According to media reports, following meetings with insurance executives from over 50 companies, the New York Insurance Department has selected Special Counsel Maria Filipakis to supervise the reopening of the New York Insurance Exchange (the “Exchange”). Attorney Filipakis will be responsible for coordinating and managing seven different working groups that will focus on the following issues: (i) regulatory oversight; (ii) capitalization; (iii) operations; (iv) markets; (v) tax issues; (vi) multi-state issues; and (vii) government relations. Proposals from each working group are to be finalized by mid-April, after which the working groups will meet together to plan the next steps for reviving the Exchange.
We will continue to monitor these developments and provide updates at InsureReinsure.com.
