New York Department of Financial Services NYDFS Circular Letter No. 5 reminded industry acquiring less than 10% of insurer’s voting securities does not mean acquirer is not controller. NAIC’s Macroprudential E Working Group is studying, overseeing Project.
In our report published on April 26, 2022, we discussed the New York Department of Financial Services’ (NYDFS) Circular Letter No. 5 in which it reminded the industry that acquiring.