Insurance & Reinsurance

New Certificate of Insurance Laws

February 24, 2015
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New York has adopted a law standardizing the use of certificates of insurance.  The new law, A.9590/S.6545-A, was modelled after a similar national bill and modified to comply with New York state insurance laws. A.9590 was adopted to address problems that occur when certificates of insurance are issued and they do not accurately represent policy […]

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New York DFS Announces Measures to Strengthen Defenses Against Cyber Hacking

February 20, 2015
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On February 9, 2015, the New York State Department of Financial Services (“DFS”) released a report addressing cybersecurity in the New York insurance industry.  DFS also announced a series of measures it will take to help improve insurers’ defenses against cyber hacking. DFS’s Report on Cyber Security in the Insurance Sector was based on a […]

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Treasury Report on Global Reinsurance Industry

February 5, 2015
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At the close of 2014, the United States Department of the Treasury’s Federal Insurance Office (“FIO”) published a report titled The Breadth and Scope of the Global Reinsurance Market and the Critical Role Such Market Plays in Supporting Insurance in the United States.  The FIO was established within the Treasury to monitor the insurance sector, […]

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President Obama Signs Renewed Terrorism Risk Insurance Program

February 4, 2015
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On January 12, 2015, President Barack Obama signed into law a bill that will renew the Terrorism Risk Insurance program for six years.  The program had been allowed to lapse when the Senate failed to vote to renew it in its final meeting in 2014.  Earlier in January 2015, however, the House of Representatives voted 416-5 to […]

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MetLife Challenges SIFI Designation

February 3, 2015
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Last year, the Financial Stability Oversight Council (“FSOC”) designated MetLife Inc. as a systemically important financial institution (“SIFI”).  On January 13, 2015, MetLife filed a complaint against the FSOC, challenging the SIFI designation on the basis that the FSOC “made numerous critical errors that fatally undermined the reasoning in its Final Designation of MetLife.”  MetLife […]

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House Passes Law Proposing Different Capital Standards for Insurers

January 13, 2015
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On December 10, 2014, the United States House of Representatives passed bill S. 2270, a measure that seeks to ease capital and liquidity standards for insurers under the Dodd-Frank Act. The House unanimously passed the bill, which hopes to give the Federal Reserve the flexibility it needs to set capital standards for insurance companies that […]

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NYDFS Issues New Cyber Security Regulations

January 12, 2015
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The New York Department of Financial Services (“DFS”) recently issued an industry guidance letter announcing new assessments that the department will utilize to examine cyber security preparedness.  The new guidelines will apply to all the banks DFS has regulatory powers over.  According to the Insurance Journal, the department is also considering extending similar cyber security assessments for […]

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FACTA Implications for Reinsurance Industry

January 8, 2015
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The Foreign Account Tax Compliance Act (“FACTA”) was enacted in 2010 and implementation began July 1, 2014.  The law was created to increase reporting of foreign financial assets, and it enforces reporting by establishing a withholding tax on payments made to foreign entities.  The Act is being implemented in phases, but it has already impacted […]

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Terrorism Risk Insurance Act will Expire

January 7, 2015
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On December 10, 2014, the United States House of Representatives voted to extend the Terrorism Risk Insurance Act (“TRIA”), a federal law offering insurers coverage against property damage caused by terrorism.  The measure did not pass the Senate; however, so the program will expire December 31st. Senator Tom Coburn from Oklahoma held up legislation that […]

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New Jersey Postpones on Bill Allowing Proof of Insurance in Electronic Form

January 6, 2015
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Across the country, many states are adopting laws allowing for drivers to show proof of auto insurance on their cell phone, computer, or tablet.  The New Jersey Assembly was set to vote on the issue on December 15, 2014, but the bill was pulled from the agenda without explanation. The proposed bill would allow drivers in […]

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