Prior articles in the cyber series have concentrated on what it means to be a covered entity. This article transitions into a discussion about what covered entities must do to be in compliance with New York state’s cybersecurity regulation (23 NYCRR 500). This...
When New York state’s cyber security regulation (23 NYCRR 500) was amended at the end of 2023, it included the creation of a new type of covered entity referred to as Class A companies. Due to their size, these companies are required to go above and beyond what...
Last week, the New York state Senate passed legislation that would direct the New York State Department of Financial Services to—in part—study the possibility of supporting a private flood insurance market. The bill (S.8167), sponsored by Sen. Neil Breslin,...
New York State Insurance Law Section 5904 requires producers placing New York state business with risk retention groups not chartered in the state to report this business by Friday, March 15, 2024. To comply with New York State Insurance Law Section 5904(c), if a...
Since 1989, New Yorkers in need of temporary disability leave, including individuals with pregnancy and childbirth-related conditions, have been limited to a maximum benefit amount of $170 per week. This figure—unadjusted for over three decades—has diminished in its...
In 2023, PIANY fiercely advocated for passage of legislation that would increase consumer protections during the automobile insurance underwriting process. PIA was successful in its efforts when New York Gov. Kathy Hochul signed into law S.5764-B, which takes aim at...
More than 350 insurance professionals attended PIANY’s Metropolitan Awareness Program—the first RAP of the year—on Feb. 1, 2024, at the Sheraton New York Times Square Hotel. During the daylong event, attendees were able to network, learn and discuss the issues...
In New York state, a notable amendment has been proposed that would redefine the landscape of coastal property insurance. Targeting the Coastal Market Assistance Program, this bill (S.8320)— introduced by Sen. Shelley Mayer, D-37—would broaden the insurance options...
As New York ushers in a new year, it’s not just resolutions that are changing. The insurance landscape is set for a transformative shift. Gov. Kathy Hochul released her executive budget earlier this month. Through the budget, we can get a peek of what the governor has...
As part of her annual State of the State address, which also laid out her legislative priorities for 2024,[1] New York Gov. Kathy Hochul unveiled her plan to expand the state’s Paid Family Leave Policy, which paves the way for the state to be the first in the nation...