The National Association of Insurance Commissioners (NAIC) Executive Committee has scuttled an emergency request from the life insurance industry to relax capital and surplus requirements.

“So far the insurance industry is in much better condition than most of the rest of the financial services sector because of strong state solvency regulations,” says NAIC President and New Hampshire Insurance Commissioner Roger Sevigny. “Simply put, the industry has not made a credible case for why we need to make changes on an emergency basis, and why those changes should be limited to the specific proposals made by the industry.”

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