New York Department of Financial Services News

DFS Finalizes Regulation to Strengthen New York No-Fault Insurance Law

A new regulation issued by the New York State Department of Financial Services (DFS) aims to curb costs and abuses of New York’s no-fault insurance law while leveling the playing field for New York insurers, according to a DFS press …

What Insurance Companies Need to Know About Part 500 Cybersecurity Compliance

If there were any remaining doubts about the vulnerability of our online systems, they were dispelled in September when giant credit reporting company Equifax revealed it was breached in July by cyber criminals, compromising the personal identifiable information (PII) of …

Cybersecurity Requirements in New York: Determining Compliance

The New York Department of Financial Services (DFS) has issued cybersecurity requirements for financial services companies. Codified at 23 NYCRR §500, the law became effective on March 1, 2017, and requires insurance and insurance-related companies as well as brokers, agents …

Vullo Calls on Insurers, Congress for Action in Wake of Lake Ontario Flooding

As part of New York’s continuing response to flooding in the Lake Ontario region, the New York State Department of Financial Services (DFS) is reminding property and casualty insurers of their responsibility to work toward fair and speedy resolution of …

New York Looks to Limit Auto Insurance Rating Factors

New York state is moving to restrict the ability of auto insurers to use a customer’s job or education to set premiums. Gov. Andrew Cuomo announced the proposed regulation Tuesday. The Democrat says it’s necessary to stop an unfair and …

New York DFS Superintendent Directs Insurers to Submit Disaster Plans

All insurance companies licensed to conduct business in New York State must submit updated disaster response and recovery plans and responses to online questionnaires to the Department of Financial Services (DFS) by June 16, 2017, Financial Services Superintendent Maria T. …

New York’s Cybersecurity Rules: What Insurance Professionals Should Know

The New York Department of Financial Services (DFS) has issued cybersecurity requirements for financial services companies (cyber rules) that went into effect March 1. The cyber rules, codified at 23 NYCRR §500, require insurance and insurance-related companies as well as …

New York Cyber Regs Take Effect, Mid-Sized Firms Could See Biggest Impact

As the insurance industry has closely followed developments regarding The New York State Department of Financial Services’ (DFS) cybersecurity regulation, concerns remain in terms of how the final regulation, set to go into effect March 1, may impact mid-sized companies …

New York Regulates Crime Insurance Underwriting of Firms Hiring Ex-Convicts

New York Governor Andrew Cuomo on Wednesday issued a regulation making it easier for businesses to hire former convicts by prohibiting insurance companies from refusing coverage for crime-related losses caused by employees. The commercial crime insurance regulation, the first of …

New York Regulators Announce Emergency Measure to Protect Some Health Insurers

New York’s Department of Financial Services has issued an emergency regulation intended to help the state’s health insurers deal with a federal requirement that puts some under sharp financial stress. The federally mandated program for adjusting financial risk under the …