Under intense pressure to boost capital, The Hartford Financial Services Group sought two special rulings from state Insurance Commissioner Thomas R. Sullivan, a former senior executive at the company.
Last week, Sullivan granted both. He agreed to relax capital reserve requirements that the National Association of Insurance Commissioners applies to variable annuities, and he relaxed NAIC admissibility rules for deferred tax assets.
The relief will boost statutory surplus for the company’s life insurance unit by $987 million, the company said in a regulatory filing.
Sullivan could not be reached for comment on his decision.
