The Connecticut Insurance Department issued a revised Notice to All Entities and Persons Licensed by the Connecticut Insurance Department concerning the Usage of Big Data and Avoidance of Discriminatory Practices. The...more
Vermont Governor Scott signed the Vermont Insurance Data Security Law (available here) (the “VIDSL”), becoming the 22nd state to adopt a cybersecurity statute based on the National Association of Insurance Commissioners...more
On December 7, 2021, the New York Department of Financial Services (“NY DFS”) released an industry letter providing guidance on Multi-Factor Authentication (“MFA”). MFA, which requires users of information systems to...more
The New York Department of Financial Services (NYDFS) has now released a pair of alerts on the increase in cyberattacks on public facing insurance websites that provide instant quoting services to customers. If you provide...more
On August 2, 2019, New Hampshire became the most recent of many states that adopted an Insurance Data Security Law (Senate Bill 194-FN) modeled after the National Association of Insurance Commissioners’ (NAIC) Insurance Data...more
To date, six states from Michigan to Alabama have adopted versions of the National Association of Insurance Commissioner’s model insurance data security law (the “NAIC model”). The NAIC model generally requires entities...more
On March 1, 2017 the cybersecurity regulation of the New York Department of Financial Services (the “DFS Regulation”) took effect, requiring subject financial institutions, including insurance companies, (“Covered Entities”)...more
As an early stage or startup InsurTech, you’re highly focused on all the right things: identifying a challenge for the insurance industry, developing an innovative technical solution, making it practical and scalable, getting...more
Locke Lord’s Insurance & Reinsurance Newsletter provides topical snapshots of recent developments in the fast-changing world of insurance. For further information on any of the subjects covered in the newsletter, please...more
The New York Department of Financial Services (NYDFS) blazed a cybersecurity trail with its 2017 regulation for the protection of information collected and processed in, and systems used in the operation of, the financial...more
As reported on Locke Lord’s InsureReinsure blog, the NAIC adopted a model law for the protection of the data and systems used by the insurance industry, and South Carolina became the first state to enact legislation based on...more
As reported, the NAIC adopted a model law for the protection of the data and systems used by the insurance industry, and South Carolina became the first state to enact legislation based on the NAIC model. In doing so,...more
The NAIC adopted an Insurance Data Security Model Law.
On May 3, 2018, the South Carolina Governor made South Carolina the first state in the nation to adopt a comprehensive cybersecurity statute for the insurance industry,...more
Several of the new requirements of the New York State Department of Financial Services (DFS) Cybersecurity Regulation are now operative for firms and individuals engaged in financial services (including insurance companies...more
Following New York’s lead after the Department of Financial Services (the NYDFS) promulgated its Cybersecurity Regulation, in October 2017 the NAIC adopted its Insurance Data Security Model Law (the NAIC Model) to establish...more
As previously warned, February 15, 2018 is the first annual deadline for individuals and companies licensed or otherwise authorized under the New York Insurance, Banking and Financial Services laws (defined as Covered...more
A press release issued by the New York Department of Financial Services on January 22, 2018 reminds Covered Entities (including banks, insurers and producers, and others regulated by DFS) of their obligation to file a...more
Insurers and producers, banks, lenders and others licensed by the New York Department of Financial Services (DFS) have already had to comply with several of the requirements of the new DFS Cybersecurity Regulation, but for...more
The financial services industry has been dealing with requirements for cybersecurity since 1999, but 2017 brought new, significant, and proliferating obligations. The bar for the whole industry was clearly raised by the...more
New York’s cybersecurity regulation that went into effect in March has far reaching implications. The first transition date for implementation of several requirements of the state’s Department of Financial Services regulation...more
Based largely on the NY DFS Cybersecurity Regulation that became effective March 1, 2017, the NAIC has adopted a Model Cybersecurity Law that would, once adopted by the various states, establish significant requirements for...more
10/26/2017
/ Banking Sector ,
Cybersecurity ,
Cybersecurity Framework ,
Data Protection ,
Financial Institutions ,
Financial Services Industry ,
Insurance Industry ,
NAIC ,
NYDFS ,
Popular ,
Risk Management
Insurance companies and producers, banks, lenders and others licensed by the New York Department of Financial Services (DFS) have already had to comply with several of the requirements of the new DFS Cybersecurity Regulation,...more
With the compliance date only a few months away, licensees of the New York Department of Financial Services (DFS) must start taking action immediately to comply with the coming cybersecurity requirements, which will be more...more
New Corporate Governance Annual Disclosure Requirements for Connecticut Insurers to Take Effect in 2017 -
A recently enacted Connecticut statute intended to compel insurance companies to improve their corporate...more
A recently enacted Connecticut statute intended to compel insurance companies to improve their corporate governance will impose significant new obligations on Connecticut domestic insurers, and their holding companies....more