2011 Wrap-Up: New Agency, Other Noteworthy Developments

2011 brought a number of developments, in the courts and in the executive branch, that may influence corporate insurance issues. The creation of a new agency, the New York State Department of Financial Services, unifies two former agencies to consolidate the regulation of insurance, banking and other financial services industries in one agency. In addition to the modernization of the regulatory structure, this article discusses judicial developments that may affect the corporate insurance sector, including changes to the burden of proof in insurance fraud cases, interpretation of the insurability of disgorgement payments and new rulings on underlying claims that may impact insurance claims.