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New York DFS Issues Guidance Regarding Transactions with New York Insurers with Broad View of Potential Control Issues
20 April 2022
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On April 19, 2022, the New York Department of Financial Services (“DFS”) issued a Circular Letter (guidance) to all New York-domiciled insurers and other interested parties describing how DFS interprets “control” under the New York insurance law for transactions with insurers.
DFS describes transactions with “potential control issues” very broadly and urges parties contemplating such a transaction to engage with DFS early in the deal process even if they believe it will not result in a control relationship so DFS can evaluate whether the transaction will require an application to acquire control of an insurer or a disclaimer of such control.
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