New York Superintendent Eric Dinallo is making good on a promise to break down the traditional approach to insurance oversight with a draft proposal to establish principles-based regulation. The question now is how the industry will react.
The superintendent issued 10 principles for insurers and 10 for regulators. Mr. Dinallo contends this will help create a more nimble insurance industry that will be more competitive on the world stage in the face of increased competition.
The principles-based regulations are designed to update and eliminate regulations that have become "Byzantine" in a modern financial world, he said.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
