An insurance law firm is warning its clients that if they are not licensed to transact business in New York State, they should review their agents’ activities to ensure they are not engaging in prohibited insurance transactions in the state.
The legal alert by lawyers at Carlton Fields Jorden Burt deals with a consent decree entered into between the state and MetLife March 31, and a lawsuit filed in New York Federal Court by American International Group earlier this month.
The lawsuit deals with whether states have authority to require an insurer to pay taxes if the insurer is selling the products in the state only through subsidiaries licensed in other states.
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