New York Developments

Subscribe to New York Developments via RSS
On December 28, 2009, the New York Insurance Department (“NYID”) issued a Notice of Emergency adoption revising Regulation 118 to implement new audit and reporting standards on an emergency basis.  The revised Regulation is modeled on the NAIC Financial Reporting Model Regulation which applies certain public company reporting standards set forth in the Sarbanes-Oxley Act of 2002, to insurers, fraternal benefit societies and managed care organizations. 

…
Read More New York Adopts Revisions to Regulation 118 governing Audited Financial Statements

Join the U.S. Reinsurance Under 40s Group’s at their next event, “Preserving Liquid Assets” Lecture and Wine Tasting, on February 10 at the offices of Edwards Angell Palmer & Dodge in New York. 

…
Read More Re Under 40s Next Event — “Preserving Liquid Assets” Lecture and Wine Tasting

On December 15, 2009, New York’s Appellate Division for the First Department held that an insured need not allege or prove that its insurer acted in bad faith in order to recover consequential damages stemming from the insurer’s breach of the policy. …
Read More NY Court: Insured May Recover Consequential Damages Absent Insurer Bad Faith

Petitioners Mitsubishi Heavy Industries, Ltd. and Mitsubishi Power Systems Americas, Inc. (“Mitsubishi”) moved to vacate a partial arbitration award entered by the International Centre for Dispute Resolution in favor of Respondent Stone & Webster, Inc. (“Stone & Webster”). 

…
Read More Court Finds That Arbitration Award is Not Final for Purposes of Review under the FAA

Plaintiff China National Chartering Corp. (“CNCC”) petitioned the U.S. District Court for the Southern District of New York to confirm an arbitration award rendered in its favor against defendant Pactrans Air & Sea, Inc. (“Pactrans”) by the China Maritime Arbitration Commission (“CMAC”). 

…
Read More Federal Court Confirms Foreign Arbitration Award, Even Though Appeal of Award in Foreign Jurisdiction was Pending

As discussed here and here, the New York Insurance Department (the “Department”) has drafted a new regulation regarding the transparency of insurance producer compensation.  The proposed rule, Regulation 194, would require insurance producers to disclose to clients information about their compensation. …
Read More Proposed Insurance Producer Transparency Regulation is Published in the New York State Register; Prompts Insurance Industry Trade Group to Prepare for Suit Against Regulators

On December 1, 2009, the New York Appellate Division, First Department, unanimously affirmed Justice Marcy S. Friedman’s March 10, 2009 Decision and Order (entered March 13, 2009, Supreme Court, New York County), dismissing Millennium’s complaint as against defendant Select Insurance Company. 

…
Read More UPDATED: NY Appellate Court Affirms Motion Court’s Dismissal of Complaint Seeking Defense Costs Under Directors and Officers Errors and Omission Policy for Investigations That Resulted in Disgorgement of Improperly Acquired Funds

On Tuesday, November 24, 2009, New York Superintendent James Wrynn released a draft of revised rules for no-fault automobile insurance (the “Proposed Draft”).  If promulgated, the Proposed Draft would be the first significant regulatory reform to no-fault automobile insurance in New York since 2002. 

…
Read More New York Superintendent Seeks Revisions to No-Fault Insurance Regulation