Originally published in 2017, 23 NYCRR 500 was a first-in-the-nation attempt at creating standards for the financial services industry in protecting nonpublic information. These amendments would be the first major changes to the regulation since its adoption. The...
The results of this election look a lot like most elections in New York state for the past 10 years. This year, Democrats won the state-wide positions of governor, comptroller, and attorney general, and hold comfortable majorities in both the Assembly and the State....
Some 150 insurance professionals attended PIANY’s first-ever Capital RAP. The event was held Oct. 25, 2022, at the Capital Center, Albany. Scores of attendees learned from insurance industry leaders on how to navigate an ever-changing insurance landscape. Presidential...
The New York State Court of Appeals ruled last week that amendments to Regulation 187, which created a suitability and best interest standard for the sale of life insurance and annuity products, were constitutional. This decision ends a legal battle that started in...
GLENMONT, N.Y.—The New York Young Insurance Professionals elected officers during its annual business meeting on Oct. 20,2022. The NY-YIP officers installed were: Scott Richards, of Hilltop Strategies in New York, N.Y., will serve as president;Ian Sterling,...
In May, an application for an overall loss cost decrease of 8.7% was submitted to the New York Department of Financial Services by the New York Compensation Insurance Rating Board. The DFS approved the application as filed with an effective date of Saturday, Oct. 1,...
A letter ran recently in the Albany-based Times Union titled “Commentary: A repeal that would help fraudsters and hurt consumers.” The letter is an opinion piece written by Tod Neifert, an auto theft investigator, which calls for New York Gov. Kathy Hochul to veto...
The New York Department of Financial Services celebrated the five-year anniversary of 23 NYCRR 500—commonly referred to as the DFS Cyber Security Regulation—with amendments to that regulation. The DFS has released a pre-proposal for comment. Here is what is in this...
At the end of June, Gov. Kathy Hochul signed legislation into law that directly impacts businesses with outstanding unpaid balances with the New York State Insurance Fund. What does the new law do? Under the new law (S.9096/A.10078), which goes into effect...
For the first time in three years, some 1,500 insurance professionals from New Jersey and New York gathered, live and in-person at a new location—the Hard Rock Hotel Casino in Atlantic City—for two-and-a-half days for the return of the Annual Conference hosted by...
