For Your Information...Five things insurers need to know before doing an insurance business in New York by Frederic M. Garsson

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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, however, are often unaware that in several important respects insurance is regulated in New York differently than in many other U.S. states.

Insurers that enter the New York insurance market without being familiar with New York's distinctive insurance regulatory requirements (and distinctive reference to transacting insurance as “doing an insurance business”) could encounter unanticipated complications with respect to both their New York and non-New York business.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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