The Capital and Surplus Relief Working Group of the NAIC, with several other NAIC panels, is studying a proposal by the American Council of Life Insurers to loosen capital requirements and help life insurers meet required reserve levels amid falling stock prices and a worsening economic climate. The ACLI proposes nine regulatory changes affecting life insurance reserves, annuity reserves and risk-based capital, risk-based capital for investments and accounting for deferred tax assets. Formal NAIC action may be possible as early as January 2009. After that, state legislatures and regulators would be charged with the decision of whether or not to enact the changes.