(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 #<630990.18954188.8.131.52.0.76>#
N.Y.’S RESPONSE TO NAIC’S CONCERNS ON CAPTIVE MORATORIUM
Press spacebar to pause and continue. Press esc to stop.