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Corporate Governance NYDFS Insurance Industry

Hinshaw & Culbertson - Privacy, Cyber & AI...

NYSDFS Issues Final Circular for Insurers on Artificial Intelligence and External Data Use

On July 11, 2024, the New York State Department of Financial Services (NYSDFS) adopted a final circular about the "Use of Artificial Intelligence ("AI") Systems and External Consumer Data and Information Sources in Insurance...more

Alston & Bird

New York Department of Financial Services Issues Final Guidance to Insurers on Using AI and External Consumer Data

Alston & Bird on

Our Privacy, Cyber & Data Strategy Group analyzes important guidance from the NYDFS on how insurers use external consumer data and information sources and artificial intelligence systems....more

McDermott Will & Emery

Climate Change Regulatory Update for US Insurers: August 2022

McDermott Will & Emery on

This year started off with a surge of enthusiasm among US proponents of increased climate-related financial risk disclosure by insurers and others: - Soon after the late-2021 Conference of the Parties (COP) 26 event in...more

Eversheds Sutherland (US) LLP

The Task Force on Climate-related Financial Disclosures: Emerging climate change disclosure principles for the insurance industry

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

McDermott Will & Emery

NAIC Continues to Refine Multiyear Work Plan to Expand Scrutiny of Holding Company Act Filings

In our report published on April 26, 2022, we discussed the New York Department of Financial Services’ (NYDFS) Circular Letter No. 5 in which it reminded the industry that acquiring less than 10% of an insurer’s voting...more

Eversheds Sutherland (US) LLP

The Task Force on Climate-related Financial Disclosures: Emerging climate change disclosure principles for the insurance industry

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

BCLP

NYDFS Outlines Expectations for Climate Change Risk Management By Domestic Insurers

BCLP on

On November 15, 2021, the New York Department of Financial Services (NYDFS) finalized guidance, originally proposed in March 2021, on how New York-domestic insurers should manage climate change risk. See, Guidance for New...more

Cooley LLP

New York Regulator Issues Final Guidance for Domestic Insurers on Climate Change Risks

Cooley LLP on

The New York State Department of Financial Services (DFS) released final regulatory guidance to domestic insurers regarding their management of climate change risk, incorporating public comments DFS received on its initial...more

Eversheds Sutherland (US) LLP

New York Department of Financial Services announces newly-created Climate Risk Division

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

Eversheds Sutherland (US) LLP

New York State Department of Financial Services releases proposed guidance for New York insurers on managing climate risks

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

Hinshaw & Culbertson - Insights for Insurers

NY DFS Announces Insurers Diversity Efforts Will be Reviewed in Examination Process

The New York State Department of Financial Services (DFS) recently issued Insurance Circular Letter No. 5 outlining its expectation that NY-regulated insurers make the diversity of their leadership a business priority and a...more

Bradley Arant Boult Cummings LLP

New Cyber Insurance Risk Framework Provides Best Practices for the Insurance Industry

The cyber insurance market size is currently valued in the billions, and this does not include insurance policies that do not explicitly mention cyber incidents but may nevertheless cover them. With this in mind,...more

Eversheds Sutherland (US) LLP

New York Department of Financial Services sets expectations for insurers to incorporate climate change risk into governance, ERM,...

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

Eversheds Sutherland (US) LLP

New York Department of Financial Services proposes a trio of corporate governance and oversight rules for insurers

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

Ogletree, Deakins, Nash, Smoak & Stewart,...

New York State Asks Financial Institutions to Provide Assurances on COVID-19 Preparedness

On March 10, 2020, the New York State Department of Financial Services (NYSDFS), which regulates a variety of financial service entities such as banks, credit unions, check cashers, insurance companies, mortgage brokers,...more

McCarter & English, LLP

New York Department of Financial Services Cybersecurity Regulations Take Effect | Publications

PDF Version New cybersecurity-related regulations issued by New York state regulators took effect March 1, 2017. The rules, which directly impact all entities regulated by the New York Department of Financial Services (such...more

Bracewell LLP

New York DFS Finalized Cybersecurity Regulations Go Into Effect March 1, 2017

Bracewell LLP on

On February 16, 2017, the New York State Department of Financial Services (DFS) announced the final version of the “first-of-its-kind” cybersecurity regulations governing financial institutions, insurance companies, and other...more

Patterson Belknap Webb & Tyler LLP

DFS Final Cyber Regulation: Accountability at the Top

Over the last few months, the New York Department of Financial Services (“DFS”) cybersecurity regulation has undergone multiple revisions. But late last week, DFS issued its final regulation, which will go into effect on...more

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