NEW YORK (Bloomberg) — The life insurance industry's request to ease capital requirements may not be granted in time for the companies to apply the new standards to 2008 results, the US National Association of Insurance Commissioners said.

"We will not contemplate making any changes that would negatively impact existing consumer protection measures," NAIC president Roger Sevigny said in a statement. "The intent is to fully vet this and make sure everyone has had appropriate chance to comment," he told regulators on Friday in a conference call.

The American Council of Life Insurers is seeking relief after losses on stocks, mortgage bonds and corporate debt forced the firms to slash dividends, suspend buybacks and raise capital. Regulators were under pressure to act after New York eased standards last month on insurers the state oversees. New York- based MetLife Inc., the No. 1 US life insurer, said the rule change provided a benefit of $1.8 billion.

The NAIC will hold a hearing on January 27 in Washington to give companies, regulators and consumer groups a chance to state their positions, the statement said. Jack Dolan, a spokesman for the ACLI, didn't immediately return a call seeking comment.