New York Developments

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After months of discussion with industry and consumer groups, the New York Insurance Department (the “Department”) released yesterday proposed regulations creating an obligation on the part of insurers to disclose information about producer compensation to purchasers. 

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Read More New Compensation Disclosure Requirements Proposed for New York Insurance Producers

As of August 12 2009, in accordance with Chapter 293 of the Laws of New York 2009, the minimum number of directors required for New York domestic insurers has been reduced from thirteen to seven, and the minimum number of New York resident directors required for domestic insurers has been reduced from two to one. 

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Read More New York Reduces Director Requirements For Domestic Insurers

This updates our June 30, 2009 blog post.  The recently proposed Eleventh Amendment (the “Amendment”) to Regulation 41 (11 NYCRR 27), which governs the standards for excess lines placement, became effective on September 2, 2009.  The Amendment placed several additional categories of risks insured by excess lines carriers on the New York Export List. 

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Read More New York Expands Export List

The New York Insurance Department issued proposed Regulation No. 192 (11 NYCRR) (the “Proposed Regulation”) establishing minimum reserve and nonforfeiture standards for preneed life insurance policies (i.e. policies that provide a prearrangement agreement for goods and services to be provided upon the death of the insured). …
Read More New York Issues Proposed Regulation to establish Minimum Standards for Determining Reserve Liabilities and Nonforfeiture Values for Preneed Life Insurance

On August 14, 2009, Governor Paterson announced the appointment of James J. Wrynn to serve as Superintendent of the New York State Insurance Department (the “Department”).  He will succeed Eric Dinallo who resigned from the Department on July 3 to accept a visiting professor position at New York University. 

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Read More Governor Paterson Announces Appointment of New York Superintendent of Insurance

On August 10, 2009, New York Governor David Patterson signed legislation continuing the freeze on medical malpractice rates.  In addition to the premium rate freeze, the legislation also suspended an anticipated surcharge.  The Legislature projected that without the freeze, medical malpractice rates would have increased by as much as 30% for some physicians. 

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Read More New York Freezes Medical Malpractice Rates For Additional Year

The New York Insurance Department’s (“NYID”) Office of General Counsel (“OGC”) recently issued an OGC Opinion (No. 09-06-08) representing the position of the NYID in respect of four distinct queries regarding the recent amendment to Insurance Law § 3420, which we have closely followed and written about in this blog. 

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Read More OGC Opinion: Third Party May Not Bring Direct Action Against Insurer in Foreign Jurisdiction Pursuant to New Insurance Law § 3420

The New York Insurance Department’s (“NYID”) Office of General Counsel (“OGC”) recently issued an OGC Opinion (No. 09-06-08) representing the position of the NYID in respect of four distinct queries regarding the recent amendment to Insurance Law § 3420, which we have closely followed and written about in this blog. 

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Read More OGC Opinion: Insurance Law § 3420 Also Applies to Claims-Made Policies

The New York Insurance Department’s (“NYID”) Office of General Counsel (“OGC”) recently issued an OGC Opinion (No. 09-06-08) representing the position of the NYID in respect of four distinct queries regarding the recent amendment to Insurance Law § 3420, which we have closely followed and written about in this blog. …
Read More OGC Opinion: New Prejudice Rule Set Forth in Insurance Law § 3420 May Also Be Incorporated in Non-Liability Policies at Insurer’s Option

The New York Insurance Department’s (“NYID”) Office of General Counsel (“OGC”) recently issued an OGC Opinion (No. 09-06-08) representing the position of the NYID in respect of four distinct queries regarding the recent amendment to Insurance Law § 3420, which we have closely followed and written about in this blog. …
Read More OGC Opinion: Insurance Law § 3420 Also Applies to Policies Issued in NY But Delivered Out of State