NY Insurance Regulator Warns Against New Reserves Approach

Law360, New York (November 27, 2012, 4:03 PM EST) -- New York's insurance regulator on Monday urged insurance commissioners in other states not to support a shift to a principles-based system for calculating reserves that life insurers should set aside to cover claims, arguing the move could wind up jeopardizing insurers' financial health.

Benjamin Lawsky, superintendent of the New York Department of Financial Services, sent off a letter to insurance commissioners laying out a slew of problems he said could result from a move away from the current rules-based reserving regime, which critics say unnecessarily ties...
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