“Environmental, Social, and Governance,” often referred to as “ESG,” are core themes currently circulating throughout the insurance industry – and they are likely to remain an important focus of the insurance industry for...more
On April 29th, a New York Court struck down as unconstitutional the 2017 Amendment to Insurance Regulation 189. The Amendment, commonly referred to in New York as the “best interests” rule, expanded the scope of Regulation...more
On January 7, 2019, the New York State Department of Financial Services (the “Department”) published Guidance on Whistleblowing Programs (the “Guidance”). ...more
Effective August 1, 2019, the New York Department of Financial Services has amended and renamed New York Insurance Regulation 187, which will now be called “Suitability and Best Interests in Life Insurance and Annuity...more
In December 2017, the New York Department of Financial Services (“DFS”) promulgated Regulation 208 to rein in marketing activities of title insurance corporations, title agents, and closers. The goal of Regulation 208 was to...more
Demands from millennials, who now represent the largest living generation, combined with a variety of technology advancements—such as Big Data, blockchain and artificial intelligence—are driving innovation across all stages...more
The New York Department of Financial Services (“NYDFS”) is in the final days of accepting public comment on its revised cybersecurity regulation, which would be codified at 23 NYCRR 500. As the comment period winds down to a...more
On December 8, 2016, the New York State Department of Financial Services (the “Department”) issued a Circular Letter to provide guidance in response to the alleged failure of certain life insurance producers and life insurers...more
New FATCA requirements that apply to U.S. and non-U.S. insurance brokers and insurance companies will take effect on January 1, 2015. Those requirements impose new information gathering and reporting rules when U.S. insurance...more
Based on industry comments, the New York Department of Financial Services (the “NYDFS”) is strongly considering making a number of changes to its proposed Regulation 203, concerning Enterprise Risk Management (“ERM”) and Own...more
The New York Department of Financial Services (“DFS”) has proposed a new insurance regulation that details the requirements associated with adopting an enterprise risk management (“ERM”) function, conducting an annual Own...more
The Federal Insurance Office’s Report to Congress on “How to Modernize and Improve the System of Insurance Regulation in the United States” recommends additional federal involvement in the regulation of insurance.
...more
The New York Department of Financial Services has adopted amendments to its insurance holding company regulation, which are intended to (i) harmonize the regulation to the NAIC’s Model Insurance Holding Company System...more
New York licensed insurers are now required to participate in nonbinding mediations with certain Storm Sandy claimants who have disputed or unresolved claims. Insurers are required to send notices of the mediation option at...more
Originally published in Best's Review - November 2012.
Many insurers that are not authorized to do an insurance business in New York are interested in entering, to some extent, the New York insurance market. Insurers,...more