New York Developments

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On July 18, 2018 Maria T. Vullo, New York Financial Services Superintendent, announced the adoption of certain amendments to Insurance Regulation 187, which requires insurers to establish standards and procedures for agent recommendations to consumers with respect to annuity contracts and life insurance policies to best address the insurance…
Read More Best Interest of the Consumer

New York State and New York City recently passed several anti-harassment laws in the wake of the #MeToo movement that will soon require employers to provide annual sexual harassment prevention training to all workers, distribute a comprehensive sexual harassment prevention policy, and update their form employment contracts and settlement agreements.
Read More Reminder: Key Provisions of New York’s Sexual Harassment Law Take Effect Today

A recent S.D.N.Y. opinion authored by Judge Daniels, IN RE: TERRORIST ATTACKS ON SEPTEMBER 11, 2001, 2018 WL 3323159, in an ongoing multidistrict litigation, concluded that reinsurer-plaintiffs seeking to recover damages from aiders and abettors of the 9/11 terrorists are entitled to recoup amounts paid under reinsurance contracts.  In…
Read More S.D.N.Y. Opinion Supports Right to Recover Reinsurance Damages and Interest Dating Back to Terrorist Attacks in 9/11 Litigation

As we reported here, March 1, 2018 brings a new transition date, with a new set of compliance obligations for Covered Entities subject to the Cybersecurity Regulation of the New York Department of Financial Services.  By March 1, Covered Entities will need to have complied with the Risk Assessment…
Read More The March 1 Deadline for NY DFS Cyber Compliance: One Week to Go!

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,…
Read More NY DFS Cybersecurity Compliance Certificate Required Today; Additional Requirements Looming

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

The New York Department of Financial Services (“DFS”), in Circular Letter No. 1 (1/3/18), provides guidance on certain improper trade practices related to the sale of insurance and service contracts covering phones and other wireless communications equipment.  While wireless equipment typically includes a manufacturer’s warranty covering mechanical failures for a…
Read More New York Issues Trade Practice Guidance on the Sale of Wireless Equipment Protection Products

On February 15, many insurance companies, producers and others with New York DFS licenses and other authorizations (except for certain entities and employees who have filed for an exemption) will need to file a compliance certificate as required by the New York Department of Financial Services Cybersecurity Regulation.  As described…
Read More Less than One Month To Go!

Based largely on the NY DFS Cybersecurity Regulation that became effective March 1, 2017, the NAIC has adopted a Model Cybersecurity Law that would, once adopted by the various states, establish significant requirements for insurance industry licensees to adopt cybersecurity policies and procedures, to conduct risk assessments, to address the…
Read More NAIC Adopts Model Cybersecurity Law

October 30, 2017 is the extended deadline for most Covered Entities claiming an exemption to file the Notice of Exemption required by the NY DFS Cybersecurity Regulation (23 NYCRR 500.19(e)).  The filing deadline is 30 days after a Covered Entity has determined that an exemption applies.  Therefore, for Covered Entities…
Read More NY DFS Cybersecurity Exemption Filings due October 30