State official lists new financial issues of concern - NEWS10 ABC: Albany, New York News, Weather, Sports

State official lists new financial issues of concern

ALBANY, N.Y. (AP) - New York financial regulators have begun focusing on issues including the independence and integrity of monitors installed at banks and other companies after regulatory violations or crimes.

In an economic address this week, Department of Financial Services Superintendent Benjamin Lawsky says another emerging concern is private equity-controlled insurers. They now account for nearly 30 percent of the indexed annuity market and 15 percent of the total fixed annuity market. Both tripled from a year earlier.

The department also is focusing on captive insurance companies with limited reserves used to offload risk at large financial firms. The department believes that "shadow insurance" puts stability of the broader financial system at greater risk.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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