Some life insurers with commercial mortgage-backed securities in their portfolios may need more capital as a result of changes in risk-based capital requirements by the National Association of Insurance Commissioners, according to Moody’s Investors Service. Moody’s noted that while insurers that own super-senior CMBS securities and have been aggressive in taking impairments may see a reduction in the requirements, those that have mezzanine securities with less subordination and have been less active in taking impairments may see an increase.
