Chamber Standards Fight Could Affect Life and Annuity Prices, Product Menus
November 6, 2019 by Allison Bell
The U.S. Chamber of Commerce is trying to persuade an international insurance group to adopt a U.S. Chamber approach to determining whether insurers have enough capital to support the insurance policies and annuity contracts they’ve sold.
The outcome of the fight, at the International Association of Insurance Supervisors (IAIS), could eventually have a big effect on what life insurers charge for products in the United States and what kinds of products life insurers can offer.
The IAIS wants regulators around the world to have one benchmark insurer financial health number they can use to get a rough idea of how strong any particular insurer is. IAIS members are eager to avoid a repeat of the problems that occurred before and during the 2007-2009 Great Recession.
The Basel, Switzerland-based group is preparing to start a five-day meeting Nov. 11 in Abu Dhabi, in the United Arab Emirates.