Texas Insurance Commissioner Eleanor Kitzman is chair of a special joint NAIC (National Association of Insurance Commissioners) work group of the Life Insurance & Annuities and the Financial Condition Committee. The work group is exploring, and possibly will revamp, reserving methodologies for certain universal life products with secondary guarantees.

Kitzman will determine whether it is prudent and necessary to develop interim guidelines and/or tools to be utilized by regulators in evaluating reserves for these products.  If so, the group will promptly develop the guidelines/tools.  In addition, they are looking seriously at industry concerns about leveling playing fields.

The American Council of Life Insurers (ACLI) and the Affordable Life Insurance Alliance (ALIA) are assisting the work group.