Garsson quoted on potential change to NY insurance regulation

Garsson quoted on potential change to NY insurance regulation
NY Bows To Need For Secrecy In Insurer Solvency Reports
April 4, 2014
Andrew Scurria

Frederic M. Garsson, special counsel in the Insurance Practice, was quoted in this Law360 article about a recent development in New York Insurance law.  In January, the New York Department of Financial Services proposed a new regulation that would require insurers to make filings that contain “sensitive” information.  The insurance industry was surprised that the proposed regulation did not contain a confidentiality provision (as other states had done).  During the 45-day comment period on the proposed regulation, the industry expressed its concern and the NYDFS now appears to be ready to change the proposed regulation to include that confidentiality provision. Fred explained, “The type of information that insurers will be required to disclose is extremely sensitive.  It deals with the material and relevant risks associated with the insurer and its affiliates, including financial condition and liquidity for ERM and current business plans and the sufficiency of capital resources for ORSA. Such information would normally be kept confidential and, in fact, would be confidential under the NAIC model acts.”