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
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 print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
More on Solvency II
Lack of transposition to delay Mifid II enforcement
Some states won’t have adopted directive before June, making rule-imposition difficult, say lawyers
Capital and funding
Quants propose KVA and FVA accounting framework based on Solvency II regulation
Testing interest rate models for Solvency II applications
Alexey Botvinnik and Vladimir Ostrovski propose a validation method for interest rate models
Eiopa cuts matching adjustment risk margin
UK insurers welcome additional capital relief
Solvency II volatility dampener ineffective for euro periphery
Stress tests expose flaw in formula to calculate volatility adjustment
Solvency II technical draft too harsh, firms claim
Industry representatives call on Eiopa to soften draft specifications
Commission 'must ensure proportionality of Solvency II' rules as MEPs give green light to new regime
Omnibus II approved by European Parliament
EC to restrict deferred tax assets in Solvency II
Rules expected to be tightened on determination of future profits
Most read
- Top 10 operational risks for 2024
- Top 10 op risks: third parties stoke cyber risk
- Japanese megabanks shun internal models as FRTB bites