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ISSUED: July 29, 1999



To increase awareness of the State's new derivatives law, Superintendent Neil D. Levin announced today that the Insurance department will be holding derivative seminars to help insurers navigate the new derivative law and to help them comply with the Derivative Use Plan (DUP) filing requirements. The seminars will feature speakers from the Department, including a representative from the Office of General Counsel, Life and Property Bureaus and a Capital Markets Specialist.

The State's new derivative law, effective July 1, 1999, expands the authority of Life insurers and certain Property/Casualty insurers to engage in derivative-based hedging transactions and limited income generating activity. The law puts New York insurers on a level playing field with insurers from other states as well as with other financial institutions that currently use derivatives.

Under the law, any insurer who plans to use derivatives must first file with the Department a plan for use, personnel qualifications, and systems adequacy.

The seminars are part of the Department's effort to effectively monitor insurers' activities in the global capital markets. There will be two sessions, one in New York City, and one in Albany. Insurers should notify the contact listed below to reserve seating for the sessions.

August 9, 1999, 10:00 AM to 12:00 PM:
NY State Insurance Department
25 Beaver Street–Fifth Floor Hearing Room
New York, NY 10004
Contact - Ms Susheila Elahie at
(212) 480-2292

August 25, 1999, 1:00 PM to 3:00 PM:
NY State Insurance Department
Agency Bldg. 1–8th Fl. Conference Room
Empire State Plaza, Albany, NY 12257
Contact - Ms. Carla Silverstein at
(518) 474-4567


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