Some of the nation's insurance regulators yesterday, in the course of rejecting a bid by life insurance companies for looser reserve and capital requirements, indicated they see a need for guidelines to define emergency situations.
Life carriers, who saw their request rejected 16-1 during a teleconference meeting of the National Association of Insurance Commissioners, had contended they had an emergency because of a credit crisis and a rules change could make $18 billion in capital available to them.
In rejecting the request for a regulatory change the possibility that the NAIC might address relaxed capital and surplus requirements for life insurance carriers through its non-emergency model law process was left open.
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