(Bloomberg) — New York State’s financial-services regulator is pressing insurers including American International Group Inc., Lincoln National Corp. and Principal Financial Group Inc. to boost reserves at units in the state, a person familiar with the matter said.

The group of insurers, which also includes Sun Life Financial Inc. and Manulife Financial Corp.’s John Hancock unit, may have to increase assets held to back payouts by $4 billion, said the person, who asked not to be identified because the matter isn’t public. The person wouldn’t say by how much each insurer needs to increase reserves. The regulator will work with firms on the implementation schedule, the person said.

Register or login for access to this item and much more

All Digital Insurance content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access