NY Life Insurers: Brace For Captive Reinsurer Scrutiny

Law360, New York (September 21, 2012, 1:47 PM EDT) -- On July 18, 2012, the New York State Department of Financial Services sent a New York Insurance Law Section 308 request to 80 New York domestic life insurance companies, requiring them to provide, by Aug. 8, 2012, in substance the following:

The names of all ceding companies using affiliated captives or off-shore entities for reinsurance purposes, the names of the reinsurance entities and the domicile of all such companies

  A written description of each reinsurance treaty, including, among other things, the amount of statutory reserves...
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