State regulators clash over US life reserving principles

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When the National Association of Insurance Commissioners (NAIC) agreed on December 2 to adopt the Valuation Manual - a newly revised document that sets out the details of a principles-based approach to establishing insurance company reserves for life products - it described the action as a vote "to enhance consumer protections".

Not so, said the superintendent of the New York State Department of Financial Services Benjamin Lawsky. Principles-based reserving (PBR) will lead to a reduction in

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