Affairs of state

Despite the US insurance sector escaping mainly unscathed from the financial crisis - with the glaring exception of AIG - moves are afoot to overhaul the country's state-based insurance regulatory system. First deputy superintendent of the New York Insurance Department (NYID), Kermitt Brooks, explains how significant these changes are. Laurie Carver reports

p24-kermit-jpg

Life & Pensions: What is the NYID's role?

Kermitt Brooks: We are responsible for all life and non-life insurance companies registered and products distributed in the state of New York. It is the seventh largest insurance market by premium in the world and the largest in the US, and we are one of the oldest regulators. The leaders in the life industry here are mainly domestic companies such as Metlife, New York Life and Guardian Life.

L&P: How does this fit in with the federal regulatory system?

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact info@risk.net to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Risk.net? View our subscription options

Register

Want to know what’s included in our free membership? Click here

This address will be used to create your account

Most read articles loading...

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here