The New York Department of Financial Services (“DFS”) has recently begun a string of new investigations into possible violations by non-U.S. reinsurers of U.S. sanctions against Iran, specifically those set forth in the Iran Freedom and Counter-Proliferation Act of 2012 (the “IFCPA”) that became effective on July 1, 2013.
Read More New York Initiates Investigations into Possible Violations of the Latest U.S. Sanctions against Iran
California Developments
NAIC Defers Action on Stop Loss Insurance Attachment Points; Some States Begin Increases
During the NAIC 2012 Fall National Meeting, a proposal to amend the NAIC’s Stop Loss Insurance Model Act to increase the minimum individual attachment point – the equivalent of a “deductible” – for stop loss insurance from $20,000 to $60,000, as well as changes to aggregate attachment points, was defeated by a 10-8 vote. …
Read More NAIC Defers Action on Stop Loss Insurance Attachment Points; Some States Begin Increases