A Snapshot Of NY's New Insurance Holding Co. Law

Law360, New York (August 16, 2013, 3:37 PM EDT) -- On July 31, 2013, New York Gov. Andrew Cuomo signed a bill (Assembly 7807A) that amends the New York Insurance Law and implements key provisions of the National Association of Insurance Commissioners' Amended Model Insurance Holding Company System Regulatory Act.

Consistent with the NAIC Model Act, the legislation authorizes the New York superintendent of financial services to participate in “supervisory colleges” (meetings with other state, federal and international regulators of an insurer or insurance group) and requires that insurers file “enterprise risk reports” with the superintendent,...
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