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Home News New York Times Article Continues Attack on Life Insurance Captives

New York Times Article Continues Attack on Life Insurance Captives

An aerial view of the Statue of Liberty, waterways around it, and New York City

April 17, 2015 |

An aerial view of the Statue of Liberty, waterways around it, and New York City

An April 11, 2015, New York Times article, "Risky Moves in the Game of Life Insurance," continued the attack on what some, including the New York Insurance Department, have labeled shadow insurance.

The National Association of Insurance Commissioners (NAIC) is addressing the use of captives as part of the capital of life, variable annuity, and health insurers. At the recent spring meeting of the NAIC, the Financial Condition Committee discussed captive reinsurance reserve and capital issues of captive life/health reinsurers that assume business of the following nature: (1) XXX/AXXX, (2) variable annuities, and (3) long-term care. The NAIC has assigned a new working group headed by Iowa Commissioner Nick Gerhart the task of dealing with this issue. One of the challenges surrounding this issue has been avoiding sweeping into future regulations captives that are not owned by life/health or variable annuity insurers and providing reinsurance to those entities.

April 17, 2015

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