New York State Department of Financial Services News

New York’s Cuomo Proposes Regulation in Wake of Equifax Security Breach

In response to the recent cyberattack that exposed the personal private data of nearly 150 million consumers nationwide, New York Governor Andrew M. Cuomo has directed the New York Department of Financial Services (DFS) to issue new regulation making credit …

Trust But Verify: New York Cyber Regs Mean Managing Third-Party Security

This year, the beginning of September marked a critical implementation deadline for some of the toughest new cybersecurity regulations in the country – the New York State Department of Financial Services (NYDFS) 23NYCRR 500. This set of regulations mandates that …

New York’s Cybersecurity Regulation Compliance Requirements Go Into Effect

Financial Services Superintendent Maria T. Vullo reminded all entities covered by the New York State Department of Financial Services’ (DFS) cybersecurity regulation that yesterday, August 28, 2017, was the first compliance date of this first-in-the-nation cybersecurity regulation. “With cyber-attacks on …

Proposed New York Regulations Crack Down on Title Insurance Industry

New York Governor Andrew M. Cuomo has announced two new proposed regulations to protect New Yorkers and crack down on unscrupulous practices in the title insurance industry. These new protections were drafted following an investigation by the state Department of …

First Steps Under New York’s Cyber Rules: Risk Assessment, Policies, Procedures

The Cybersecurity Requirements for Financial Services Companies (cyber rules) promulgated by the New York Department of Financial Services went into effect on March 1. Now, insurance companies, agencies, brokerages and producers (insurance professionals) doing business in New York, even those …

D&O Liability Insurance Could Feel Effects of New York’s Cyber Regulation

While the full implications of the New York State Department of Financial Services’ (DFS) cybersecurity regulation, which went into effect March 1, are still being realized by the insurance industry, many are beginning to question the regulation’s impact to directors …

New York Issues First-in-Nation Regulation on Commercial Crime Insurance

New York State’s Department of Financial Services (DFS) in December issued a new regulation that prohibits insurance companies from denying commercial crime insurance coverage to New York businesses employing people with criminal convictions. The regulation, called Insurance Regulation 209, serves …

New York Announces Health Insurance Reforms to Combat Opioid Crisis

Governor Andrew M. Cuomo has announced that new health insurance reforms aimed at combatting New York State’s heroin and opioid crisis will go into effect January 1, 2017. These reforms were part of the legislative package that the Governor signed …

New York State DFS Issues Updated Proposed Cybersecurity Regulation

New York State Department of Financial Services (DFS) Superintendent Maria T. Vullo has announced that the DFS has updated its proposed cybersecurity regulation to protect New York State from the ever-growing threat of cyber-attacks. The proposed regulation, which serves as …

New York Financial Regulator to Delay Cyber Security Rules

New York’s financial regulator will delay an anticipated Jan. 1 deadline for banks and insurers doing business in the state to comply with controversial cyber security rules, a person familiar with the matter said. The regulator, the New York State …