NY Sets Example By Probing Foreign Reinsurers Over Iran

Law360, New York (July 3, 2013, 7:34 PM EDT) -- The New York Department of Financial Services has boldly expanded its jurisdiction to investigate whether foreign reinsurers are prepared for a new federal sanctions law targeting Iran's nuclear ambitions, potentially inspiring other state regulators to broaden their mandate to protect policyholders, attorneys say.

The DFS has asked reinsurers to disclose by July 15 whether policyholders they cover might be conducting business with Iran and whether their policies could be subject to sanctions under provisions of the Iran Freedom and Counter-Proliferation Act of 2012 that went into...
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