Reporting by New York Domestic Insurers of Investments Made in Designated Persons Engaged in Energy Sector Investments in Iran

13 February 2014
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Key takeaways:

  • New Section 1415 to the New York Insurance Law was effective February 11, 2014 that treats as nonadmitted assets any investments made by New York domestic insurers in designated persons engaged in energy sector investment activities in Iran.
  • The New York Department of Financial Services has published important guidance in its website relating to compliance with Section 1415.
  • This Client Update describes this important guidance.