Earlier this month, United States Senator Sherrod Brown (D-OH), Chair of the Banking, Housing, and Urban Affairs Committee, urged the Federal Insurance Office (FIO) and the National Association of Insurance Commissioners...more
Having concluded an investigation into New York life insurers’ underwriting guidelines and practices, the New York Department of Financial Services has issued Insurance Circular Letter No. 1 (2019) to advise insurers of their...more
Last week, the New York Department of Financial Services (“NYDFS”) promulgated a new regulation 11 NYCRR 48, aimed at limiting the amount by which life insurance premiums can be raised as to policies issued in the state. In...more
This week, the New York Department of Financial Services (the “Department”) announced that it will adopt a principle-based reserving (“PBR”) approach for life insurers beginning in 2018. The Department has also established a...more