Already considered among the most rigorous cybersecurity requirements for financial services companies, the existing New York Department of Financial Services (“NY DFS”) Cybersecurity Regulation (the “Regulation”) set the standard for a scalable and prescriptive framework for cybersecurity. Its provisions inspired the various state insurance data security requirements of other … [Read more...] about New York Department of Financial Services Looks to Raise the Floor — Again — on Cybersecurity Regulation
Legacy acquirer, DARAG Group concluded a new agreement with an undisclosed captive insurance company, with a transaction value of approximately $30 million. The transaction, written into DARAG Bermuda, allows the original insurer full legal finality, with DARAG facing the original fronting insurer. Its structure was a novation of its 03-06 and 15/16 policy years with … [Read more...] about DARAG acquires North American captive insurance company for $30mn
On April 19, 2022, the New York Department of Financial Services (“NY DFS”) issued Insurance Circular Letter No. 5 (2022) (the “Letter”). The Letter, entitled “Acquisitions of Control and Disclaimers of Control”, was addressed to all New York domiciled insurers and other interested parties. The purpose of the Letter is to remind insurance industry participants of the … [Read more...] about NY DFS Issues Circular Letter Addressing Acquisitions and Disclaimers of Control
As we previously reported a year ago, the National Association of Insurance Commissioners (NAIC) adopted amendments to the Credit for Reinsurance Model Law (#785) and Credit for Reinsurance Model Regulation (#786) to implement the certain international agreements to eliminate collateral requirements for qualifying reinsurers. The Models created a new category of reinsurers, … [Read more...] about The End of Collateral for Non-US Reinsurers Is Here; An UPDATE on “Reciprocal Reinsurers”
Negotiation Strategies: Tips for Establishing Connection and Optimizing Results Series: Part 2 We all know the scenario: You’ve been chasing your counterparty for weeks, trying to get either payment, a meeting, or a substantive response. On your end, you reviewed the file and calculated how much you want and, perhaps, how much you might settle for, based upon YOUR analysis … [Read more...] about Prepare, Prepare, and Also, Prepare.
The second session of the 4th annual Runoff Deal Market Forum focused on some of the less obvious legal, regulatory and NAIC developments that will likely impact the runoff deal landscape. The esteemed panel included Mayer Brown partner Larry Hamilton who heads the firm’s US Insurance Regulatory & Enforcement group, James Mills, Vice President and Legal Counsel of Enstar … [Read more...] about Under the Radar Potential Game Changers: Were you aware of these??
On February 2nd Allstate Insurance Company filed the first plans of division in the U.S. market to restructure its insurance operations representing a significant step forward for the insurance industry to expand the application of restructuring mechanisms. The Allstate plans of division were filed with the Illinois Department of Insurance (the “Department”) pursuant to the … [Read more...] about From the Front Lines
It is a beautiful South Carolina fall afternoon, and the Director of Insurance, Ray Farmer, settles into his office to reflect on the remaining months of his term as President of the National Association of Insurance Commissioners (“NAIC”), which he had assumed on January 1, 2020. I asked Director Farmer how the year has been, and after a long sigh and roll of his eyes, he … [Read more...] about Exit Interview with NAIC President Raymond G. Farmer South Carolina Director of Insurance
AIRROC is pleased to announce the addition of two new members, BMS Group Ltd. and Fortitude Reinsurance Company Ltd., and Gallagher Bassett as a new Corporate Partner. AIRROC looks forward to working together with BMS, Fortitude Re and Gallagher Bassett on a number of dimensions with the intention of delivering greater service to our shared communities of legacy … [Read more...] about AIRROC Continues to Grow its Network!
