New York Adopts Safe Harbor Protections for Qualified Financial Contracts in Insurance Company Insolvency Proceedings

January 5, 2012

On December 12, 2011, New York adopted an amendment to its insurance law providing safe harbor protections for qualified financial contracts and netting agreements in insurance company insolvency proceedings. This memorandum summarizes and discusses the implications of the legislation.

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New York Adopts Safe Harbor Protections for Qualified Financial Contracts in Insurance Company Insolvency Proceedings