NEW YORK--The theory of principles-based regulation sounds promising, but actual application of the concept may fall short, a lobbyist suggested here drawing parallels to the development of risk transfer rules for finite insurance deals.

Bradley Kading, president and executive director of the Association of Bermuda Insurers & Reinsurers, made the assessment yesterday during a joint luncheon of the Association of Professional Insurance Women and the Insurance Brokers Association of the State of New York, in response to a question.

A principles-based regulation system for insurance was spotlighted recently in New York when Insurance Superintendent Eric Dinallo proposed rules in his state.

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