Reporting Developments Affecting the Insurance and Reinsurance Industries

 

Document Retention Aspects of New York Cybersecurity Regulations

The New York Department of Financial Services Cybersecurity Regulations, 23 NYCRR part 500 (the “Cybersecurity Regulations”), require companies subject to the regulations to update their record retention schedule for particular documents mandated by the Cybersecurity Regulations. 

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Investment Project Expected to Yield Portfolio Strengthening and Risk Sensitivity

Insurers may soon benefit from reporting revisions to diversify and strengthen investment portfolios and enhance managing Risk Based Capital (“RBC”).  As part of the ongoing National Association of Insurance Commissioners (“NAIC”) Investment Classification Project it is proposed that RBC for NAIC designated mutual funds be based on the underlying holdings of the funds.

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Florida Appellate Court Provides Insurers with Potentially Powerful Tool to Combat Abusive Assignment of Benefit Litigation

The logjam may have broken in Florida assignment of benefits litigation. Insurers and the bar that represents them have searched for a response a costly wave of costly litigation that has a arisen in recent years where insureds have assigned their homeowners’ insurance proceeds to  contractors that perform needed repairs and then submit bills to the insurer that frequently are inflated, touching off litigation in which the contractor (or, more accurately, its lawyer) is emboldened by the threat of recovery of attorneys’ fees.

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