IAIG Group-Wide Supervision
As insurance companies have expanded their global presence, it has become necessary for states to have an enhanced and consistent framework for the supervision of Insurance Law Article 15 holding company systems, Insurance Law Article 16 systems, and Insurance Law Article 17 systems (collectively, "insurance groups") that are active internationally to ensure appropriate enterprise risk management and the solvency of the authorized insurance companies in the insurance group.
Pursuant to § 82.1(i) of 11 NYCRR 82 (Insurance Regulation 203), an internationally active insurance group (IAIG) is an insurance group that includes an insurer registered under New York Insurance Law section 1503, 1604, or 1717 and meets the following criteria:
- has premiums written in at least three countries;
- the percentage of gross premiums written outside the United States is at least 10% of the insurance group’s total gross written premiums; and
- based on a three-year rolling average, the total assets of the insurance group are at least $50 billion or the total gross written premiums of the insurance group are at least $10 billion.
Additionally, the Superintendent of Financial Services may determine at any time that the Superintendent is the appropriate group-wide supervisor for an IAIG that conducts “substantial insurance operations” in New York by considering criteria provided in 11 NYCRR § 82.4(b).
11 NYCRR § 82.4(d) requires the Superintendent to publish on the website of the Department of Financial Services the identity of any IAIG that the Superintendent has determined is subject to group-wide supervision by the Superintendent. The Superintendent has determined that she is the group-wide supervisor for:
- American International Group (AIG)
- MetLife, Inc.