I. Recap of 2024 Climate Initiatives - Last year featured a number of investigations and initiatives by state and federal officials regarding the impact of climate risk on the affordability and availability of insurance....more
On October 16, 2024, the New York State Department of Financial Services (DFS) issued an industry letter providing guidance on how DFS-regulated entities (covered entities) should be evaluating and responding to artificial...more
10/30/2024
/ Artificial Intelligence ,
Covered Entities ,
Cyber Threats ,
Cybersecurity ,
Deep Fake ,
Industry Letters ,
New York ,
NYDFS ,
Popular ,
Regulatory Agenda ,
Regulatory Requirements ,
Reporting Requirements ,
Risk Management
On February 26, 2024, the Connecticut Insurance Department (the CID) adopted Bulletin No. MC-25 on the “Use of Artificial Intelligence Systems in Insurance” (Connecticut Bulletin). This Connecticut Bulletin is similar to the...more
3/15/2024
/ Artificial Intelligence ,
Compliance ,
Corporate Governance ,
Insurance Industry ,
Model Rules ,
NAIC ,
NIST ,
Popular ,
Regulatory Oversight ,
Risk Management ,
State Insurance Administrations
On November 1, 2023, the New York Department of Financial Services (NY DFS) published its highly anticipated final amendments to its influential cybersecurity requirements for financial services companies (Part 500)....more
11/15/2023
/ Chief Information Security Officer (CISO) ,
Compliance ,
Covered Entities ,
Cybersecurity ,
Final Rules ,
Financial Services Industry ,
Incident Response Plans ,
Multi-Factor Authentication ,
NYDFS ,
Policies and Procedures ,
Risk Assessment ,
Risk Management ,
State Data Breach Notification Statutes
The Colorado Division of Insurance (CDI) adopted a new regulation on September 21, 2023 (Final Regulation) establishing requirements governing the use of external consumer data and information sources (ECDIS), as well as...more
10/2/2023
/ Algorithms ,
Anti-Discrimination Policies ,
Artificial Intelligence ,
Big Data ,
Casualty Insurance ,
Department of Insurance ,
Final Rules ,
Insurance Industry ,
Life Insurance ,
Predictive Analytics ,
Property Insurance ,
Proposed Legislation ,
Proposed Regulation ,
Risk Management
On July 17, 2023, the Innovation, Cybersecurity and Technology (H) Committee of the National Association of Insurance Commissioners (NAIC) released for comment a highly anticipated model bulletin (Model Bulletin) on...more
7/27/2023
/ Artificial Intelligence ,
Casualty Insurance ,
Comment Period ,
Corporate Governance ,
Insurance Industry ,
Model Forms ,
NAIC ,
Property Insurance ,
Regulatory Oversight ,
Request For Information ,
Risk Management ,
Third-Party Service Provider ,
Unfair or Deceptive Trade Practices
On May 26, 2023, the Colorado Division of Insurance (CDI) exposed, for public review and comment, a significantly revised draft of its proposed regulation (the Revised Draft Reg.) addressing the governance and risk management...more
On February 1, 2023, the Colorado Division of Insurance (CDI) released a draft of the first of several regulations to implement S.B. 21-169, Colorado’s 2021 law prohibiting insurers from using external consumer data and...more
Lloyds Market Bulletin Y5381 -
Back in March 2022, we detailed the significant risks to both insureds and insurers posed by unclear cyber insurance policy wordings, with a particular focus on war exclusion clauses in the...more
As concerns about the ecological and financial impacts of climate change have grown in recent years, so has the interest of insurance regulators in the exposure of the insurance industry to the risks raised by climate change...more
5/11/2022
/ Business Strategies ,
Climate Change ,
Corporate Governance ,
Department of Insurance ,
Disclosure Requirements ,
Financial Reporting ,
Financial Stability Board ,
Insurance Industry ,
NAIC ,
NYDFS ,
Risk Assessment ,
Risk Management ,
Risk Mitigation ,
Task Force on Climate-related Financial Disclosures (TCFD)
As concerns about the ecological and financial impacts of climate change have grown in recent years, so has the interest of insurance regulators in the exposure of the insurance industry to the risks raised by climate change...more
12/3/2021
/ Business Strategies ,
Climate Change ,
Corporate Governance ,
Department of Insurance ,
Disclosure Requirements ,
Financial Reporting ,
Financial Stability Board ,
Insurance Industry ,
NAIC ,
NYDFS ,
Risk Assessment ,
Risk Management ,
Risk Mitigation ,
Task Force on Climate-related Financial Disclosures (TCFD)
On July 19, 2021, the New York Department of Financial Services (DFS) issued Circular Letters 6 and 7 (2021) (Circular Letters) setting forth DFS’s expectations for all New York-authorized insurers in planning and preparing...more
Last week (March 25, 2021), the New York State Department of Financial Services (NYDFS) released for public comment proposed guidance for New York domestic insurers on managing financial risks from climate change (the...more
On March 10, 2020, the New York Department of Financial Services (DFS) issued a letter to all DFS-regulated insurance entities providing guidance and requesting assurance that all regulated entities have preparedness plans to...more
3/16/2020
/ Business Interruption ,
Civil Authority Coverage ,
Commercial General Liability Policies ,
Commercial Insurance Policies ,
Emergency Response ,
Financial Services Industry ,
Insurance Industry ,
New Guidance ,
NYDFS ,
Risk Assessment ,
Risk Management
On October 19, 2016, the three major federal banking regulators announced a joint advance notice of proposed rulemaking (ANPR) for enhanced cyber risk management standards (Enhanced Standards) for large and interconnected...more
The New York Department of Financial Services (Department) has announced that Regulation 203 – Enterprise Risk Management & Own Risk and Solvency Assessment (Proposed Regulation) will be formally proposed in a notice of...more