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NAIC Endorses Life Insurer Capital Relief Plan

Posted on 14 Oct 2009

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A National Association of Insurance Commissioners (NAIC) task force endorsed a request by U.S. life insurers for looser capital standards tied to slumping residential mortgage-backed securities.

The plan, which would eliminate regulators' use of RMBS ratings from firms such as Moody's Investors Service, was approved in a conference call today by an NAIC group led by New York State Insurance Department Deputy Superintendent Michael Moriarty. The entire NAIC, which represents state insurance regulators, may vote on the relief plan in time for insurers’ 2009 annual reports, Moriarty said.