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NY faults 17 life insurers for shifting risks

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ALBANY, N.Y. (AP) — New York financial officials on Wednesday criticized 17 New York-based life insurers for shifting $48 billion of claim risks to affiliates elsewhere with lower reserve and collateral requirements. The Department of Financial Services said so-called "shadow insurance" typically offloads potential claims to a subsidiary, freeing the parent company's own reserves for other...