On Wednesday, June 22, 2011, New York State Insurance Department (“NYSID”) Superintendent James Wrynn announced that the NYSID entered into a Memorandum of Understanding (“MoU”) with the Financial Market Supervisory Authority (“FINMA”), Switzerland’s financial regulator.
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New York Developments
Insurance & Reinsurance Review – June 2011
Edwards Angell Palmer & Dodge’s Insurance and Reinsurance Department recently published its latest Newsletter, Insurance & Reinsurance Review – June 2011, which contains nine articles about various topics in the insurance and reinsurance industry. …
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Federal Court Rules that Reinsurance Dispute Should Not be Transferred from New York to Connecticut
By Troutman Pepper Locke on
A federal court recently denied a cedent’s motion to transfer a lawsuit commenced by its reinsurer from New York to Connecticut. The cedent argued that the case should be transferred because the issues involved were related to similar lawsuits commenced by the cedent against other reinsurers in Connecticut, and because the action could have been brought in that forum. …
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Reinsurer, and Not Court, Should Select Replacement Arbitrator
By Troutman Pepper Locke on
A New York federal court recently held that a reinsurer, and not the court, had the authority to appoint a replacement arbitrator, even though the reinsurance agreement at issue did not specify a method to do so. …
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Governor Cuomo Appoints Assemblyman Jonathan Bing to Head New York Liquidation Bureau
By Troutman Pepper Locke on
On June 8, 2011, Governor Andrew M. Cuomo announced the appointment of Assemblyman Jonathan Bing to serve as Special Deputy Superintendent of the New York Liquidation Bureau, an agency tasked with protecting policyholders and creditors of insurance companies that have gone bankrupt. Bing steps in as the successor to Dennis J. Hayes, who was appointed to the position in September 2009. …
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Industry Trade Group Continues Battle Against New York Producer Compensation Disclosure Rule
By Troutman Pepper Locke on
he Independent Insurance Agents & Brokers of New York (“IIABNY”) announced in a press release last week that it will appeal a lower court’s decision to uphold Regulation 194, last discussed here, which requires mandatory producer compensation disclosure. The appeal will be filed with the New York State Supreme Court’s Appellate Division, Third Department in Albany sometime this summer. …
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Cuomo Appoints Lawsky to head New York Department of Financial Services
By Troutman Pepper Locke on
This updates our April 2011 Client Advisory and our May 2, 2011 blog post. Today, New York Governor Andrew Cuomo announced certain nominations and appointments to his administration. Among them was the nomination of Benjamin M. Lawsky, Cuomo’s current Chief of Staff, to serve as the Superintendent of the new Department of Financial Services (the “DFS”) to be created by legislation enacted as part of the 2011-2012 budget. …
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Don’t Miss the U.S. Re Under 40s Group’s Next Event – What Aftershocks Will the (Re)Insurance Industry See from the Great East Japan Earthquake and Tsunami?
The U.S. Re Under 40s Group’s next event – What Aftershocks Will the (Re)Insurance Industry See from the Great East Japan Earthquake and Tsunami? – will take place on May 25 in Swiss Re’s midtown office. …
Read More Don’t Miss the U.S. Re Under 40s Group’s Next Event – What Aftershocks Will the (Re)Insurance Industry See from the Great East Japan Earthquake and Tsunami?
New York Appellate Court Reverses Judgment of Insurance Bad Faith and Remands for Additional Fact-finding
The New York Appellate Division for the First Department recently reversed a decision of a lower court that had granted summary judgment to the plaintiff, an excess insurer, on a count of insurance bad faith against a primary insurer. Federal Ins. Co. v. North Amer. Spec. Ins. Co. et al., Docket No. 603926/05 (N.Y.A.D., 1st Dep’t, April 5, 2011). …
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New York Officially Increases Minimum Surplus Requirement for Excess Lines Insurers
By Troutman Pepper Locke on
On April 18, 2011, the Superintendent of the New York Insurance Department promulgated the twelfth amendment to Regulation 41 (the “Amendment”). Pursuant to the Amendment, excess lines insurers obtaining eligibility in New York on or after January 1, 2011 must maintain surplus to policyholders of at least $45,000,000, instead of $15,000,000. …
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