“• 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.”
“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 Workers’ compensation insurance
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 Department of Financial Services
2.5.5 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”
“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 2015″
“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 and Operation”
