Topic: New York Developments

NY DFS Cybersecurity Compliance Certificate Required Today; Additional Requirements Looming

As previously warned here, February 15, 2018 is the first annual deadline for individuals and companies licensed or otherwise authorized under the New York Insurance, Banking and Financial Services laws (defined as Covered Entities) to certify compliance with the Cybersecurity Regulation of the New York Department of Financial Services, unless an exemption applies.

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Cybersecurity Reminder and Heads Up from NY DFS: File Cybersecurity Reg Compliance Certificates, and Prepare for Cybersecurity Questions in Exams

A press release issued by the New York Department of Financial Services on January 22, 2018 found here reminds Covered Entities (including banks, insurers and producers, and others regulated by DFS) of their obligation to file a compliance certificate under the new, New York DFS Cybersecurity Regulation on February 15, 2018.

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New Insurance Platforms Arguably Require Producer Licenses

New York Associate Zachary Lerner authored a Law360 article on commission sharing, referral fee and producer licensing issues.  Within the article, Mr. Lerner identifies important issues for insurers and producers to consider, both in the admitted and surplus lines insurance markets, with respect to the sharing of commissions and whether proper licenses should be obtained in light of the NAIC’s recent comments regarding Lemonade Insurance Company’s application-based platform. The complete Law360 article is available here (subscription may be...

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NY DFS Cybersecurity Regulation Exemption Deadline Extended

As previously reported, covered entities (including insurance companies and producers, and other licensees including individuals) that are subject to an exemption under the New York Department of Financial Services Cybersecurity Regulation were required to file a Notice of Exemption by September 27, 2017.

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Insurance and Reinsurance Newsletter – September 2017

Locke Lord’s Insurance & Reinsurance Newsletter provides topical snapshots of recent developments in the fast-changing world of insurance. For further information on any of the subjects covered in the newsletter, please contact one of the members of our Insurance team.

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