compliance News

Blackstone’s Lombard Could Face Legal Issue with $1B-Plus of Unsigned Policies

For nearly a decade, Lombard International sat on a secret. It began to unravel in May 2016 when a wealthy German walked into a Luxembourg bank. The man wanted a loan. For collateral, he offered a future payout from a …

Texas Insurance Department Wants to Know: What Rules Need Changing?

Texas insurance regulators are now accepting comments from the industry in an effort to identify rules that need to be updated or changed. The Texas Department of Insurance announced earlier this year it would begin collecting input from stakeholders on …

A Year after GDPR, How Can U.S. Insurers Prepare for Data Privacy Regs Closer to Home?

More than a year after the European Union implemented its General Data Protection Regulation (GDPR), U.S. insurers are examining what they can learn as they prepare for the implementation of similar data privacy laws in New York and California. “With …

Global Insurance Accounting Rules Under IFRS17 to Be Amended

An international standard setting body has proposed a one-year delay and changes to the first global accounting rule for insurance contracts following industry calls for a cut in compliance costs and more time. The International Accounting Standards Board (IASB) published …

New Global Insurance Accounting Rule Could Be Delayed One Year

A global standards body has proposed a one-year delay to implementing its new accounting rule aimed at increasing visibility in how insurers earn money, after the industry said it needed more time to prepare for such a sweeping change. A …

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 …