In September 2017, the European Union and the United States executed a bilateral treaty called the US-EU Covered Agreement, which for the first time ever permitted US ceding insurers to receive 100% credit on their statutory...more
The concept of “control” of insurers received significant attention from state insurance regulators last year and will receive even more in 2023. We wrote a brief report in April 2022 following the New York Department of...more
2/7/2023
/ Acquisitions ,
Banking Sector ,
Financial Services Industry ,
Insurance Industry ,
Insurance Regulations ,
Investment Management ,
Investors ,
NAIC ,
New York ,
NYDFS ,
Private Equity ,
Regulatory Oversight ,
Shareholder Rights
In our report published on April 26, 2022, we discussed the New York Department of Financial Services’ (NYDFS) Circular Letter No. 5 in which it reminded the industry that acquiring less than 10% of an insurer’s voting...more
5/6/2022
/ Corporate Counsel ,
Corporate Governance ,
Department of Labor (DOL) ,
Disclosure Requirements ,
Documentation ,
Holding Companies ,
Insurance Industry ,
NAIC ,
New York ,
NYDFS ,
Private Equity ,
Reinsurance Agreements ,
Working Groups
On April 19, 2022, the New York Department of Financial Services (NYDFS) issued Circular Letter No. 5, reminding owners and potential purchasers of shares of insurance companies that acquiring less than 10% of the company’s...more
For much of the past 10 years, the National Association of Insurance Commissioners (NAIC) and individual state insurance regulators have highlighted their awareness of the increasing number of insurers controlled by private...more