US state regulators make move toward principle-based regulation


The National Association of Insurance Commissioners (NAIC), the group representing industry regulators within the United States and its territories, has adopted principle-based reserve requirements for life insurance products, replacing its previous formula-based approach.

As a part of the group’s Solvency Modernization Initiative, the move represents a first step toward aligning insurance regulation in the US with that in other principle-based regimes, such as Europe’s recently agreed Solvency

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