Financial firms doing business in New York should be mindful of a recent e-blast sent by the state’s financial regulator concerning cybersecurity requirements that become effective in less than two months. The New York...more
The New York Department of Financial Services (DFS) issued guidance recently concerning cybersecurity risks associated with artificial intelligence (AI) and measures that covered entities (generally, banks, insurers and other...more
New York-domiciled insurers should consider new guidance from the New York Department of Financial Services (DFS) to determine whether they might be exempt from group capital calculation (GCC) requirements. In its proposed...more
The New York State Department of Financial Services (NYDFS) adopted comprehensive amendments to its cybersecurity regulations (known as Part 500) on Nov. 1. The draft amendments were first published in July 2022 and finalized...more
New guidance from the New York Department of Financial Services (DFS) takes aim at improper discrimination by life and annuity writers in the state. DFS Insurance Circular Letter No. 6, issued on July 17, explains that New...more
Accident and health (A&H) insurers and health maintenance organizations (HMOs) doing business in New York should consider new guidance from the New York Department of Financial Services on the independent dispute resolution...more
New York health insurers are required to respond to a New York State Department of Financial Services (DFS) industry letter on health disparities and health outcomes. The questionnaire included within the letter indicates a...more
The New York State Department of Financial Services (NYDFS) has published proposed amendments to its Cybersecurity Requirements for Financial Services Companies (amendments). The amendments to the agency’s cybersecurity...more
Insurers writing variable annuities in New York will want to focus on newly proposed requirements from the New York Department of Financial Services (DFS) on separate account contracts...more
New York-domiciled insurers should take note of new latitude from their home-state regulator concerning exchange-traded funds (ETFs) in their investment portfolios. The guidance could permit insurers to hold less capital...more
On March 16, New York State Superintendent of Financial Services Linda Lacewell announced the issuance of Insurance Circular Letter 2021-5, on diversity (also referred to as “diversity, equity and inclusion” or DEI) and...more
Ransomware threats and attacks dominated the cyber news cycle in 2020 and into 2021. With the global pandemic and the uptick in remote work and learning, cybercriminals and nation-state hackers have seized on vulnerabilities...more
2/10/2021
/ Cryptocurrency ,
Cyber Attacks ,
Cyber Insurance ,
Cybersecurity ,
Data Breach ,
Hackers ,
NYDFS ,
Office of Foreign Assets Control (OFAC) ,
Popular ,
Ransomware ,
Risk Management ,
Underwriting
New York-licensed insurers that write life and annuity products should consider possible balance-sheet implications for in-force variable business — including the ability to establish certain reserves over five years...more
New York-domiciled insurers may soon be able to take advantage of more-relaxed provisions on balance sheet credit for reinsurance where the assuming reinsurer is in a “reciprocal” jurisdiction to the United States. ...more
On June 3, amendments to New York insurance regulations, available here, became effective that will permit the New York Superintendent of Financial Services to act as group-wide supervisor of internationally active insurance...more
On April 13, the New York State Department of Financial Services (DFS) issued guidance to its regulated institutions on how to manage cyber-risks connected to remote working, amid a “significant” increase in cybercrime...more
With M&A activity for life insurers or blocks of in-force business poised for a possible spike, acquirers of life businesses should consider factors that are peculiar to, or disproportionately affect, the life and annuity...more
9/9/2019
/ Annuities ,
Artificial Intelligence ,
Best Interest Standard ,
Captive Insurance Company ,
Collateral ,
Consumer Insurance Products ,
Insurance Regulations ,
Investment Opportunities ,
Life Insurance ,
NYDFS ,
Private Funds ,
Property Casualty Policies ,
Regulatory Standards ,
Reinsurance ,
Variable Annuities
The New York Department of Financial Services’ (DFS) January 2019 insurance circular letter, which advised New York-licensed life insurance carriers on the use of external consumer data and information sources in...more
8/1/2019
/ Algorithms ,
Artificial Intelligence ,
Consumer Insurance Products ,
Cooperative Compliance Regime ,
Customer Information ,
Data Management ,
Discrimination ,
Financial Services Industry ,
Insurance Regulations ,
Life Insurance ,
New Guidance ,
NYDFS ,
Predictive Analytics ,
Regulatory Standards ,
Transparency ,
Underwriting
OCIE Highlights Frequent Topics for Compliance Deficiencies for Investment Advisers -
On Feb. 7, 2017, the Securities and Exchange Commission’s (SEC’s) Office of Compliance Inspections and Examinations (“OCIE”) published...more
3/2/2017
/ Books & Records ,
Chief Compliance Officers ,
Covered Agreement ,
Custody Rule ,
Cyber Attacks ,
Cybersecurity ,
Data Breach ,
Data Protection ,
Enforcement Actions ,
Ethics ,
EU ,
Filing Requirements ,
Financial Institutions ,
Financial Services Industry ,
Form ADV ,
Insurance Industry ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
NYDFS ,
OCIE ,
Registered Investment Companies (RICs) ,
Regulatory Oversight ,
Reinsurance ,
Risk Alert ,
Rule 204-2 ,
Securities and Exchange Commission (SEC) ,
Strict Compliance