Tag Archives: New York
Court Confirms Arbitral Order of Pre-Hearing Security Against a Policyholder and in Favor of Insurer
by Evan L. Smoak and Kyle M. Medley
In a Barger & Wolen victory, the U.S. District Court in Manhattan has confirmed an arbitration panel’s interim order, which required a policyholder to post pre-hearing security in the amount sought by an in…
Interesting Article about Benjamin Lawsky – NY’s new Department of Financial Services Superintendent
Here is an [interesting piece on Mr. Lawsky] who has been confirmed as the first superintendent of New York’s new Department of Financial Services, which will be the combination of the Banking and Insurance Departments. It appears in the bl…
NY Issues Press Release and §308 Letters
The New York State Insurance Department has issued a [press release] indicating that they have sent letters requesting information from the 172 licensed life insurers and fraternals. The letter requires these insurers to use the United Stat…
Lawsky Appointment to lead DFS is moving quickly
On May 16, 2011, NY Governor Cuomo announced the nomination of Benjamin Lawsky to be the superintendent of the newly created Department of Financial Services, of which Insurance will be a part. The Times Union Capital Confidential (@TUCapCon) is …
Insurance Filings Modernization Initiative 4/21 Interim Report Posted
The New York State Insurance Department posted an [interim report] of the Insurance Filings Modernization Initiative on April 21. The specific recommendations this report discusses that are particularly relevant to life insurers are: the updated [produ…
NY Spending and Government Efficiency (SAGE) Commission Named
On April 19, 2011, Governor Cuomo issued a [press release] naming members of the SAGE Commission. The press release states that "SAGE is the first major redesign of state government since Governor Alfred E. Smith in 1927." This commissi…
NY Posts New Individual Annuity Outline
Did you have a long weekend? How did you spend it? Me? I reviewed the newly posted 81-page Draft Individual Fixed and/or Variable Deferred Annuity Outline. I am in the process of drafting comments, which are due to the Department on or before April 3, …
Department of Financial Regulation in Bigger Governmental Context
More and more discussion of the proposed Department of Financial Regulation is focusing on the overlap of regulatory authority with the Attorney General’s office, rather than any cost-savings impact it might have on future budgets. I found this article…
NY Senate Budget Analysis of DFR
The NY Senate Republicans have released their analysis of Governor Cuomo’s budget, including the proposal to merge the Insurance Department, the Banking Department and portions of the Consumer Protection Board. In the document they conclude…
NY Issues Circular Letter on Excess Withdrawals and GMWBs
The NY Insurance Department today issued [Circular Letter 5 (2011)] establishing disclosure rules for excess withdrawals under GMWB riders. The regulatory concern expressed is that using the proportional methodology that many companies use …
