compliance News

Third Compliance Date Approaching for New York Cybersecurity Regulation

The third transitional period for New York’s first-in-the-nation cybersecurity regulation for all Department of Financial Services (DFS) regulated entities ends on September 4, 2018. Beginning on September 4, banks, insurance companies and other financial services institutions regulated by DFS are …

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 ยง500, the law became effective on March 1, 2017, and requires insurance and insurance-related companies as well as brokers, agents …

Global Insurers Face High Compliance Costs with New Accounting Rules

Insurers in over 100 countries face a “once in a lifetime” accounting change from January 2021 with the introduction of a uniform international book-keeping standard, details of which will be published on Thursday. Twenty years in the works, the new …

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 …

Missouri Insurance Department Fines Zenefits $62K for Unlicensed Activity

The Missouri Department of Insurance, Financial Institutions and Professional Registration (DIFP) reported that San Francisco-based employee benefits products and services provider, Zenefits, has agreed to pay a penalty of $62,000 for violations of Missouri law. The department said YourPeople Inc., …

Industry Needs to Address Gaps in Workers’ Compensation, AMCOMP Panelists Say

At the American Society of Workers’ Compensation Professionals (AMCOMP) Fall Meeting held recently in New York, Mark Walls, vice president of communications and strategic analysis at Safety National, and Kimberly George, senior vice president at Sedgwick, discussed a lack of …

UK Regulators Toughen Vetting Process for Senior Financial Services Roles

More than one in 10 people picked for the top jobs in British finance pull out during a regulatory vetting process which has got tougher since the financial crisis. People put forward for chief executive, chairman and for a handful …

Report Finds Oversight Of California Nursing Home Chains Lacking

The California Department of Public Health does not try to determine how nursing home chains compare on key quality measures even though the information would be valuable and potentially life-saving for consumers, a newspaper in the state capital reported Sunday. …

Insurer Fined by South Dakota Says It Is Now in Full Compliance

A Nebraska-based insurance company that is being fined $325,000 for violating South Dakota laws and regulations says it has taken steps to ensure it is in full compliance. Omaha-based Ability Insurance says in a statement that the company remains committed …