New York Developments

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On Tuesday, July 28, 2009, Acting New York State Insurance Department (“NYSID”) Superintendent Kermitt Brooks announced that the NYSID entered into a Memorandum of Understanding (“MoU”) with the International Department of the China Insurance Regulatory Commission (“CIRC”), China’s insurance regulator. 

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Read More New York Insurance Department Announces Cooperation Agreement with China

In early January, www.insurereinsure.com reported on In the matter of the Petition of Ins. Co. of North America, et al. against Public Service Mut. Ins. Co., No. 08-cv-7003 (S.D.N.Y.), in which the U.S. District Court for the Southern District of New York held that an arbitration must start anew because a member of the arbitration panel resigned for health reasons prior to the rendering of an award. 

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Read More New York Federal Court Vacates Prior Order Finding That Arbitration Must Start Anew

Last month, the New York Insurance Department’s Office of General Counsel issued Opinion No. 09-06-11 (the “Opinion”) which prohibits contingent annuity contracts on the grounds that such contracts constitute an impermissible form of financial guaranty insurance. …
Read More N.Y. Insurance Department Issues Opinion Prohibiting Contingent Annuity Contracts

The New York State Insurance Department (the “Department”) recently issued Circular Letter No. 11 to remind licensees of their obligations to comply with three federal laws: (i) the Bank Secrecy Act set forth in 31 U.S.C. §§ 5311-5330 (“BSA”); (ii) the Foreign Corrupt Practices Act set forth in 15 U.S.C. § 78dd-1-78dd-3 (“FCPA”); and (iii) requirements issued by the Office of Foreign Assets Control set forth in 31 U.S.C. § 313(a)(6)(c) (“OFAC”, collectively with BSA and FCPA, the “Federal Laws”). 

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Read More New York State Insurance Department Reminds Licensees of Compliance Obligations under Federal Laws

On Monday, July 20, 2009, Acting New York State Insurance Department (“NYSID”) Superintendent Kermitt Brooks announced that the NYSID entered into a Memorandum of Understanding (“MoU”) with the Office of Insurance Commission (“OIC”), Thailand’s insurance regulator. 

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Read More New York Insurance Department Announces Cooperation Agreement with Thailand

On July 10, 2009, the appellate division reversed the motion court’s ruling in Sevenson Envtl. Serrvices, Inc. v. Sirius Am. Ins. Co., Case No. 02260/08 (4th Dept.), and held that (1) the insured’s 15-month delay in providing notice of the claim was unreasonable as a matter of law; (2) the insurer need not prove that it was prejudiced by the insured’s untimely notice to disclaim coverage; and (3) the insurer’s disclaimer of coverage on late notice grounds 24 days after receiving notice of the claim was timely as a matter of law. …
Read More NY Appellate Court: Insurer’s Disclaimer Timely and Proper Despite Lack of Prejudice Resulting From Insured’s Late Notice of Claim

This updates our February 11, 2009 blog posting.  On January 29, 2009, the New York Insurance Department (“NYID”) released a draft regulation on producer compensation transparency (the “Original Draft”), which aimed to protect public interests by setting forth minimum disclosure requirements regarding the role of insurance producers and the “actual or potential conflicts of interest created by compensation paid to insurance producers.” …
Read More New York Revises Draft Commission Disclosure Rule

Please join the Reinsurance Under 40s at their next event — July 30 at Bourbon Street Bar and Grille at 6:00 p.m. — and enjoy a New Orleans-style drink with other members of the industry.  For more information about the July 30 event, click here and for more information about the Under 40s, click here. 

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Read More Join the Re Under 40s at their Summer Event on July 30 in New York

On Monday, July 6, 2009, Acting New York State Insurance Department (“NYSID”) Superintendent Kermitt Brooks announced that the NYSID entered into an Exchange of Letters (“EoL”) with the Financial Services Agency of Japan (“FSA”), Japan’s insurance regulator. 

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Read More New York Insurance Department Announces Cooperation Agreement with Japan

In a recent decision of the United States District Court for the Southern District of New York, Cooke & Partners, Ltd. v. Certain Underwriters at Lloyd’s, London, No. 08 Civ. 3435 (RJH) (S.D.N.Y. Mar. 26, 2009), the Court compelled the assignee of a liquidator’s claims to arbitrate its disputes with the reinsurers of the liquidated company. 

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Read More Southern District of New York Compels Arbitration of Assignee of Liquidator’s Claims Under the New York Convention