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. 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.