Hartford Asks For Reporting Flexibility
National Underwriter News
February 9, 2009
Hartford Financial Services Group Inc. says it has asked Connecticut insurance regulators to ease some capital calculation requirements.
Hartford Financial, Hartford, has asked for Annuity Guideline 39 relief in connection with year-end reserve calculations, Hartford Chief Financial Officer Lizabeth. Zlatkus said Friday during a conference call.
A.G. 39 requires variable annuity issuers to analyze the adequacy of the reserves backing variable annuities that offer guarantees of "living benefits," such as minimum income guarantees.
Hartford also has submitted a permitted practice request related to the admissibility of deferred tax assets, Zlatkus said.
"If both requests are approved, they could provide a benefit of as much as 75 RBC [risk-based capital] points" for the company's life operations, Zlatkus said.
"I would like nothing more than to be able to discuss this," Connecticut Insurance Commissioner Thomas Sullivan says in a statement about Hartford's request for flexibility. "Unfortunately, however, the law prohibits me and other commissioners from doing so."
Click here to return to FBIC homepage