Science, Computers & Technology Insurance

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Cybersecurity Requirements Proposed for New York Financial Companies

The New York Department of Financial Services has proposed new cybersecurity regulations “designed to promote the protection of customer information as well as the information technology systems of regulated entities...more

Sixth Circuit: Substantial Risk of Harm and Mitigation Costs Sufficient to Confer Standing in Data Breach Case

On October 12, 2016, the U.S. Court of Appeals for the Sixth Circuit denied a petition for an en banc rehearing of its September 12 decision in Galaria, et al. v. Nationwide Mutual Insurance Company (Nos. 15-3386/3387). In...more

Prepare for the Hack: Five Things to Keep in Mind when Shopping for Cybersecurity Insurance

When your company's confidential information ends up on the dark web, it is obviously too late to start thinking about adequate insurance coverage for the barrage of claims and expenses that are about to hit like a tidal...more

New York's New Cybersecurity Rules: What Is Required?

The new cybersecurity rules proposed by the New York State Department of Financial Services require financial services institutions to have extensive cybersecurity protections in place; including cybersecurity programs,...more

Your Daily Dose of Financial News

In a “highly anticipated” ruling from the US Court of Appeals for the DC Circuit, a three-judge panel has found the structure of the Consumer Financial Protection Bureau unconstitutional, holding that the current organization...more

California's New End of Life Option Act Impacts Insurers

California's "End of Life Option Act" (the Act) went into effect June 9, 2016—making California the fifth state (behind Oregon, Washington, Vermont and Montana) to allow terminally ill adults with fewer than six months to...more

What You Must Know about New York’s Proposed Cybersecurity Regulation for the Banking, Insurance, and Financial Services Sectors

Last week, New York’s Department of Financial Services released its long-awaited proposed cybersecurity regulation, which promises to deliver sweeping protections to consumers and financial institutions alike. The proposed...more

The Cyber Regulation Drops

On September 13, 2016, Governor Andrew Cuomo announced the first proposed broadly applicable cyber regulation in the U.S. (the “Regulation”). The Regulation covers banks, insurance companies and other financial institutions...more

New York’s Newly Proposed Cybersecurity Regulations: Conflict or Harmony With the NAIC Draft Model Act?

In the spring of 2016, the National Association of Insurance Commissioners (“NAIC”) exposed its first draft of a data security model law applicable to insurers and producers (“Model Act”). That draft was amended and exposed...more

Cybersecurity Awareness Month: Visits From the Ghosts of Claims Past and Claims Future

Cybersecurity awareness month is nigh upon us again, and thus perspective is in order. 2016 brought us the first collection and analysis of the nascent claims history of the burgeoning cyber-insurance market. On August 27,...more

NAIC Revised Draft Insurance Data Security Model Law Continues to Raise Significant Industry Concerns

The National Association of Insurance Commissioners (NAIC) Cybersecurity (EX) Task Force has received significant industry comments regarding its revised draft Insurance Data Security Model Law issued August 17, 2016 (the...more

Manatt on Medicaid: Monthly Expansion Recap - September 2016

National News - Growth in Prescription Drug Spending Not Linked to Medicaid Expansion, Study Finds - Medicaid expansion was not likely a “major driving force” behind the record high drug spending growth in 2014,...more

New Economy Businesses Need New Insurance: Can the Insurance Industry Keep Up?

The sharing economy and new technology innovations have disrupted the traditional underwriting and risk assessment models....more

Bill Proposes Tax Incentives For Data Breach Insurance

On September 14, 2016, U.S. Representative Ed Perlmutter (D-Colo.) introduced the “Data Breach Insurance Act,” which would incentivize private industry to enhance its cybersecurity posture by providing federal income tax...more

New York DFS Announces New Proposed Cybersecurity Regulations

On September 13, 2016, the New York State Department of Financial Services (“DFS”) released proposed cybersecurity regulations for financial institutions.1 When the regulations become effective, they will make New York the...more

Manatt on Health Reform: Weekly Highlights - September 2016 #4

Marylanders can shop for coverage through the Marketplace’s new mobile app; Michigan expansion enrollees report increased access to care and improved health; and survey finds states’ eligibility and enrollment systems...more

FCA Says Big Data Use by Insurers Generally Working Fine—Data Protection Concerns Flagged

The UK’s financial services regulator, the Financial Conduct Authority (FCA), has recently published summaries of the responses it received to a Call for Inputs (CfI) on the use of big data in the retail general insurance...more

Your daily dose of financial news - The Brief – 9.28.16

It wasn’t exactly a direct reaction to his testimony on the Hill, but Wells Fargo CEO John Stumpf didn’t do himself any favors there, and Wells Fargo’s Board has announced that it will claw back an estimated $41 million in...more

6th Circuit “Stands” Up for Plaintiffs in Data Breach Suit

A recent decision by the U.S. Sixth Circuit Court of Appeals lowers the threshold for standing in data breach cases, giving data breach victims an easier path to sue the companies from which their data was stolen. Adam Frey...more

UK’s FCA Weighs in on Insurers’ Use of Big Data

On September 21, the United Kingdom's financial regulator, the Financial Conduct Authority (FCA), released a "Feedback Statement" after completing a review of insurance industry responses to its November 2015 "Call for...more

New FAA Rules on Commercial Drone Use: Insurance Considerations

New rules promulgated by the U.S. Federal Aviation Administration (FAA) went into effect on August 29, 2016, clarifying what is acceptable commercial usage of small unmanned aerial vehicles (UAVs), also known as drones....more

The EpiPen Controversy Signals Intensifying Scrutiny of Drug Classification Under Medicaid Rebate Program

Price increases threatening the availability of EpiPen® and EpiPen Jr® Auto-Injectors (“EpiPen”) have touched off the latest firestorm over drug pricing. Lost amid the public outcry, however, is a thorny regulatory issue:...more

New York Proposes First-in-the-Nation Cybersecurity Regulation for Financial Institutions

On September 13, 2016, the New York Department of Financial Services introduced a new rule that would require banks, insurance companies and other financial institutions regulated by the Department to establish and maintain a...more

The (Regulated) Rise of the CISO

The proposed New York Department of Financial Services Cybersecurity Requirements for Financial Institutions (the “Regulation”) has many different aspects that are designed to bring about overall improvement in cybersecurity...more

New York Proposes Required Cybersecurity Programs for Financial Institutions

In an unprecedented effort to protect New York State’s financial services industry from cyber threats, Governor Andrew M. Cuomo announced a proposed regulation that requires banks, insurance companies, and other financial...more

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