Reversing an earlier decision, the New York State Insurance Department decided that captive reinsurance arrangements are legal under the state's insurance laws.

The department has what amounts to extraterritorial authority; if an insurer does something in another state that is illegal under New York's insurance laws, the department can bar it from selling insurance in New York.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.