OGC opinion: third party may not bring direct action against insurer in foreign jurisdiction pursuant to new Insurance Law § 3420 *

USA - July 30 2009
The New York Insurance Department’s (“NYID”) Office of General Counsel (“OGC”) recently issued an OGC Opinion (No. 09-06-08) representing the position of the NYID in respect of four distinct queries regarding the recent amendment to Insurance Law § 3420, which we have closely followed and written about in this blog.

Co-authors: Helen Clark, Brian Green, M Machua Millett, Lisa Peatfield.

Treasury proposes comprehensive regulation for OTC derivatives *

USA - May 18 2009
Secretary of the Treasury Timothy Geithner delivered a letter to Congress on May 13 proposing the Obama Administration’s comprehensive plan to regulate the over-the-counter (OTC) derivatives market.

Co-authors: C. Robert Paul.