Photo by Pixabay on Pexels.com You remember the Covered Agreements entered into between the US and the UK and the US and the EU to deal with Brexit and Solvency II and international financial standards, right? Well, the New York Department of Financial Services has noticed a proposed regulation implementing the new credit for reinsurance rules required under the Covered … [Read more...] about What the New Proposed Credit for Reinsurance Regulations Mean for Reinsurance Disputes
NOTICE OF THE DIRECT SCHEME MEETING IN THE HIGH COURT OF JUSTICE BUSINESS AND PROPERTY COURTS OF ENGLAND AND WALES INSOLVENCY AND COMPANIES LIST (ChD) CR-2020-004278 STRONGHOLD INSURANCE COMPANY LIMITED (IN ADMINISTRATION) AND IN THE MATTER OF THE COMPANIES ACT 2006 NOTICE IS HEREBY GIVEN that, by an order dated 16 December 2020 made in the High Court of Justice, … [Read more...] about Notice of Direct Scheme Meeting and Notice of General Scheme Meeting of Stronghold Insurance Company Limited (In Administration)
Estimating future liabilities for even the most basic line of business involves in-depth analysis of data, expert knowledge of modeling, and professional application of assumptions. Black lung liabilities take reserving to an entirely different level. Black lung compensation is rooted in a complex regulatory and legislative history. The disease itself—pneumoconiosis—involves … [Read more...] about Mysteries Underlying Black Lung Liabilities
The New York Attorney General and the New York State Department of Financial Services are leaders in the efforts to fill in the regulatory gap in the wake of perceived reduction in federal enforcement. Read the full article here... … [Read more...] about Expect Increased New York State Regulatory Enforcement in the Banking and Financial Services Industry
The new UK legislation for companies in financial difficulty represents a fundamental shift in approach to restructuring in Europe and adds an important new tool to the UK restructuring framework. https://eurorestructuring.weil.com/reform-proposals-and-implementations/the-new-restructuring-plan-in-depth/ … [Read more...] about The New Restructuring Plan – In Depth
Doncasters Group Restructuring of £1.22 Billion Debt Successfully Implemented Read the full article here - /wp-content/uploads/2020/03/Doncasters_Successfully_Implements_Restructuring.pdf … [Read more...] about Doncasters’ Restructuring Successfully Implemented
The NCOIL IBT model law provides an efficient restructuring tool that will allow companies to achieve operational and capital efficiencies to compete more effectively in the global marketplace. U.S. insurers and reinsurers now have an expanded landscape for restructuring options in the United States. On March 8th, 2020 the Executive Committee of the National Council of … [Read more...] about The NCOIL IBT Model Law – Transforming the US Insurance Industry
PwC issue their second annual summary of publicly announced non-life run-off deals which shows a continuing trend of transaction activity across the globe. Read more here - /wp-content/uploads/2020/03/non-life-insurance-run-off-q4-deals-update.pdf … [Read more...] about 2019 Annual Review of Non-Life Insurance Run-Off Deals
High hopes as the US House of Representatives passes historic marijuana reform legislation which allows banks and other financial institutions to work with state-legal cannabis industry. Currently, thirty-three states and the District of Columbia have passed laws legalizing marijuana for medical and/or adult-use. … [Read more...] about Congress Takes First Step to Banking on Cannabis
AIRROC’s Corporate Partner Catalina announces new partnership with British Lung Foundation. Hamilton, Bermuda – Catalina Holdings (Bermuda) Ltd (“Catalina”), an industry leader in the insurance legacy space, is pleased to announce a partnership with the British Lung Foundation, committing £5 million in funding to accelerate research into mesothelioma. Continue … [Read more...] about Catalina commits £5 million to mesothelioma research in partnership with the British Lung Foundation
Dentons Gotham Insurance Symposium hosts panel on new insurance business transfer mechanisms in Oklahoma and the US. Please join Dentons for its fifth annual Gotham Insurance Symposium, as they delve into some of the most pressing issues facing the insurers today, including insurance business transfer mechanisms in Oklahoma and the US. This panel presentation will … [Read more...] about Gotham Insurance Symposium