NAIC ruling stalls US hybrids market

The US market for hybrid capital securities was dealt a blow in April after a regulatory ruling effectively barred insurance firms from investing in these instruments. The Securities Valuation Office (SVO) of the National Association of Insurance Commissioners (NAIC), which regulates how insurance companies invest, classified a particular hybrid issued by Lehman Brothers as equivalent to common equity.

The NAIC's ruling on Lehman's $300 million deal, issued under a new structure called Enhanc

To continue reading...

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: