Emergency regulations issued to ensure coverage of COVID-19 under NYS health insurers froggy1003.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from froggy1003.com Daily Mail and Mail on Sunday newspapers.
COVID-19 vaccine must be covered by health insurance providers in New York
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During a press conference on Wednesday, Governor Andrew Cuomo said that insurance providers would have to pick up any costs associated with the COVID-19 vaccine.
Later in the day, Superintendent of Financial Services Linda Lacewell said the DFS had issued an emergency regulation to ensure immediate coverage of the COVID-19 vaccine by health insurers licensed in New York State.
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New York-domiciled insurers may soon be able to take advantage of more-relaxed provisions on balance sheet credit for reinsurance where the assuming reinsurer is in a “reciprocal” jurisdiction to the United States. New York-based carriers should consider amendments just announced to New York’s credit-for-reinsurance rules, which conform to the U.S.-European “covered agreements” on reciprocity, for opportunities for balance sheet credit in new reinsurance agreements.
The covered agreements between the U.S. and the EU in 2017 and the UK in 2018, respectively, imposed uniform treatment between the jurisdictions on credit for reinsurance and other prudential aspects of insurance regulation. The international pacts effectively require the U.S. states to conform their credit-for-reinsurance regulations to this new reciprocity regime, and accordingly in 2019, the National Association of Insurance Commissioners (NAIC) a