News & Analysis as of

Insurance Industry Department of Financial Services

Paul Hastings LLP

An Eye on Insurance: Recent Developments in Insurance Regulation - UPDATED September 2024

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2024 has seen a significant amount of activity by state insurance regulators and the National Association of Insurance Commissioners (the “NAIC”) including the adoption of major revisions to the regimes governing investments...more

Cozen O'Connor

Claims Notes: August 2024

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The New York Department of Financial Services (DFS) previously circulated proposed guidance on using AI in underwriting and pricing to address discrimination. DFS requested public comment. Commenters expressed concern over: ...more

ArentFox Schiff

Supreme Court Rules in NRA v. Vullo: Landmark Decision Upholds First Amendment Rights

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On May 30, the US Supreme Court, in National Rifle Ass’n of Am. v. Vullo, 602 US __ (2024), unanimously held that the National Rifle Association (NRA) plausibly alleged in a complaint that it filed in federal court that...more

Cozen O'Connor

Claims Notes

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New York Department of Financial Services (DFS) is concerned that AI’s self-learning behavior increases the risks of unlawful or unfair discrimination. DFS will audit insurers’ use of AI. Such insurers need to maintain...more

Fuerst Ittleman David & Joseph

Florida’s Insurers Rehabilitation and Liquidation Act: What Happens in Florida When Insurers Become Insolvent

Current state of affairs - Even before Hurricane Ian made landfall and devastated southwest Florida in September 2022, six property & casualty insurers had voluntarily declared themselves insolvent and allowed the State to...more

ArentFox Schiff

New York To Regulate Pharmacy Benefit Managers

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Under legislation signed on December 31 by Governor Kathy Hochul, (S.3762/A. 1396; L2021, ch. 828), all pharmacy benefit managers operating in New York State will be required to register with the State Department of Financial...more

Rivkin Radler LLP

DFS Warning Of Widespread Data Breach

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Sometimes a comprehensive overview is needed to recognize that individual anomalous conduct is indicative of a criminal scheme. Recently, the Department of Financial Services (DFS) looked at an unusual pattern of interaction...more

Rivkin Radler LLP

DFS Provides Framework For Cybersecurity Risk

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On February 4, 2021, New York’s Department of Financial Services (DFS) issued Insurance Circular Letter No. 2, which builds on the robust cybersecurity regulation provided in its 2017 Cybersecurity Regulation (23 NYCRR 500)....more

ArentFox Schiff

New York Requests Preparedness Plans to Manage COVID-19 Risk

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On March 10, 2020, the New York Department of Financial Services issued Insurance Circular Letter No. 5, titled “Guidance to Department of Financial Services Regulated Insurance Entities and Request for Assurance Relating to...more

Akin Gump Strauss Hauer & Feld LLP

New York DFS Issues Guidance and Request for Plans Related to COVID-19

The New York Department of Financial Services (DFS) recently issued Circular No. 5 that requires every regulated insurance entity to submit its plans to address the operational risk and identify, monitor and manage the...more

Morrison & Foerster LLP

Another Turn in the Ongoing Battle Between DFS and the Title Industry

In October 2017, the New York State Department of Financial Services (DFS) announced sweeping new regulationsaimed at curtailing marketing expenses, such as meals and sporting events, that title companies ultimately pass on...more

Saul Ewing LLP

New York Department of Financial Services’ Title Insurance Regulation Vacated, Again? On to the Court of Appeals

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On August 5, 2019 a New York state court, on remand from the Appellate Division, again determined that Section 228.2(c) of the New York Department of Financial Services’ (DFS) Title Insurance Regulation was unconstitutionally...more

Womble Bond Dickinson

Insuretech and Beyond – An Evolving Litigation Landscape Association of Life Insurance Counsel Annual Meeting May 2019

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In recent years, the life insurance industry has greatly enhanced the speed and efficiency of its underwriting decisions. This change in the underwriting process is due in large part to the use of new technology in data...more

Sheppard Mullin Richter & Hampton LLP

New York Department of Financial Services Releases Letter Regarding Third Party Data Sources

In a recent letter, the New York Department of Financial Services provided guidance for insurers who use third party data to help with their underwriting decisions. The letter was drafted in response to reports that insurers...more

Akin Gump Strauss Hauer & Feld LLP

DFS Issues Guidance to Life Insurers on Use of “External Data” in Underwriting Decisions

On January 18, 2019, New York’s Department of Financial Services (DFS) issued Circular Letter No. 1 (2019) to advise life insurers regarding the type of data that they may use when underwriting policies. The guidance was...more

Morrison & Foerster LLP

Round 2 for the Title Insurance Industry, But the Fight Is Far from Over

In February of this year, strict new regulations, promulgated by the New York Department of Financial Services (DFS), went into effect, banning title companies from engaging in a wide range of marketing activities that could...more

Saul Ewing LLP

Court Ends Short-Lived Regulation 208, Aimed at Curbing Title Insurance Marketing Expenses

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In December 2017, the New York Department of Financial Services (“DFS”) promulgated Regulation 208 to rein in marketing activities of title insurance corporations, title agents, and closers. The goal of Regulation 208 was to...more

Jones Day

Deadline to Comply with New York's Cybersecurity Regulation Is Approaching

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For entities regulated by the New York Department of Financial Services, the deadline for complying with the new Cybersecurity Requirements for Financial Services Companies, 23 NYCRR Part 500, is Monday, August 28, 2017. To...more

Mintz - Privacy & Cybersecurity Viewpoints

Five Questions for Investors in Insurtech

Decisions you make when founding and/or investing in an insurtech venture can dictate your regulatory obligations, tax liability, operational structure and, ultimately, profitability. Here are five seemingly simple...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

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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

Fisher Phillips

New York's Far-Reaching Cybersecurity Law Takes Effect March 1 - Are You Ready?

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New York’s Department of Financial Services Cybersecurity regulation became effective March 1. According to the press release issued with the regulation, the regulation is intended to require banks, insurance companies and...more

Patterson Belknap Webb & Tyler LLP

The New York Department of Financial Services Issues Its Final Cybersecurity Regulation

On February 16, 2017, the New York Department of Financial Services (“DFS”) issued the final version of its cybersecurity regulation. The regulation, which has seen several iterations since it was first proposed in September...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

Patterson Belknap Webb & Tyler LLP

Final DFS Cybersecurity Regulation Issued

New York’s Department of Financial Services issued its final Cybersecurity Regulation last night with an effective date of March 1, 2017. ...more

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