Despite NY's Outcry, NAIC Sticks To Guns On Reserve Rules

Law360, New York (September 13, 2013, 7:52 PM EDT) -- The National Association of Insurance Commissioners tells Law360 it won't back down from implementing a new principles-based reserving system for life insurers, despite New York's widely publicized decision to abandon the regulatory change as of Friday.

The New York Department of Financial Services said Thursday it would cancel a switch to a principles-based method for calculating the reserves that life insurers must set aside to pay claims, saying the new rules would give insurers too much leeway and lead to under-reserving.

But the NAIC seems unswayed...
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