New York State Insurance Superintendent Eric Dinallo put forwarda draft proposal today to establish principles-basedregulation.
The superintendent issued 10 principles for insurers and 10 forregulators. Mr. Dinallo contends it will help create a more nimbleinsurance industry that will be more competitive on the world stagein the face of increased competition.
The principle based regulations are designed to update andeliminate regulations that have become “Byzantine” in a modernfinancial world, he said.
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