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Thursday April 24th 2014

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Commissioner Jones Not Ready for Life Regulations Overhaul

California Insurance Commissioner, Dave JonesCommissioner Dave Jones said that he was not ready to vote for the life insurance regulations overhaul because the industry did not yet have a firm enough grasp on what resources would be required for its implementation. The current proposal says that insurers would need to dump their current system, which uses formulas from the industry as a whole for determining how much money should be held aside in order to be able to make the payouts to policyholders and their beneficiaries. He wrote that “If we should have learned anything from the last financial crisis, trusting a financial industry to monitor itself can only be effective [if] that trust can be verified.” In that statement, he was making reference to the 2008 to 2009 global market crisis according to a report at www.liveinsurancenews.com