The New York Insurance Department announced today that it is giving all carriers orders to give their finances a good stress test for regulators to examine.
The department said that based on concerns about the current financial turmoil, it will begin reviewing the processes insurance companies use to evaluate how changing economic conditions affect their financial stability.
"The Department expects every insurer to have scenario stress testing in place as a part of prudent management. The Department intends to review those processes, including investment functions, to discern how different economic scenarios are analyzed by senior management to determine what actions are warranted," said New York Insurance Superintendent Eric Dinallo.
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