New York State Insurance Superintendent Eric Dinallo put forward a draft proposal today to establish principles-based regulation.

The superintendent issued 10 principles for insurers and 10 for regulators. Mr. Dinallo contends it will help create a more nimble insurance industry that will be more competitive on the world stage in the face of increased competition.

The principle based regulations are designed to update and eliminate regulations that have become “Byzantine” in a modern financial world, he said.

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