The Office of General Counsel issued the following informal opinion on August 13, 2001, representing the position of the New York State Insurance Department.
Re: Reinsurers and Compliance with Reg. 169 (11NYCRR 420)
The inquirer stated that ABC Reinsurance Company ("ABC") is primarily a professional reinsurer and as such would not have any private information.
While we concur that reinsurance would not come within the regulation directly, there may be private information that the ceding insurer may share with ABC, which information may not be disclosed by ABC, except as permitted by Section 420.11 of the regulation.
The inquirer also stated that ABC writes some direct business but that it is not accident, life or health insurance. Regulation 169 applies to all kinds of insurance. Accordingly, the inquirer was directed to advise the Department of the kind of direct business that ABC writes and respond in connection with such business.
For further information, you may contact Principal Attorney Paul A. Zuckerman at the New York City office.