This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Lincoln Financial Group Comments On Recent Coverage Of New York Department Of Financial Services Letter To The NAIC

Stocks in this article: LNC

RADNOR, Pa., Sept. 13, 2013 /PRNewswire/ -- On Wednesday, September 11, 2013, the New York Department of Financial Services ("NYDFS") notified the Commissioners of the National Association of Insurance Commissioners ("NAIC") that New York would no longer implement the previously-agreed to NAIC solution that addresses the reserving for universal life policies with secondary guarantees ("GUL").  Media coverage of NYDFS's letter cited estimates of potential increases to GUL reserves for companies that conduct business in the State of New York.

With Lincoln Financial Group's total adjusted statutory capital of $7.5 billion and an estimated risk-based capital ratio of 485 percent as of June 30, we would not expect NYDFS's new approach to impact our capital plan that we have previously disclosed in our public comments. Lincoln Financial completed $100 million of share repurchases in the third quarter and, subject to market conditions, is planning to continue repurchases in the fourth quarter. 

The impact of any of NYDFS's proposed changes would be limited to our New York subsidiary, Lincoln Life & Annuity Company of New York ("LNY"), which has an estimated 585 percent risk-based capital ratio as of June 30. This is a strong capital base to absorb a significant reserve increase. In addition, we discontinued the sale of GUL policies in New York earlier in the year. Finally, based on our understanding of communications between NYDFS and the Life Insurance Council of New York (our New York industry association), we anticipate that any impact of potential increased reserves for affected companies would be subject to a phase-in period over a number of years.

Lincoln Financial will continue to work with the NYDFS to resolve their concerns in this area.

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,688.55 +331.68 1.91%
S&P 500 2,046.83 +33.94 1.69%
NASDAQ 4,723.6640 +79.3520 1.71%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs