Insurers and their software companies are joining to fight a proposal to give regulators more time to update the risk-based capital (RBC) reporting rules for a given year.
Regulators use RBC figures to determine whether insurers have enough capital to support the policies they have written. Changes in RBC may increase or decrease what insurers charge for their products.
Members of the Capital Adequacy Task Force, an arm of the National Association of Insurance Commissioners (NAIC), have talked about moving the RBC formula finalization date for an RBC reporting year to July 31, from April 30, to accommodate late changes in insurance accounting rules or in insurance company annual statement blanks.
