WHEN:
10 a.m. – 2 p.m. ET
Tuesday, Jan. 27, 2009
WHERE:
Marriott Wardman Park Hotel
2660 Woodley Road, NW
Washington, DC 20008
COMMENTS: Written comments should be submitted by Friday, Jan. 23, 2009, to Todd Sells at tsells@naic.org.

“State regulators hold insurers to conservative solvency standards to provide the ultimate protection to consumers — making sure a company will be able to pay claims,” Sevigny added. “We will not contemplate making any changes that would negatively impact existing consumer-protection measures.”

The ACLI request includes nine specific items that propose changes to reserving, risk-based capital, reinsurance collateral and accounting requirements.

About the NAIC

Formed in 1871, the National Association of Insurance Commissioners (NAIC) is a voluntary organization of the chief insurance regulatory officials of the 50 states, the District of Columbia and five U.S. territories. The NAIC has three offices: Executive Office, Washington, D.C.; Central Office, Kansas City, Mo.; and Securities Valuation Office, New York City.

The NAIC serves the needs of consumers and the industry, with an overriding objective of supporting state insurance regulators as they protect consumers and maintain the financial stability of the insurance marketplace. For more information, visit www.naic.org.

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