A system, method, and computer program product are provided for rerating customer events in parallel with executing one or more open sessions in a consumer telecommunications network. In use, accumulated events of a current billing cycle are rerated in accordance with a billing plan associated with a telecommunications subscriber. Additionally, one or more counters associated with one or more accumulators corresponding to the telecommunications subscriber are updated, in response to the rerating. In addition, one or more open sessions associated with the telecommunications subscriber are identified. Furthermore, at least one existing reservation associated with the one or more open sessions that requires modification as a result of updating the one or more counters associated with the one or more accumulators corresponding to the telecommunications subscriber is identified. Moreover, authorization for at least one updated reservation for the at least one existing reservation associated with the one or more open sessions that requires modification is automatically requested.