ACLI calls Lawsky’s letter on reserves ‘irresponsible’

September 18, 2013 by Elizabeth Festa

In a letter to state insurance commissioners, the American Council of Life Insurers (ACLI) called the top New York insurance regulator’s remarks on life insurance reserving “irresponsible” and inaccurate, the former because they erode trust in the state regulatory system and the industry and the latter for actuarial reasons.

The letter was written by ACLI President Dirk Kempthorne in response to a warning last week from New York Banking and Insurance Superintendent Ben Lawsky.

“I felt it necessary to not only express our profound disappointment but also set the record straight,” Kempthorne stated. Click here to read…

Originally Posted at LifeHealthPro on September 17, 2013 by Elizabeth Festa.