WASHINGTON The National Association of Insurance Commissioners (NAIC) said that it is turning its sights to the use of captives by insurers in their variable annuity (VA) businesses.The issue will be discussed at the meeting by the NAIC Financial Condition Committee. It is headed by Joseph Torti III, superintendent of the Rhode Island Department of Insurance and Banking.This follows a report last fall by economists at the Federal Reserve Bank of Boston, which voiced concern about increased use of contingent assets to back captive reserves since the economic crisis in 2009, especially the top five issuers of VAs with guarantees.In addition to the Fed, the Treasury Department and the Financial Stability Oversight Council also have voiced concern about use of captives by insurers.The Boston Fed report found that in the aftermath of the financial crisis, large VA issuers, particularly the top five issuers, increasingly turned to captives to finance their risk.VA risk exposure is growing and is more concentrated, particularly among the top five VA life insurers, the report said.From 2009 to 2012, total reserves transferred to captives increased from $10.8 billion to $25.8 billion, or 139 percent, according to the report. The report said that an increased portion of these reserves is supported by lower quality assets in captives.The report added that, on a statutory basis, the financial strength of the top 10 VA life insurers using captives appears to have weakened, despite the growth in reserves and high reported risk based capital (RBC) ratios.The report added that, without the RBC benefit derived from captive transfers, an estimated $14.4 billion to $34.9 billion of additional statutory capital would be required of the top 10 VA life insurers transferring VA risk to captives.regulatory requirements present captives with the opportunity to finance portions of their reserves with contingent assets, such as letters of credit (LOCs), the report said.
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