The exceptions state insurance departments are granting insurers reporting their capital and surplus under permitted practices rules will create a level of inconsistency and raise issues of comparability, an analyst with the rating agency Standard & Poor's Corp. said.
The observation came in response to questions asked during a teleconference call today addressing rating actions and related criteria on U.S. life insurers. However, the practice is also being applied to some property-casualty companies.
In response to a question over the "flurry of permitted practices" being granted by state insurance departments, S&P analyst Kevin Ahern said that S&P would look at companies on a case by case basis but did note that an issue of comparability is created.
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