Jurisdiction: United States

NY DFS Releases Guidance on Multi-Factor Authentication

On December 7, 2021, the New York Department of Financial Services (“NY DFS”) released an industry letter providing guidance on Multi-Factor Authentication (“MFA”).   MFA, which requires users of information systems to provide an additional “factor,” often through a one-time code or push notification to their mobile device, in addition to their password when accessing information systems.

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Rep. Carolyn Maloney Reintroduces the Pandemic Risk Insurance Act

On November 2, 2021, New York Congresswoman Carolyn Maloney reintroduced the Pandemic Risk Insurance Act (“PRIA”) in the U.S. House of Representatives.  PRIA would create the Pandemic Risk Reinsurance Program (the “Program”), a shared public-private system that would require insurers to offer coverage in all commercial property and casualty lines of insurance for insured losses resulting from public health emergencies or future pandemics.

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Federal Insurance Office Spells Out Priorities Regarding Climate-Related Financial Risks in Insurance Sector

On August 31, 2021, the Federal Insurance Office (“FIO”) issued a request for information ‎regarding climate-related financial risk in the insurance sector. In the Request, the FIO laid out a ‎conceptual framework for categorizing climate-related financial risk and its three pronged ‎approach to implement portions of the President’s January 27, 2021 Executive Order on the ‎Climate Crises and his May 20, 2021 Executive Order on Climate-Related Risk in the Financial ‎Sector.

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