Insurers are continuing to press for different treatment of hybrid securities by the National Association of Insurance Commissioners, claiming that failure to do so could be costly to companies and unsettling to the capital markets.
At issue is whether such securities are treated as debt or equity and the risk-based capital charges incurred as a consequence of their classification.
In response, Alessandro Iuppa, NAIC president, reiterated that the NAIC's New York-based Securities Valuation Office is “not a rogue operation but functions under a set of guidelines established by regulators.” He added that the SVO's decisions are “consistent with responsible regulation.”
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