NYDFS Principle Based Reserving
On Jan. 11, NYDFS amendment to adopt 2020 NAIC valuation manual.
- NYDFS superintendent Lacewell promulgated principle-based reserving amendments.
- To comply with requirements of valuation manual or NYCRR Insurance Law S.4217(g).
- Follows 2018 law requiring life insurers to use principle-based reserving, see #50716.
- Principle Based Reserving
- Promulgated emergency 2nd amendment to 11 NYCRR 103, insurance regulation 213.
- 2018 Law required principle-based reserves to be based upon NAIC valuation manual.
- Amendment issued to adopt 2020 NAIC manual, clarify and make certain adjustments.
- Additionally, prescribed additional minimum standards for valuating statutory reserves.
- In order to ensure they are set at an appropriate level for payment of future claims.
- Filed on emergency basis, due to requirement that statutory reserves be reported in life insurers annual statements, which must be required by Mar. 1 of each year.
- Changes effective upon filing of notice of emergency adoption with secretary of state.
||RF 1/11/2021; Citation: NYCRR Insurance Law S.4217(g);
||Accounting; Financial; Operations; Reporting; Risk; Suitability; Treasury
||United States of America
||Corporate; Insurance; Insurance-Life; Variable Annuity
|Reg. Last Update
Last substantive update on 01/12/2021