Law360, New York (January 05, 2012, 2:41 PM ET) -- New York has enacted an amendment to its state insurance insolvency law that adds a new section that is based on Section 711, and its related definitions, of the National Association of Insurance Commissioner’s Insurer Receivership Model Act — often referred to by its acronym, IRMA.
Section 711 is intended to provide financial counterparties of U.S. insurers generally the same kind of treatment afforded the rest of the financial services industry under the U.S. Bankruptcy Code (for U.S. entities other than banks and insurers) and the...
Expanding Insurance Regulation, One State At A Time
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