Debevoise & Plimpton

New York insurance holding company law and regulation amendments 2013

New York has recently enacted and promulgated amendments to its insurance holding company laws and regulations and related laws. The changes in regulation were made by the Third Amendment to Insurance Regulation 52 effective 23 June 2013. The changes in law were made by Chapter 238 of the Laws of 2013, most of the provisions of which were effective 31 July 2013 but some of which will become effective 29 October 2013.

While all of these amendments affect New York domestic controlled insurers, many of these amendments affect New York commercially domiciled insurers and some of these amendments even affect New York foreign licensed insurers. Therefore, all New York licensed insurers should be aware of the impact of these changes on their (and their parents’) New York reporting and compliance requirements.

A table setting forth (i) the key laws and regulations before and after the amendments, (ii) whether they affect domestic, foreign or commercially domiciled insurers and (iii) the applicable effective dates of the amendments is attached to this client update…

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