New York officials have proposed new regulations for disclosures and oversight in acquisitions of insurance companies.

The Department of Financial Services says that would enshrine policyholder protections it required in several transactions last year where investment firms bought annuity companies.

The department says consumer protections are especially important for annuity companies that help support secure retirements for seniors.

The regulations would require the buyer to disclose its corporate structure, those in control and other information regarding its operations.

They would also require DFS approval of material changes in operating plans for five years with possible obligations for additional capital or backstop trust accounts.

(AP)