Filed Under:Annuities, Variable

Prudential reveals dispute with Lawsky’s office on reserves

Benjamin Lawsky
Benjamin Lawsky

(Bloomberg) -- Prudential Financial Inc., the second-largest U.S. life insurer, said the New York Department of Financial Services told the company that it may not be holding enough reserves to back some savings products, known as variable annuities.

The regulator “notified us that it does not agree with our calculation of statutory reserves,” Newark, New Jersey-based Prudential said today in a filing with the Securities and Exchange Commission. “We are currently in discussions with the NYDFS regarding the proper level of statutory reserves.”

Copyright 2016 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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