New York agrees to industry-backed insurer reserve rules
July 11, 2016 by Arthur D. Postal
WASHINGTON — New York today fell in line with a decision made by the National Association of Insurance Commissioners (NAIC) to shift reserve requirements for universal life insurance with secondary guarantees, and term life insurance products will shift to a more flexible evaluation system.
However, New York will only adopt the system as of Jan. 1, 2018, instead of at the beginning of 2017 under the NAIC plan.
Maria T. Vullo, the new superintendent of the New York Department of Financial Services (DFS), said the state will adopt principle-based reserving (PBR) for its regulated life insurers beginning in January 2018. Click HERE to read more…
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