Preparing for CECL: A Ceded Reinsurance Perspective
In June 2016, the Financial Accounting Standards Board (FASB) approved a new accounting standard, the Current Expected Credit Loss (CECL) model, to replace the former incurred loss model for measuring...
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New beginnings: US regulation is generating more flexibility for legacy deals
Written by Luann Petrellis Luann is an insurance professional who specializes in developing runoff and restructuring strategies for discontinued (re)insurance businesses. Luann drafted the Insurance...
View ArticleNew York State Department Of Financial Services “Expects” Insurers To...
New York urges insurers with potential exposure to legal claims stemming from the Child Victims Act to act promptly and in good faith. The New York Child Victims Act (“CVA”) was signed into law on...
View ArticleGotham Insurance Symposium
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...
View ArticleCongress Takes First Step to Banking on Cannabis
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,...
View ArticleStates Open The Window For Sex Abuse Claims
New Jersey, California and North Carolina join list of jurisdictions that have enacted “revival windows” for time-barred sex abuse claims. New Jersey “revival window” for time-barred sex abuse claims...
View ArticleStates introduce changes to promote legacy deals for insurance sector
Mergers and acquisitions among ongoing insurance sector companies are triggering more interest in runoff transactions to seal off old liabilities, and the trend has been boosted by legislation in...
View ArticleState Regulatory Responses to the COVID-19 Pandemic: Mitigating Risk for...
The widespread effects of the Coronavirus 19 (COVID-19) pandemic have been unlike anything the world has experienced in more than a century. Governments worldwide have been forced to grapple with this...
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From the Front Lines
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...
View ArticleDivided We Stand
American states have risen to the challenge. Faced with a decided advantage that re/insurers have to shed books of business under Part VII of the UK’s Financial Services and Markets Act, and responding...
View ArticleFederal Insurance Office Spells Out Priorities Regarding Climate-Related...
On August 31, 2021, the Federal Insurance Office (“FIO”) issued a request for information regarding climate-related financial risk in the insurance sector. In the Request, the FIO laid out a conceptual...
View ArticleFor Now, No Need for Federal Cyber Reinsurance Backstop: Experts
Business owners need guidance rather than a federal reinsurance backstop to help them navigate an increasingly volatile cyber insurance market, a panel of experts said recently. “I don’t think a...
View ArticleRecognition for long serving IRLA Head of Academy
The Board of the Insurance and Reinsurance Legacy Association (“IRLA”) are delighted to announce that Leslie-Ann Giovnilli was recognised with its Services to Legacy Award at its Gala Dinner at...
View ArticleMaking a run for it
This article was originally published in the Captive Insurance Times, issue number 233 and is republished here with permission. Carolyn Fahey of AIRROC and James Cameron of PwC UK discuss the current...
View ArticleThe End of Collateral for Non-US Reinsurers Is Here; An UPDATE on...
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...
View ArticleNY DFS Issues Circular Letter Addressing Acquisitions and Disclaimers of Control
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...
View ArticleSenate Banking Committee Chair Urges FIO and the NAIC to Monitor Private...
Earlier this month, United States Senator Sherrod Brown (D-OH), Chair of the Banking, Housing, and Urban Affairs Committee, urged the Federal Insurance Office (FIO) and the National Association of...
View ArticleUS NAIC Summer 2022 National Meeting Key Takeaways: Restructuring Mechanisms,...
On August 11, 2022, the US National Association of Insurance Commissioners’ (“NAIC”) Executive (EX) Committee adopted a request from the Restructuring Mechanisms (E) Working Group (“RM Working Group”)...
View ArticleOklahoma Insurance Department Successfully Hosts Inaugural Oklahoma Captive &...
OKLAHOMA CITY – The Oklahoma Insurance Department (OID) successfully hosted the inaugural Oklahoma Captive & Insurance Business Transfer (IBT) Conference in Oklahoma City. The two-day conference...
View ArticleNew York Department of Financial Services Looks to Raise the Floor — Again —...
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...
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