New York eyes probe of captives
June 13, 2013 by Arthur D. Postal
New York insurance regulators are calling for a broad state and federal probe of use of captives by life insurers as a means of lowering their reserve and regulatory requirements.
“The Federal Insurance Office, the Office of Financial Research, the National Association of Insurance Commissioners, and other state insurance commissioners should conduct investigations similar to DFS’s to document a more complete picture of the full extent of shadow insurance written nationwide,” Benjamin Lawsky, superintendent of the New York Department of Financial Services, said.
He made his comments following release of a report today showing that New York-based insurance companies and their affiliates engaged in at least $48 billion of shadow insurance transactions. Click here to read…