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Synopsis
Timetric’s '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.

The report brings together Timetric’s 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 insurance 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 insurance 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% FDI 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 Contents

Governance, Risk and Compliance - The New York Insurance Industry
Table of Contents
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
2.4.3 Health insurance
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors
2.5.2 National Association of Insurance Commissioners
2.5.3 Federal Insurance Office
2.5.4 American Insurance Association
2.5.5 National Association of Mutual Insurance Companies
2.5.6 Property Casualty Insurers of America
2.5.7 Reinsurance Association of America
2.5.8 Department of Financial Services
2.5.9 New York Insurance Association
2.6 Non-Admitted Insurance Regulations
2.6.1 Overview
2.6.2 Intermediaries
2.6.3 Market practices
2.6.4 Fines and penalties
2.7 Company Registration and Operations
2.7.1 Types of insurance organization
2.7.2 Establishing a local company
2.7.3 Foreign ownership
2.7.4 Types of license
2.7.5 Capital requirements
2.7.6 Solvency margins
2.7.7 Reserve requirements
2.7.8 Investment regulations
2.7.9 Statutory return requirements
2.7.10 Fee structure
2.8 Taxation
2.8.1 Insurance premium or policy taxation
2.8.2 Withholding taxes on premium paid overseas
2.8.3 Corporate tax
2.8.4 VAT
2.8.5 Captives
2.9 Legal System
2.9.1 Introduction
2.9.2 Access to court
2.9.3 Alternative dispute resolution
3 Appendix
3.1 Methodology
3.2 Contact Timetric
3.3 About Timetric
3.4 Timetric's Services
3.5 Disclaimer


List of Tables
Table 1: Insurance Industry Definitions
Table 2: The US - New York- Insurance Regulatory Framework Key Features
Table 3: The US - New York - Life Insurance Regulatory Framework
Table 4: The US - New York - Property Insurance Regulatory Framework
Table 5: The US - New York - TRIP Highlights
Table 6: The US - New York - Motor Insurance Regulatory Framework
Table 7: The US - New York - Liability Insurance Regulatory Framework
Table 8: The US - New York - Minimum Capital and Surplus Requirement
Table 9: The US - New York - Minimum Capital and Surplus Requirement
Table 10: The US - New York - Corporate Tax Rates for the Financial Year 2016


List of Figures
Figure 1: The US - New York - Insurance Supervision and Control at Various Levels
Figure 2: The US - New York - Insurance Regulatory Frameworks for Company Registration

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