NY ? A Changing Regulatory Approach

The New York Insurance Department is taking a new approach to insurance regulation called principles-based regulation (see here). A specific draft regulation (Regulation 185, see here) focuses on desired outcomes rather than the details or technicalities of traditional regulation. One of the principles requires fairness in dealing with conflicts of interest and another requires clear and full disclosure. New York Insurance Superintendent Eric Dinallo commented: We expect to turn regulation from periodic 'gotcha' exams into a continuing dialogue. Companies that...