New York Developments

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On April 26, 2010, the New York Insurance Department (the “NYID”) proposed a circular letter to provide additional guidance to insurers on the impact of the federal Mental Health Parity and Addiction Equity Act of 2008 (the “Act”).  This proposed circular letter is a supplement to Circular Letter No. 20 (2009), and addresses interim final rules issued subsequent to Circular Letter No. 20 (2009) by the United States Department of the Treasury, Department of Labor and Department of Health and Human Services. 

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Read More New York Insurance Department’s Proposed Circular Letter Re: the Federal Mental Health Parity and Addiction Equity Act of 2008

More than 40 mediators, attorneys and company representatives have registered for Re/Insurance Mediation Institute’s (ReMedi) Inaugural Mediation Conference.  You can earn 4.5 hours of CLE for $100 if you join them for ReMedi’s Spring Conference, Insurance and Reinsurance Mediation in the 21st Century, on Wednesday, May 12 at Edwards Angell Palmer & Dodge’s New York office. 

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Read More Last Call: Join More than 40 Reinsurance Professionals at ReMedi’s Mediation Conference in NYC on May 12

Scandinavian Reinsurance Company Limited (“Scandinavian Re”) and St. Paul Fire & Marine Insurance Company, St. Paul Reinsurance Company, Ltd. and St. Paul Re (Bermuda) Ltd. (collectively “St. Paul”) entered into a retrocessional agreement under which St. Paul ceded a portion of its casualty reinsurance portfolio to Scandinavian Re. …
Read More New York Federal Court Vacates Arbitration Award Based on Evident Partiality

Pursuant to Executive Order No. 25 from the New York State Governor’s office establishing a Regulatory Review and Reform Program, the New York State Insurance Department (the “Department”) is inviting comments from regulated entities and other interested parties to identify existing regulations that impose unnecessary, burdensome or excessive costs, paperwork or other requirements. 

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Read More New York Insurance Department Opens Its Regulations to Public Comment

The New York Insurance Department has issued a proposed regulation that would prohibit life and health insurers from issuing policies that contain discretionary clauses (the “Proposed Regulation”). …
Read More New York Seeks Comments on Draft Regulation Prohibiting Use of Discretionary Clauses in Life and Health Insurance Policies

Join the U.S. Reinsurance Under 40s Group on April 1 for “Preserving Liquid Assets” Lecture and Wine Tasting at the offices of Edwards Angell Palmer & Dodge in New York.  The event will include an engaging lecture by Katja Zigerlig, AVP, Fine Art, Wine & Jewelry Insurance of Chartis Private Client Group, and a tasting of Spanish red wines. …
Read More RESCHEDULED: Re Under 40s Next Event — “Preserving Liquid Assets” Lecture and Wine Tasting Now on April 1

Insurance regulators in New York, Illinois and Connecticut have reached an agreement to allow Aon Corp., Marsh & McLennan Companies Inc. and Willis Group Holdings plc (the “Big Three”) to receive contingent commission compensation from insurance carriers.  As a condition to this new agreement, the Big Three have agreed to abide by the new producer compensation disclosure regulation proposed by the New York Insurance Department (the “Department”) in all U.S. jurisdictions. 

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Read More Contingent Commissions Allowed for “Big Three” Insurance Brokers in New York, Illinois and Connecticut

This updates our February 10, 2010 posting.  According to media reports, New York Insurance Department (the “Department”) Superintendent James Wrynn announced at a membership meeting of the Association of Insurance & Reinsurance Run-Off Companies (AIRROC) that the Department’s tax working group is reviewing whether a revived New York Insurance Exchange (the “Exchange”) should request a lower federal corporate tax rate.  The current federal corporate tax rate is approximately 35%. 

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Read More New York Insurance Exchange Considering Requesting Lower Federal Tax Rate