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NAIC relaxes collateral requirements for non-admitted reinsurance

Chadbourne & Parke LLP
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USA
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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."

Governor Cuomo proposes more than merger of insurance and banking departments in New York

Chadbourne & Parke LLP
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USA
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February 7 2011

Along with his proposed budget for the 2011-12 fiscal year, Governor Cuomo has released detailed legislation to merge the Insurance Department, Banking Department and Consumer Protection Board

Federal financial regulatory reform: what Congress has done in respect of (re)insurance (so far)

Chadbourne & Parke LLP
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USA
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November 29 2010

In July 2010 the U.S. Congress enacted the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Act”

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

Chadbourne & Parke LLP
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USA
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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"

Texas adopts key features of NAIC's amended Model Insurance Holding Company Act

Chadbourne & Parke LLP
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USA
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June 28 2011

On June 17, 2011, Texas became the first large state to adopt the principal components of the National Association of Insurance Commissioners' ("NAIC's") newly amended Insurance Holding Company Act (the "Model Act").1 Originally adopted by the NAIC in 1969 and by the Texas legislature in 1971, the Model Act regulates the acquisition and maintenance of control of insurance companies and transactions between insurance companies and affiliated entities

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

Chadbourne & Parke LLP
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USA
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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

Does “dodd-frank” allow for a federal liquidator of an insurance company?

Chadbourne & Parke LLP
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USA
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March 28 2011

The short answer to the title question is "no."

Commercial lines de-regulation comes to New York

Chadbourne & Parke LLP
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USA
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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

New York regulators expect insurers to proactively manage enterprise risk

Chadbourne & Parke LLP
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USA
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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."

U.S. insurers and producers gain free trade advantages

Chadbourne & Parke LLP
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USA
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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

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