Last month, New York issued two advisory opinions that could alter the tax obligations for surplus lines insurers. Advisory Opinion TSB-A-16(5)(C) (June 10, 2016, available here) and Advisory Opinion TSB-A-16(4)(C) (June 10, 2016, available here) (collectively, the “Opinions”) address how the franchise tax under N.Y. Tax Law §
New York Developments
New York Insurance Legislative Update: Bills Passed to Promote E-Filings; Established Board May Affect NYDFS Prosecutory Actions
By Zachary Lerner & Troutman Pepper Locke on
The New York State Legislature’s 2016 Legislative Session on June 18, 2016 enacted new pieces of legislation affecting the New York insurance industry and also saw proposed pieces of legislation die in the process. In particular, e-delivery legislation passed through both houses, which will now allow for the electronic delivery…
Surplus Lines Procedures Update: New York Excess Lines Association Issues Guidance re Lloyd’s Syndicates
By Zachary Lerner & Troutman Pepper Locke on
On June 9, the Excess Lines Association of New York (“ELANY”) issued guidance as to what must information must be submitted to ELANY for stamping. Included in the required information are the following items: the name and address of the insured, the gross premium charged, the policy term, the name…
New York’s Highest Court Holds All Sums Allocation And Vertical Exhaustion Applied To Excess Insurance Coverage For Asbestos Claims
By Troutman Pepper Locke on
On May 3, 2016, the Court of Appeals of New York issued its opinion in In re Viking Pump, No. 59, 2016 WL 1735790, and found that “all sums” allocation and vertical exhaustion applied to the insureds’ claims to excess coverage for the asbestos exposure claims filed against them.
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Celeste Koeleveld appointed general counsel at New York Department of Financial Services
By Zachary Lerner & Troutman Pepper Locke on
Posted in New York Developments
Celeste Koeleveld, former chief of the Criminal Division at the U.S. Attorney’s Office for the Southern District of New York, has been appointed general counsel at the New York State Department of Financial Services (“Department”). Most recently, Ms. Koeleveld served as executive assistant corporation counsel at the New York City…
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New York State Clarifies Taxation of Unauthorized Insurance Companies
Posted in New York Developments, Tax Related Developments
Three recent decisions (March 3, 2016) by a New York State Division of Tax Appeals administrative law judge help to clarify the taxation of unauthorized insurance companies subject to New York State taxation.
New York State has over recent years changed in certain significant regards both the substantive law and…
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New York Governor Nominates Head of the Department of Financial Services
By Troutman Pepper Locke on
Posted in New York Developments, Regulatory
New York Governor Andrew M. Cuomo today nominated Maria T. Vullo to serve as the Superintendent of the New York State Department of Financial Services. Vullo is an experienced senior litigator and manager, with more than 25 years of practice in business litigation and investigations. She is of counsel at…
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ELANY Hires Former New York Regulator as Financial Director
By Troutman Pepper Locke on
The Excess Line Association of New York (ELANY) has hired James Davis as financial director. Davis is responsible for the financial review and analysis of all eligible listed excess line insurers to verify their financial strength.
Davis recently retired from the New York State Department of Financial Services (“the Department”)…
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New York’s Acting Superintendent Albanese Announces His Departure
By Troutman Pepper Locke on
Posted in New York Developments
New York’s Department of Financial Services is once again changing personnel ; Acting Superintendent Anthony Albanese gave notice that he will be leaving the agency.
Albanese has been Acting Superintendent of Financial Services — which was created in 2011 after the merger of the state’s banking and insurance departments —…
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New York Creates Regulatory Safe Harbor for Certain Broker Activities Involving Non-US Entities
By Troutman Pepper Locke on
Posted in New York Developments
Governor Cuomo recently signed Assembly Bill 7789, which will expand the scope of activities that insurance brokers may engage in with respect to Group Life and Group A&H insurance sales to multinational clients covering non-US employees. Under certain conditions, brokers will now be able to provide information to certain non-US…