NAIC sets up working group for hybrids

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The National Association of Insurance Commissioners (NAIC) is to establish a new working group responsible for clarifying the appropriate regulatory treatment of hybrid securities and will issue a progress report at the NAIC national meeting in September.

The insurance regulator held an open meeting in July in New York to discuss the classification of hybrid securities, which was attended by more than 250 regulators, financial and insurance industry representatives and interested parties.

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