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By Johnson B. Powell

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101, Income Taxes, a Replacement of SSAP No. 10R and SSAP No. 10 (SSAP 101) went into effect. 45 NAIC officials said that this more gradual reduction can help prevent a sudden drop in capital at a time when an insurer is already experiencing a decline in capital. That is, rather than suddenly losing the ability to count any DTAs as admitted assets, the tiered eligibility requirements can spread these reductions over time. Based on an actuarial study, among other things, NAIC increased the limits of SSAP 10, which could provide insurers with capital relief.

Property/Casualty Insurers’ Net Investment and Underwriting Gains/(Losses), 2002-2011. Premium Revenues Effects on premium revenues were primarily confined to individual annuities in a handful of large insurers. 6 billion, reflecting decreases in all four of the lines we reviewed—group and individual life insurance and group and individual annuities—with the largest decline in individual annuities (see fig. 12). Individual annuity premium revenues decreased more than for other life products because these products’ attractiveness to consumers is based on the guarantees insurers can provide.

Although the Solvency Modernization Initiative is underway, time is needed to allow states to adopt requirements. For instance, NAIC officials said that although they had completed almost all of what they saw as the key SMI initiatives, implementing all SMI activities could take 2 or 3 years. According to the officials, some decisions will be made in 2013, such as how to implement governance activities and changes related to RBC. For instance, the officials stated that they were looking to implement P/C catastrophe risk data analysis later this year and would then consider how to integrate their findings into RBC requirements.

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