New York Asks Insurers What They’ll Do When Libor Goes Away
January 8, 2020 by Allison Bell
New York state regulators want insurers and other financial services companies to explain what they’ll do if and when a major interest rate benchmark — the London Interbank Offered Rate (Libor) — goes away.
New York State Financial Superintendent Linda Lacewell has told the companies to send her detailed life-after-Libor plans by Feb. 7.
The same London banks that created Libor could kill the benchmark at the end of 2021.
The death of the Libor benchmark may not have much effect on short-term investments, but it could have a major effect on long-term investments, Lacewell says.