The “Looking Back” feature in the past couple of issues of IA have been cruel reminders of the abrupt and inglorious closing of the old New York Insurance Exchange twenty-five years ago. These reminders have led to a new flurry of inquiries: What ever happened to the effort to revive the exchange? Has the effort […]
Report cards are everywhere in life. Report cards let us know how we are doing in the eyes of our overseers and peers, whether they be our bosses, co-workers, teachers, coaches, administrators, regulators or even sports analysts and fans. Report cards are an acceptable way for society to hold a group or individuals accountable for […]
Many, many years ago, I worked for an overly demanding boss. One day when New York City was being pummeled by record snows – one of those memorable blizzards where people were skiing down empty Manhattan avenues – my boss emerged from his office demanding that the mail be brought to him. When the receptionist, […]
It’s probably a good thing that the NY Insurance Law prohibits advertising the existence or terms of a life guaranty fund in the sale or solicitation of life insurance products. The statutory caps for the NY life funds are fully committed to the $1.6 billion deficit of Executive Life Insurance Company of New York (ELNY), […]
It is hard to escape hearing about Solvency II, the EU plan to strengthen the financial requirements for insurers, and the US efforts to address the consequences of these new standards on domestic companies. For most of us our eyes glaze over with the mere mention of the subject, and certainly with the details. However, […]
Arbitration has been the preferred method of dispute resolution in the reinsurance arena for decades and has grown into quite its own industry, including the development and standardization of forms and procedures, and a proliferation of law firms, consultants and other service providers specializing in reinsurance arbitrations, and of “certified” or “qualified” arbitrators (I confess […]
When is a Release Not a Release? Once again the NY Insurance Department* is attempting to narrow the ability of insurance companies to settle claims. Current Regulation 64 provides a straightforward requirement that insurers cannot require a claimant to sign a release as a condition of settlement that is “broader than the scope of the […]
Let’s have a little chat about immunity. No, not immunity from retribution for squealing on Aunt Bea and her high stakes Saturday night poker game, or for giving state’s evidence against the mob before disappearing into witness protection. And no, not immunity for blowing the whistle on your employer, or for acting badly as a […]
During the last legislative session, the Excess Line Association of New York proposed and the Senate passed legislation that would allow the establishment of domestic excess line carriers in New York. At first blush this sounds wrong. By their very nature excess and surplus line insurers are “non-admitted” foreign or alien companies that can only […]
Fioravante “Fred” Perrotta died this past July. His New York Times obituary (July 28, 2012) focused on his public service as a key aide to Governor Rockefeller in the 1960s and later as part of Mayor Lindsay’s administration, including an unsuccessful run for city comptroller. In between those two lives, however, Fred played a significant […]
A Beacon International Group, Ltd. Member
