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N.Y.: DFS proposes updates to cyber security regulation

N.Y.: DFS proposes updates to cyber security regulation

by Bradford J. Lachut, Esq. | Aug 3, 2022 | Agency Management, Featured

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...

E&S market: Why can’t I find that in the law?

E&S market: Why can’t I find that in the law?

by Katherine “Kat” Slye-Hernandez, Ph.D. | Jun 14, 2022 | Featured, General News

The answer to the question posed in the headline is because many excess- and surplus-lines insurance companies’ actions are covered by the contract. Have you ever asked yourself why E&S insurance carriers can cancel a policy with only 30 days’ notice when in most...

N.Y.: PIA-priority excess-lines legislation passes state Senate

N.Y.: PIA-priority excess-lines legislation passes state Senate

by Bradford J. Lachut, Esq. | Mar 24, 2022 | Advocacy, Featured

A bill (S.8127) that would simplify the process for placing business in the excess-lines marketplace passed the state Senate (62-1) yesterday. The legislation—sponsored by Sen. Neil D. Breslin, D-44—would reduce excessive reporting requirements. Currently, before...

Updated: CE changes in New York; PIA requests deadline extension

Updated: CE changes in New York; PIA requests deadline extension

by Bradford J. Lachut, Esq. | Feb 23, 2022 | Advocacy, Education, Featured

Last October, the New York State Department of Financial Services announced that it changed the continuing-education requirements for insurance producers who do business in New York. The new requirements include additional education that insurance agents and brokers...

N.Y.: New York cyber-compliance certification due April 15

N.Y.: New York cyber-compliance certification due April 15

by Bradford J. Lachut, Esq. | Feb 8, 2022 | Advocacy, Agency Management, Featured

New York’s Cybersecurity Regulation (23 NYCRR 500) requires all insurance entities that hold a New York state insurance license—referred to as covered entities in the regulation—to file a certification of compliance with the New York Department of Financial Services...

N.J.: DOBI proposes to amend CE regulations

N.J.: DOBI proposes to amend CE regulations

by Bradford J. Lachut, Esq. | Jan 31, 2022 | Advocacy, Education

The Department of Banking and Insurance began the process of amending to the state’s continuing-education regulations earlier this month. The DOBI sent an advance notice of rulemaking to PIANJ—as well as other stakeholders—outlining the amendments they are proposing....

Back to the basics: What to know about commissions

Back to the basics: What to know about commissions

by Clare Irvine, Esq. | Jan 4, 2022 | Education

Commissions seem basic: You sell an insurance policy to a client and you get a commission. However—as with all things insurance—it’s never quite that simple. There are laws and regulations regarding commissions, service fees, referral fees and rebating for insurance...

NYDFS stresses the importance of using multi-factor authentication correctly

NYDFS stresses the importance of using multi-factor authentication correctly

by Bradford J. Lachut, Esq. | Dec 15, 2021 | Advocacy, Featured

Multi-factor authentication is a method of authenticating users on an information system and requires them to go through multiple steps to access that information system. Commonly, this is accomplished through a combination of a username and password, followed by a...

N.Y.: DFS finalizes changes to CE requirements for insurance producers

N.Y.: DFS finalizes changes to CE requirements for insurance producers

by Bradford J. Lachut, Esq. | Oct 13, 2021 | Education, Featured

The New York State Department of Financial Services announced today that it has finalized changes to the continuing-education requirements for insurance producers. What’s new? All licensees will be required to take at least: one hour of insurance law per licensing...

Notice time frames can be tricky—Do you know the rules?

Notice time frames can be tricky—Do you know the rules?

by Bradford J. Lachut, Esq. | Jul 30, 2021 | Featured, Technical

When policyholders are facing nonrenewal or cancellation of their policies, it’s important that you—the agent—follow the rules when notifying them of the nonrenewal or cancellation. But, depending on the state in which you do business, the rules may differ. New York...

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