US regulators grapple with proposed XXX captives fix
States concerned over use of ‘deregulatory' valuation approach and harsh penalties for insurers that breach new regulations
US state regulators are at loggerheads over plans to regulate the use of captive insurers used by life companies to finance so-called redundant reserves.
At a meeting of the National Association of Insurance Commissioners (NAIC) in early April, state regulators discussed the Rector report (a paper drawn up by Neil Rector of Rector & Associates, a regulatory consultancy), which outlined a way forward on the controversial issue of how insurers should manage high statutory reserves on term life and
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