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 Enhanced

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