The New York State Department of Financial Services issued a circular letter last week to provide guidance to the insurance industry on cannabis-related criminal convictions and insurance underwriting. Under New York state law, it is illegal for any person or entity...
The New York State Department of Financial Services released the official proposed second amendment to the cybersecurity regulation (23 NYCRR 500). This follows an unofficial draft of the amendments that circulated in August. The amendment would make multi-factor...
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...
There are multiple bills pending in Congress that are designed to ease significantly, and ultimately eliminate, the tension that exists between the laws of states that have legalized the use of cannabis for adult use and federal law, which prohibits the cultivation,...
In a word: Yes. They do. There are organizations that rate the financial condition of insurance companies, such as Demotech, Moody’s and S&P Global Ratings. However, AM Best is probably the most prominent. AM Best uses letter ratings, ranging from “A” (which is...
“What do you do?” We have heard that question a thousand times. It is one of those standard conversation pieces along with: “What do you think of this weather?” and “How about that local sports team!” Every time you meet someone new, it is a virtual guarantee that you...
The Department of Banking and Insurance formally published proposed amendments to the state’s insurance producer continuing-education regulation earlier this week. Under the proposed amendments to N.J.A.C. 11:17-3.6 would: allow producers to carry over up to 12 CE...
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...
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...
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...