By David Dankwa, Senior ReporterBenjamin Lawsky, New York Superintendent of Financial Services, not only shocked the captive world with his scathing report on life insurance captives’ use of "shadow insurance" transactions, but he also seems to have offended fellow state regulators by insinuating they were allowing the practice to continue. For instance, in his report, Lawsky writes that a number of the other states outside New York where shadow insurance is written also permit the use of riskier types of collateral to back claims, including hollow assets, naked parental guarantees and c...
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