N.Y.’S RESPONSE TO NAIC’S CONCERNS ON CAPTIVE MORATORIUM

(The following is a reformatted version of a statement
issued by the New York State Department of Financial Services
and received via electronic mail. The statement was confirmed by
the sender.) 
Statement from Matt Anderson, New York Department of Financial
Services spokesperson: 
“Typically, it’s better to act before a house catches on fire
rather than after. This is an issue that we don’t believe is
being addressed with sufficient force or urgency, and we thought
it was important to shine a light on it. Moreover, given the
level of risk that has already been built up through these shell
games, we think it’s important to consider hitting the brakes
right now -- while regulatory reviews are ongoing -- before it
gets any worse.” 
(kgt)NY 
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