Financial Guaranty Insurance Company ("FGIC") in New York rehabilitation proceeding *

USA - June 19 2012
On June 11, 2012, FGIC became the first New York domiciled financial guaranty insurer to be subject to a possible New York rehabilitation proceeding under Article 74 of the New York Insurance Laws as a result of the financial crisis of 2007-2008.

Co-authors: Carey G. Child, Donald J. Mros.

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NY legislation would create new class of excess line carrier *

USA - April 26 2012
Legislation introduced this spring in the New York state legislature would establish a new type of New York-domiciled insurance entity, a "domestic excess line insurance company," which could potentially increase the availability of excess lines coverage within the state.

Co-authors: Daniel A. Rabinowitz.

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Echoing its EU counterparts, NAIC enacts guidelines for self-assessments by insurers (but model law lags) *

USA - March 12 2012
Continuing its proliferation of new, post-financial crisis supervisory requirements, the National Association of Insurance Commissioners ("NAIC") at its Spring National Meeting in New Orleans on March 6 adopted a new Guidance Manual for so-called Own Risk and Solvency Assessments, or "ORSAs."

Co-authors: John J. Sarchio , Patrick Devine, Daniel A. Rabinowitz.

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New York regulators expect insurers to proactively manage enterprise risk *

USA - January 3 2012
In a Circular Letter issued on December 19, 2011 and addressed to all New York-domiciled insurers and health maintenance organizations, the New York Department of Financial Services announced that it "expects every insurer to adopt a formal Enterprise Risk Management (ERM) function."

Co-authors: Daniel A. Rabinowitz.

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Comment letter to Federal Insurance Office addresses potential issues in any federal role in insurance regulation *

USA - December 20 2011
On December 13, 2011, the Insurance Law Committee of the New York City Bar Association responded to a Request for Comment by the new Federal Insurance Office ("FIO") of the U.S. Treasury Department.

Co-authors: Daniel A. Rabinowitz.

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