Washington — Consumer groups are calling for the National Association of Insurance Commissioners (NAIC) to reject a plan forwarded by the American Council of Life Insurers (ACLI) to loosen capital requirements to help life insurers meet required reserve levels amid falling stock prices and a worsening economic climate.
“The American Council of Life Insurers strongly supports efforts by the National Association of Insurance Commissioners to explore changes to reserve and capital requirements,” says ACLI President Frank Keating. “At a time when our nation’s economy is in turmoil, state regulators are taking prudent steps to ensure these requirements are protecting consumers’ interests and allowing life insurers to best serve their policyholders.”
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