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Results: 1-10 of 14

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

  • Chadbourne & Parke LLP
  • -
  • 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

NY legislation would create new class of excess line carrier

  • Chadbourne & Parke LLP
  • -
  • 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

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

  • Chadbourne & Parke LLP
  • -
  • 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."

New York regulators expect insurers to proactively manage enterprise risk

  • Chadbourne & Parke LLP
  • -
  • 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."

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

  • Chadbourne & Parke LLP
  • -
  • 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

NAIC relaxes collateral requirements for non-admitted reinsurance

  • Chadbourne & Parke LLP
  • -
  • USA
  • -
  • November 14 2011

On November 6, 2011, at its Fall National Meeting in National Harbor, Maryland, the National Association of Insurance Commissioners ("NAIC") adopted landmark amendments to its model law and regulation on "credit for reinsurance."

U.S. insurers and producers gain free trade advantages

  • Chadbourne & Parke LLP
  • -
  • USA
  • -
  • November 10 2011

In a rare example of bi-partisan Congressional action, President Obama has recently signed legislation to implement three free trade agreements between the U.S. and, respectively, Colombia, South Korea and Panama

Insurance and banking departments merge in New York; new Department of Financial Services starts operating

  • Chadbourne & Parke LLP
  • -
  • USA
  • -
  • October 3 2011

As of today, the New York Insurance Department and New York Banking Department have ceased operating as separate agencies, and a new Department of Financial Services ("DFS") has begun to function which will regulate both banking and insurance in New York

Report identifies issues affecting New York insurance holding company regulation post-NAIC Model Act amendments

  • Chadbourne & Parke LLP
  • -
  • USA
  • -
  • August 24 2011

On August 18, 2011, the Insurance Law Committee of the New York City Bar Association issued a report entitled "Insurance Holding Company Regulation in New York in Light of the 2010 Amendments to the NAIC Model Act" (the "Report"

Commercial lines de-regulation comes to New York

  • Chadbourne & Parke LLP
  • -
  • USA
  • -
  • July 15 2011

Amendments to the New York Insurance Law recently adopted by the state legislature will provide admitted insurers in New York and their large commercial customers greater freedom from cumbersome prior approval regulations, albeit on a temporary basis