New FATCA requirements that apply to U.S. and non-U.S. insurance brokers and insurance companies will take effect on January 1, 2015. Those requirements impose new information gathering and reporting rules when U.S. insurance...more
Based on industry comments, the New York Department of Financial Services (the “NYDFS”) is strongly considering making a number of changes to its proposed Regulation 203, concerning Enterprise Risk Management (“ERM”) and Own...more
The New York Department of Financial Services (“DFS”) has proposed a new insurance regulation that details the requirements associated with adopting an enterprise risk management (“ERM”) function, conducting an annual Own...more
The Federal Insurance Office’s Report to Congress on “How to Modernize and Improve the System of Insurance Regulation in the United States” recommends additional federal involvement in the regulation of insurance.
The New York Department of Financial Services has adopted amendments to its insurance holding company regulation, which are intended to (i) harmonize the regulation to the NAIC’s Model Insurance Holding Company System...more
New York licensed insurers are now required to participate in nonbinding mediations with certain Storm Sandy claimants who have disputed or unresolved claims. Insurers are required to send notices of the mediation option at...more
Originally published in Best's Review - November 2012.
Many insurers that are not authorized to do an insurance business in New York are interested in entering, to some extent, the New York insurance market. Insurers,...more