Beginning Thursday, May 1, 2025, the next wave of cyber security compliance requirements under the amended New York State Department of Financial Services’ regulation (23 NYCRR 500) will go into effect. These rules will apply differently depending on your exemption...
Those individuals who hold a New York state insurance license (covered entities), including nonresident licensees, have until Tuesday, April 15, 2025, to certify their compliance with the requirements of New York state’s cyber security regulation (23 NYCRR 500) for...
On Feb. 11, 2025, the Department of Banking and Insurance issued Bulletin No. 25-03 to clarify how artificial intelligence may be used in insurance operations within the state. The message is clear: while innovation is welcome, consumer protection remains paramount....
As part of the Federal Emergency Management Agency’s ongoing efforts to enhance and streamline the systems that support flood insurance processing, National Flood Insurance Program Direct is migrating to a new system, with the go-live date set for Monday, April 7,...
New Jersey’s pay-to-play law (P.L. 2005, c. 271 Section 3), requires insurance agencies to file electronic annual disclosure statements by Tuesday, April 1, 2025. Insurance agencies that have received $50,000 or more in the aggregate during the 2024 calendar year—through contracts with a public entity or public entities—must file the annual disclosure statement that lists various political contributions made during the year.
The Vermont Department of Financial Regulation approved the revised workers’ compensation voluntary loss cost filing made by the National Council on Compensation Insurance—consisting of an overall 7.4% decrease. In addition, a decrease of 11.3% of the overall assigned...
The New Hampshire Insurance Department has issued Bulletin Docket #INS 25-016-AB, to address the increasing reliance on aerial imagery in property underwriting. The bulletin highlights concerns about insurers refusing to write or renew homeowners policies based solely...
The 2024 Market Trends Survey—conducted across six Northeastern states—collected responses from 118 insurance professionals to gauge shifts in premiums, underwriting guidelines, remarketing efforts and nonrenewals across major lines of business. The survey, targeting...
The New York State Department of Financial Services has announced new Paid Family Leave premium rates for 2025. On Wednesday, Jan. 1, 2025, the maximum PFL contribution rate changed from 0.373% to 0.388% of an employee’s gross annualized wages. This translates to a...
The Corporate Transparency Act became law on Jan. 1, 2021, and it officially took effect on Jan. 1, 2024. The legislation was introduced to enhance transparency in entity ownership structures to combat money laundering, tax fraud, and other illicit activities. It...