UL Reserve Rule Will Stay

Although the regulation must be renewed every 60 days, Mills told UBS that he intends for it to remain in force.

Also in regard to reserving, Mills said he intends to move toward a more flexible, principles-based form methodology. New York is also working with the NAIC, Kansas City, Mo., to come up with a preferred underwriting table that can be used for setting statutory reserves and wants to have this table in place as soon as possible, Kligerman writes.

Regarding life settlements, Mills told UBS that he expects the New York Legislature to give the department jurisdiction over life settlements. If that happens the superintendent intends to take a look at what he considers the "richness" of life settlement commissions.

As for his ultimate mission, Mills said he views consumer protection as his top priority. "He also appears to favor disclosure as a means of protecting consumers, rather than regulation of product terms or commissions," Kligerman writes. "Mr. Mills recognizes the need for companies to move products to market quickly and sees this as ultimately benefiting consumers."