On April 24, 2024, the New York State Department of Financial Services (NYDFS) published Proposed Rule Making for the 13th Amendment to Insurance Regulation 17, 20 and 20-A (Proposed Amendment), which purports to implement...more
5/7/2024
/ Insurance Industry ,
Life Insurance ,
Model Rules ,
NAIC ,
New Amendments ,
NYDFS ,
Proposed Rules ,
Public Comment ,
Regulatory Agenda ,
Regulatory Requirements ,
Reinsurance ,
Reinsurance Agreements ,
State and Local Government
On January 17, 2024, the New York State Department of Financial Services (NY DFS) released for public comment a proposed circular letter (Proposed Letter) to regulate the use of artificial intelligence systems (AIS) and...more
On November 1, 2023, the New York Department of Financial Services (NY DFS) published its highly anticipated final amendments to its influential cybersecurity requirements for financial services companies (Part 500)....more
11/15/2023
/ Chief Information Security Officer (CISO) ,
Compliance ,
Covered Entities ,
Cybersecurity ,
Final Rules ,
Financial Services Industry ,
Incident Response Plans ,
Multi-Factor Authentication ,
NYDFS ,
Policies and Procedures ,
Risk Assessment ,
Risk Management ,
State Data Breach Notification Statutes
As concerns about the ecological and financial impacts of climate change have grown in recent years, so has the interest of insurance regulators in the exposure of the insurance industry to the risks raised by climate change...more
5/11/2022
/ Business Strategies ,
Climate Change ,
Corporate Governance ,
Department of Insurance ,
Disclosure Requirements ,
Financial Reporting ,
Financial Stability Board ,
Insurance Industry ,
NAIC ,
NYDFS ,
Risk Assessment ,
Risk Management ,
Risk Mitigation ,
Task Force on Climate-related Financial Disclosures (TCFD)
Climate change continues to preoccupy the public and policymakers, and a number of legal and regulatory initiatives in the US, UK, and elsewhere are currently underway that may affect insurers. This report provides a...more
As concerns about the ecological and financial impacts of climate change have grown in recent years, so has the interest of insurance regulators in the exposure of the insurance industry to the risks raised by climate change...more
12/3/2021
/ Business Strategies ,
Climate Change ,
Corporate Governance ,
Department of Insurance ,
Disclosure Requirements ,
Financial Reporting ,
Financial Stability Board ,
Insurance Industry ,
NAIC ,
NYDFS ,
Risk Assessment ,
Risk Management ,
Risk Mitigation ,
Task Force on Climate-related Financial Disclosures (TCFD)
On November 3, 2021, the New York Department of Financial Services (DFS) announced the creation of a new Climate Risk Division (the Division) that is tasked with integrating climate risks into DFS’s supervision of regulated...more
11/18/2021
/ Administrative Departments ,
Business Strategies ,
Climate Change ,
Final Guidance ,
Financial Institutions ,
Financial Services Industry ,
Insurance Industry ,
NAIC ,
NYDFS ,
Risk Factors ,
Risk Mitigation ,
State Administrative Agencies ,
Supervisory Guidance ,
Task Force on Climate-related Financial Disclosures (TCFD)
On November 3, 2021, the New York Department of Financial Services (DFS) announced the creation of a new Climate Risk Division (the Division) that is tasked with integrating climate risks into DFS’s supervision of regulated...more
New York has joined the handful of states that are now accepting applications from non-US reinsurers for recognition as a reciprocal jurisdiction reinsurer under new rules that allow US domestic ceding insurers to receive...more
10/13/2021
/ Dodd-Frank ,
Foreign Entities ,
Insurance Industry ,
Jurisdiction ,
Model Rules ,
NAIC ,
NYDFS ,
Preemption ,
Reciprocity Rules ,
Reinsurance ,
UK ,
US-EU Covered Agreement ,
USTR
On July 19, 2021, the New York Department of Financial Services (DFS) issued Circular Letters 6 and 7 (2021) (Circular Letters) setting forth DFS’s expectations for all New York-authorized insurers in planning and preparing...more
Last week (March 25, 2021), the New York State Department of Financial Services (NYDFS) released for public comment proposed guidance for New York domestic insurers on managing financial risks from climate change (the...more
The New York Department of Financial Services (DFS) has issued Insurance Circular Letter No. 5 (2021) (Circular Letter) relating to insurer diversity in the boardroom and C-suite. The Circular Letter outlines new...more
The New York Department of Financial Services (DFS) has issued Insurance Circular Letter No. 15 (2020) (Circular Letter) relating to the impact of climate change on insurers. Among other things, the Circular Letter outlines...more
There continues to be significant regulatory activity related to the novel coronavirus (COVID-19) and its impact on the insurance industry, as well as claims for damages due to looting and vandalism following the recent civil...more
There continues to be significant regulatory activity related to the novel coronavirus (COVID-19) and its impact on the insurance industry, as well as claims for damages due to looting and vandalism following the recent civil...more
The New York Department of Financial Services (DFS) has proposed three new rules relating to corporate governance and oversight for New York insurers. The new rules would bring New York insurance laws in line with National...more
On March 10, 2020, the New York Department of Financial Services (DFS) issued a letter to all DFS-regulated insurance entities providing guidance and requesting assurance that all regulated entities have preparedness plans to...more
3/16/2020
/ Business Interruption ,
Civil Authority Coverage ,
Commercial General Liability Policies ,
Commercial Insurance Policies ,
Emergency Response ,
Financial Services Industry ,
Insurance Industry ,
New Guidance ,
NYDFS ,
Risk Assessment ,
Risk Management
On January 21, New York Governor Andrew Cuomo released his Fiscal Year 2021 executive budget proposal for the State of New York. The budget includes proposed legislative that would increase the authority of the Superintendent...more
On January 18, 2019, the New York Department of Financial Services (NYDFS) issued a circular letter to all insurers authorized to write life insurance in New York State setting out the Department’s views concerning the use of...more
2/27/2019
/ Anti-Discrimination Policies ,
Data Collection ,
Disclosure Requirements ,
Geographic Markets ,
Insurance Industry ,
Life Insurance ,
NYDFS ,
PHI ,
Regulatory Oversight ,
Third-Party ,
Underwriting
On January 7, 2019, the New York State Department of Financial Services (DFS or the “Department”) issued guidance regarding internal whistleblowing programs, calling a “robust” whistleblowing program an “essential component...more
In a flurry of approvals last week, the National Association of Insurance Commissioners (NAIC) took substantial steps toward finalizing its proposed Insurance Data Security Model Law during the 2017 NAIC Summer National...more
On March 1, 2017, the New York Department of Financial Services (the DFS) published a notice of adoption of its final cybersecurity regulation (the Final Regulation). The regulation was first announced with much fanfare by...more
On December 28, 2016, the New York Department of Financial Services (the DFS) published a revised proposed cybersecurity regulation (the Revised Regulation) for further public comment. First published in September 2016, the...more
On September 13, 2016, New York Governor Andrew Cuomo announced a proposal by the New York Department of Financial Services (the DFS) of a rule that establishes cybersecurity requirements for financial services companies...more
On November 9, Anthony Albanese, Acting Superintendent of the New York Department of Financial Services (the NYDFS), sent a letter to the 18 members of the Financial and Banking Information Infrastructure Committee (the...more