News & Analysis as of

Property Insurance NYDFS

Locke Lord LLP

NY Prohibits Affordable Housing Status as Rating Factor in Commercial Property & ‎Casualty Policies While New Jersey Issues...

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On June 24, 2024, the New York Department of Financial Services (“DFS”) issued Insurance Circular Letter No. 6 (2024), informing property and casualty insurers writing and delivering commercial property and liability...more

Orrick, Herrington & Sutcliffe LLP

NYDFS announces winter storm relief

On December 27, NYDFS announced actions to provide financial relief to New Yorkers in the Western and North Country regions in the aftermath of a historic winter storm. ...more

Faegre Drinker Biddle & Reath LLP

New York DFS Broadens the Permissible Use of Electronic Communication for Property/Casualty Insurance Notices

On December 22, 2021, Gov. Kathy Hochul signed Senate Bill S653A, relating to electronic delivery of property/casualty insurance notices. This bill amends the New York Insurance Law by adding section 3458, which takes effect...more

Husch Blackwell LLP

New York’s DFS Publishes A Cyber Insurance Risk Framework

Husch Blackwell LLP on

Keypoint: New York’s Division of Financial Services (DFS) now requires Property and Casualty Insurers writing cyber insurance to comply with the Division’s Cyber Insurance Risk Framework to manage their risk. In her...more

Troutman Pepper

DFS Releases its Cyber Insurance Risk Framework

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On February 4, the New York Department of Financial Services (DFS) released the Cyber Insurance Risk Framework (Framework), which is considered the first guidance by a U.S. regulator on cyber insurance. The Framework is aimed...more

ArentFox Schiff

New York DFS Circular Letter No. 2 (2021): Cyber Risk Framework for Property & Casualty Insurers

ArentFox Schiff on

On February 4, 2021, the New York Department of Financial Services (DFS) issued Circular Letter No. 2 (2021) to all authorized property and casualty insurers in New York, outlining a “Cyber Risk Framework” that all authorized...more

Eversheds Sutherland (US) LLP

COVID-19-related insurance regulatory developments

There continues to be significant regulatory activity related to the novel coronavirus (COVID-19) and its impact on the insurance industry, as well as claims for damages due to looting and vandalism following the recent civil...more

Moritt Hock & Hamroff LLP

New York Offers Property & Casualty Insurance Relief To Small Businesses Affected By COVID-19

On March 30, 2020, the New York State Department of Financial Services ("NYDFS") adopted emergency regulations, available here, requiring New York regulated issuers of life insurance and annuity contracts, property and...more

Rivkin Radler LLP

State Governments Look to Property Insurers for Small Business Relief

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The economic realities brought on by the COVID-19 pandemic have forced our government at both the federal and state level to take unprecedented action. And, despite congressional passage of the Coronavirus Aid, Relief, and...more

Cole Schotz

New York Waives Property And Casualty Insurance Premiums For Small Businesses

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In keeping with New York Governor Cuomo’s Executive Order No. 202.13., the New York State Department of Financial Services (DFS) adopted an emergency regulation to provide relief for New York consumers and small businesses...more

White and Williams LLP

NYDFS Mandate to Insurers Re COVID-19: Explain Your Business Interruption Coverage Now

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Last week, in wake of anticipated losses from COVID-19 (coronavirus), the New York State Department of Financial Services (NYDFS) issued instructions mandating all property/casualty insurers "to provide certain information...more

Hinshaw & Culbertson - Insights for Insurers

NYDFS Instructs Insurers to Provide Explanations of Coverage for COVID-19 Losses

In light of anticipated losses arising from the outbreak of COVID-19, the coronavirus, New York State's Department of Financial Services (NYDFS) has instructed property/casualty insurers to prepare explanations for their...more

Ballard Spahr LLP

NYDFS requires regulated institutions to submit plans describing preparations for LIBOR transition by Feb. 7

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The New York Department of Financial Services has sent a letter to the institutions that it regulates requiring each such institution, by February 7, 2020, to provide to DFS a description of its “plan to address its LIBOR...more

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