Jurisdiction: United States

LL Surplus Lines Series (Entry 31): ELANY Issues Commentary on NY Cybersecurity Regulation Developments, E&S Diligent Search Modernization, Medical Malpractice E&S Reform, Punitive Damage Advocacy, Group Policy Prohibitions, Binding Authority Filing Requirements and other Topics of Note

The Excess Line Association of New York (“ELANY”) delivered its April 2021 issue of the “E&S Empire Express,” a publication designed to provide an overview of ELANY’s recent activities, including employment changes, regulatory efforts, upcoming events, and general guidance.

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Excess and Surplus Lines Law Manual 2021 Update

We are happy to provide the 2021 edition of our Excess and Surplus Lines Law Manual. This edition reflects all of the pertinent changes in the surplus lines laws and regulations of the 50 states and U.S. territories during the past year. The website provides you with the ability to click on the states and territories of interest to view the updates.

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NYDFS Alerts Insurance Industry on Cyber Threats to Auto Quote Functions

The New York Department of Financial Services (NYDFS) has now released a pair of alerts on the increase in cyberattacks on public facing insurance websites that provide instant quoting services to customers.  If you provide instant online quoting through your website, it is imperative that you review your system’s security and the methods you use to provide instant quotes.

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New Jersey Passes Legislation Requiring Insurers to Apprise Insureds of Particular Aspects of Their Business Interruption Coverage

Both the New Jersey Assembly and Senate recently passed identical legislation that would ‎require insurers offering commercial coverage for loss or damage to property, including business ‎interruption, to provide insureds with a general summary of common insurance clauses in policies ‎for loss of use and occupancy of a commercial property, along with a disclosure relating to ‎pandemic and virus losses.‎

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New York Department of Financial Services Issues Proposed Guidance for Managing the Financial Risks of Climate Change

New York Department of Financial Services (DFS) released its climate change guidance New York domestic insurers for comment on March 26, 2021. The Guidance, found here, seeks to support domestic insurers in managing the financial risks associated with climate change.

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Warning Shot Across the Bow – The CA Dept. of Insurance and Rebating

Insurtech innovations have recently prompted the NAIC to make rebate-friendly amendments to its model act, but the California Department of Insurance is bucking the trend. The NAIC’s amendments expand insurers’ and insurance producers’ ability to offer rebates to insurance customers, but the California Department of Insurance has doubled down on its historical dislike of the practice, even though rebating is largely permitted under California’s insurance laws.

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