News & Analysis as of

NYDFS Insurance Industry Comment Period

Kramer Levin Naftalis & Frankel LLP

Department of Financial Services Issues Guidance on Group Capital Calculation Exemptions

New York-domiciled insurers should consider new guidance from the New York Department of Financial Services (DFS) to determine whether they might be exempt from group capital calculation (GCC) requirements. In its proposed...more

Kramer Levin Naftalis & Frankel LLP

NY DFS to Impose New Limits on Variable Products

Insurers writing variable annuities in New York will want to focus on newly proposed requirements from the New York Department of Financial Services (DFS) on separate account contracts...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

Cooley LLP

Alert: New York State Department of Financial Services Issues Draft Guidance for Domestic Insurers on Climate Change Risks

Cooley LLP on

New York domestic insurance companies will be expected to take into account the impact of climate change in all facets of their business, as per the latest regulatory guidance proposed by the New York State Department of...more

Locke Lord LLP

New York Proposes Regulation to Amend Form A Process

Locke Lord LLP on

Last month, the New York Department of Financial Services (“NYDFS”) proposed an amendment to 11 NYCRR 80-1.6 (the “Regulation”), which would augment the application process to acquire a domestic insurer by potentially...more

Hogan Lovells

NYDFS proposed regulation addresses financial disclosure requirements for directors and officers of private equity buyers of...

Hogan Lovells on

On August 9, 2017, the New York Department of Financial Services (NYDFS) released for public comment proposed amendments to its regulations governing the approval process for the acquisition of control of insurance companies...more

Carlton Fields

NY DFS Proposed Cybersecurity Regulations Revised and Implementation Delayed

Carlton Fields on

We previously reported on the New York Department of Financial Services’ proposed cybersecurity regulations. During the public comment period, the DFS received over 150 comments. In response, the DFS announced on December 28,...more

Bond Schoeneck & King PLLC

Cybersecurity and Data Privacy: New York State Department of Financial Services to Implement Regulations Applicable to All...

Following a public comment period, the New York State Department of Financial Services (DFS) has published a modified version of new regulations, previously issued on September 13, 2016, aimed at creating higher cybersecurity...more

Ballard Spahr LLP

NYDFS Revises Cybersecurity Regulation, Extends Effective Date to March 1, 2017

Ballard Spahr LLP on

The New York Department of Financial Services (NYDFS) announced today a revised regulation that will require all institutions subject to NYDFS supervision to establish and maintain a cybersecurity program meeting "certain...more

Carlton Fields

NY DFS Proposes New Regulation for Life and Annuity Non-Guaranteed Elements

Carlton Fields on

On November 17, the New York Department of Financial Services (DFS) issued a press release announcing its proposal of new Insurance Regulation 210 - Life Insurance and Annuity Non-Guaranteed Elements. Non-guaranteed elements...more

Proskauer on Privacy

New York Department of Financial Services Proposes Cybersecurity Regulation

Proskauer on Privacy on

On September 13, 2016, New York Governor Andrew Cuomo announced that the New York Department of Financial Services (the “DFS”) proposed a regulation that would require banks, insurance companies, and other financial services...more

Skadden, Arps, Slate, Meagher & Flom LLP

Privacy & Cybersecurity Update: New York State Proposes Cybersecurity Regulation for Financial Institutions

New York state has proposed a new regulation — to go into effect January 1, 2017 — that would require banks, insurance companies and other financial services institutions regulated by the New York State Department of...more

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