New York Developments

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On Tuesday, January 25th, the New York State Senate voted to confirm Adrienne Harris as Superintendent of the New York State Department of Financial Services (the “NY DFS”).  Harris had served as acting superintendent of the NY DFS since being nominated for the full-time position by Gov. Kathy Hochul in August of 2021.
Read More State Senate Confirms Gov. Hochul’s Pick to Head NY Department of Financial Services

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.
Read More NY DFS Releases Guidance on Multi-Factor Authentication

Governor Kathy Hochul announced that Adrienne Harris has been nominated as the new Superintendent of The New York State Department of Financial Services. Ms. Harris’ background includes being a former economic advisor to President Obama.
Read More New Superintendent of The Department of Financial Services for New York Selected

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

On March 16, 2021, the New York Department of Financial Services issued Circular Letter No. 5 “Diversity and Corporate Governance,” which notifies all insurers of the need for increased prioritization of diversity in C-Suite leadership and corporate governance more generally.
Read More The New York Department of Financial Services Seeks to Promote a Culture of Diversity, Equity and Inclusion

On January 13, 2021, the New York Assembly introduced Assembly Bill A1937, which nullifies policy provisions denying claims for loss or damage to property based on virus, bacterium or other microorganisms. The bill covers businesses with fewer than 250 employees working at least 25 hours a week and provides that insurers, including excess lines insurers, which indemnify insureds who file claims based on losses due to virus, bacterium or other microorganisms, may apply to the Department of Financial Services for financial relief and reimbursement. The bill further authorizes the Department of Financial Services to collect from insurers, including excess lines insurers, amounts necessary to cover such requests for financial relief and reimbursement.
Read More New York State’s Legislature Looks to Introduce Covid-19 Related Changes in the Insurance Industry

On June 16, 2020, the Excess Line Association of New York (“ELANY”) issued Bulletin No. 2020-35, promulgating ELANY’s new issue of “ELANY Elaborates” (the “EE”). This issue of EE (available here) focuses primarily on the classification of “surplus lines agents” in New York and elsewhere.
Read More LL Surplus Lines Series (Entry 24): Excess Line Association of New York Weighs in on “Surplus Lines Agents”

The New York Department of Financial Services (“DFS”) adopted final rule, 11 NYCRR 82.1,4,5, and 6 (Insurance Regulation 203)(the “Amendments”), authorizing the Superintendent to act as the Group-Wide Supervisor (“GWS”) for an Internationally Active Insurance Group (“IAIG”) having a nexus to New York, effective June 3, 2020.
Read More New York Adopts Rule Authorizing the Superintendent to Act as the Group-Wide Supervisor for Internationally Active Insurance Groups