New York Department of Financial Services News

So You Comply with New York Reg. 500: Now What?

In March of 2017, the New York Department of Financial Services (DFS) implemented 23 NYCRR §500 (NY Reg. 500). In doing so, it became the first state regulatory authority to impose regulations that address cybersecurity concerns applicable to insurance-related entities …

N.Y. Cyber Reg: A Third-Party Service Provider Compliance Framework

This writing presents a framework that if adopted by insurance agencies and carriers could simplify and minimize the cost of complying with the New York Department of Finance Regulation 23 NYCRR Section 500.11 “Third-Party Service Provider Security” while simultaneously deploying …

The Time Donald Trump Filed Huge Insurance Claim: O’Brien

A series of hurricanes tore through Florida in 2005, and Mar-a-Lago, President Donald Trump’s business and residence in Palm Beach, was apparently very beaten up because Trump collected about $18.3 million in insurance payments from Aon PLC that year. When …

New York Governor Orders Investigation Into Facebook’s Access to User Data

New York Governor Andrew Cuomo on Friday ordered two state agencies to investigate a media report that Facebook Inc may be accessing far more personal information than previously known from smartphone users, including health and other sensitive data. The directive …

Lacewell Takes Over as New York DFS Superintendent Following Vullo’s Tenure

When Governor Andrew Cuomo of New York launched his statewide banking and insurance regulator several years ago, he picked an aggressive ex-prosecutor who’d spent years under his wing. Now, in naming his latest chief of the state’s Department of Financial …

Final Implementation Deadline Approaching for New York’s Cybersecurity Regulation

The final implementation period for the New York Department of Financial Services’ (DFS) cybersecurity regulation covering DFS-regulated entities and licensed individuals ends March 1, 2019. New York’s first-in-the-nation cybersecurity regulation became effective March 1, 2017, and DFS implemented a two-year …

Lloyd’s Underwriters Agree to Settle Charges Related to NRA-Branded Insurance

In a December 20 consent order, 10 Lloyd’s of London underwriters have entered into an agreement to pay $5 million to the New York State Department of Financial Services (DFS) for underwriting fire arms liability insurance programs branded by the …

Vullo to Step Down as New York Insurance Regulator; Gov. Cuomo Weighs Successor

Maria Vullo is stepping down as head of New York’s banking and insurance regulator, she said in an interview, after three years in which she created a national model for cybersecurity regulations at banks and fought back against federal attempts …

New York Is Considering Blocking Parts of $68B CVS, Aetna Merger

New York state officials are considering blocking parts of the $68 billion merger of drugstore store chain CVS Health Corp. and Aetna Inc., jeopardizing billions of dollars in insurance premiums for Aetna. CVS and Aetna won approval from the U.S. …

The Hits Keep Coming: More Transitional Cybersecurity Requirements in New York

It has been more than a year and a half since the New York Department of Financial Services cybersecurity regulations (cyber rules) came into effect, and yet another compliance deadline has passed. Broadly, “covered entities,” which means you if you …