Synopsis

‘Governance, Risk and Compliance – The New York Insurance Industry’ report is the result of extensive research into the insurance regulatory framework in New York.

It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

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The report brings together research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the state. The report also includes the scope of non-admitted insurance in the state.

Summary

The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in New York, including:

• An overview of the insurance regulatory framework in New York.

• The latest key changes, and changes expected in the state’s insurance regulatory framework.

• Key regulations and market practices related to different types of insurance product in the state.

• Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in New York .

• Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.

• Details of the tax and legal systems in the state.

Scope

• The report covers details of the insurance regulatory framework in New York .

• The report contains details of the rules and regulations governing insurance products and entities.

• The report lists and analyzes key trends and developments pertaining to the state’s insurance regulatory framework.

• The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the state.

• The report provides details of taxation imposed on insurance products and companies.

Reasons to Buy

• Gain insights into the insurance regulatory framework in New York .

• Track the latest regulatory changes, and expected changes impacting the New York insurance industry.

• Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the state.

• Understand key regulations and market practices pertaining to various types of insurance product.

Key Highlights

• The New York insurance industry is regulated by the DFS.

• Composite insurance is not permitted in New York.

• 100% foreign direct investment is permitted in New York’s insurance industry.

• Non-admitted insurance is not permitted in New York’s insurance industry – however, there are a few exceptions.

• Key classes of compulsory insurance include motor third-party liability insurance and health insurance.

Table of Content: Key Points

1 Introduction

    1.1 What is this Report About?

    1.2 Definitions

2 Governance, Risk and Compliance

    2.1 Legislation Overview and Historical Evolution

    2.2 Latest Changes in Regulations

    2.3 Legislation and Market Practice by Type of Insurance

      2.3.1 Life insurance

      2.3.2 Property insurance

      2.3.3 Motor insurance

      2.3.4 Liability insurance

      2.3.5 Marine, aviation and transit insurance

      2.3.6 Personal accident and health insurance

    2.4 Compulsory Insurance

      2.4.1 Motor third-party liability insurance

      2.4.2 Social insurance system

…Continued        

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