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New York Insurance Industry Governance, Risk and Compliance Report 2019 - ResearchAndMarkets.comThe "Governance, Risk and Compliance - The New York Insurance Industry" report has been added to ResearchAndMarkets.com's offering. Governance, Risk and Compliance - The New York Insurance Industry 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 New York Department of Financial Services (NYDFS), which ensures consumer protection and maintains a stable insurance industry regulates and supervises the insurance industry in New York. Although there is no official federal insurance regulator, the National Association of Insurance Commissioners (NAIC) was created to coordinate the regulation of multistate insurers. It is a voluntary association created and governed by the chief insurance regulators from the 50 states, the District of Columbia and five US territories. Additionally, the Federal Insurance Office (FIO) was created under the Dodd-Frank Act. The FIO has no regulatory authority, but is responsible for monitoring all aspects of the insurance industry. The regulations governing New York's insurance industry are stipulated in the New York Insurance Law. This consists of provisions pertaining to the licensing of insurers and intermediaries, capital requirements, solvency margins, reserve requirements, investment regulations and penalties. Key Findings
Scope
Key Topics Covered: 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 Regulation 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 Federal Insurance Office 2.5.5 National Association of Mutual Insurance Companies 2.5.6 Property Casualty Insurers of America 2.5.6 Reinsurance Association of America 2.5.7 Department of Financial Services 2.5.8 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 Type 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 margin 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 For more information about this report visit https://www.researchandmarkets.com/r/ye44hm View source version on businesswire.com: https://www.businesswire.com/news/home/20191018005352/en/ |