N.Y. watchdog plans to cut insurance reserve requirements

New York Department of Financial Services Superintendent Benjamin Lawsky said his office will issue a regulation reducing the reserves that insurance companies must maintain to back term life insurance policies by about a third. In a letter to the National Association of Insurance Commissioners, Lawsky said the change will take effect for policies sold after Jan. 1, 2015, by companies domiciled in New York state.

View Full Article in:

Wall Street Journal (tiered subscription model), The

Published in Brief: