The New York Department of Financial Services has launched aninvestigation into financial arrangements between life insurers andcaptive insurance companies, the Wall Street Journal reports. Regulators believe certain insurers could be shiftingliabilities off their balance sheets onto affiliated companies,most of which are incorporated offshore or in other states and havefewer funding requirements than companies in New York.
|The state is on the lookout for a weakening of solvencystandards for the insurance industry, lest another financial crisisshortchange insurers out of funds they need for future claimsobligations. The National Association of Insurance Commissionershas also begun a study on captives this year. The Department ofFinancial Services has sent letters to 80 life insurers requestinginformation about their financial arrangements with captives.
|For the full story.
Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.
Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
- Exclusive discounts on ALM and Treasury & Risk events.
- Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.
*May exclude premium content
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
