Foreign (Non-United States) Jurisdictions Approved as Eligible for Netting for Purposes of Derivative Transactions
Chapter 398 of the Laws of 2012 amended Section 1410(f)(3) of the Insurance Law to update various definitions applicable to derivative transactions engaged in by certain insurers.
Section 1410(f)(3)(E) of the Insurance Law specifically defines a "master agreement" as a written master agreement relating to derivatives transactions that provides for netting of payments owed by the respective parties, and the domiciliary jurisdiction of the counter-party is either within the United States or if not within the United States, within a jurisdiction approved by the superintendent as eligible for netting.
Effective March 28, 2013, the following jurisdictions are approved as eligible for netting for purposes of Insurance Law § 1410(f)(3)(E):
- Cayman Islands