Washington, D.C.–By a 9 to 5 vote, the Valuation of Securities “E” Task Force (VOS) of the National Association of Insurance Commissioners decided to defer a decision on the treatment of hybrid securities until regulators have more clarity on the market and how they should be treated in an insurer's portfolio.
The decision came during the Kansas City, Mo.-based NAIC's summer meeting here this week.
The regulators deferred a compromise solution that would have grandfathered hybrid securities issued before June 11 and given them treatment as debt rather than common stock.
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