- Associated Press - Thursday, July 7, 2016

ALBANY, N.Y. (AP) - New York financial regulators say they will adopt new reserve standards for life insurers beginning in 2018 with a working group helping to establish reserve safeguards.

The Department of Financial Services says the principle-based reserving for its regulated life insurers aligns with standards adopted by 45 states, representing nearly 80 percent of the U.S. life insurance market.

According to the department, the new standards are intended to let companies to hold reserves based on experience more closely tailored to the insurers’ particular products.

The working group will help develop the minimum reserve floor for all life insurance sold to consumers, regardless of company experience.

Members include Mark Pearson, Axa Equitable Life chief executive; Deanna Mulligan, Guardian Life Insurance CEO; and Kristen McManus, senior program specialist for advocacy, AARP.


Copyright © 2018 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times welcomes your comments on Spot.im, our third-party provider. Please read our Comment Policy before commenting.

 

Click to Read More and View Comments

Click to Hide