Topic: InsurTech

New York DFS Announces New Research and Innovation Division

On July 23, the Financial Services Superintendent Linda A. Lacewell announced the establishment of the New York State Department of Financial Services (“NYDFS”) Research and Innovation Division (the “Division”). Superintendent Lacewell stated, “this new division…position[s] DFS as the regulator of the future, allowing the Department to better protect consumers, develop best practices, and analyze market data to strengthen New York’s standing as the center of financial innovation.”

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Locke Lord QuickStudy: Excess Lines Association of New York Publishes Guidance on New York Group P&C Policies

On June 17th, the Excess Lines Association of New York (“ELANY”) published Bulletin No. 2019-19 (the “Bulletin”) detailing New York’s substantial restrictions on group property and casualty insurance policies. The Bulletin echoes some of the remarks at the most recent Surplus Lines Law Group Meeting where this author provided details on the growing regulatory concerns as to group P&C policies.

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Brian Casey and Chamber of Digital Commerce Meet with FIO

On May 28, 2019, Brian Casey, along with the senior leadership of the Chamber of Digital Commerce, the United States leading trade association representing the digital asset and blockchain industry, and representatives of two of its other members, USAA and AIG, and met with Federal Insurance Office’s Director Steven Seitz and several of his key, senior policy leadership team members to discuss the state of the insurtech industry and the existing and potential applications of blockchain technology to the insurance and reinsurance industries.

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