Life Insurers Seek Lower Cash Cushions
January 21, 2009
To the list of industries seeking government relief, add another: life insurance.
Battered by the financial crisis, life insurers are urging regulators to let them operate with thinner financial cushions — the capital they must hold to absorb financial shocks and cover their obligations to policyholders.
The American Council of Life Insurers, an industry group, has been pleading with regulators to adopt a variety of changes in capital and reserve requirements before companies must file their annual reports for 2008. The ACLI fears that the reports could otherwise spook policyholders into dropping coverage and liquidating policies — steps that an ACLI official said would be unwarranted and contrary to consumers’ interests.
Read Article: Washington Post
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