New York Department of Financial Services News

New York Charges Mallinckrodt with Insurance Fraud Over Opioid Claims

New York state brought civil charges on Tuesday accusing Mallinckrodt Plc of insurance fraud for misrepresenting the safety and efficacy of its opioid drugs, leading to medically unnecessary prescriptions. Governor Andrew Cuomo said the charges brought by New York’s Department …

NY Regs Ask Insurers for Details of Business Interruption Policies in Wake of COVID-19

The New York State Department of Financial Services (DFS) has instructed insurers to submit details of business interruption policies that have been provided to insureds, as well as the coverage each policy offers regarding COVID-19. The instructions were issued on …

New York DFS Announces Settlement with Global Provider of Mobile Insurance

The New York State Department of Financial Services (DFS) has fined Asurion Insurance Services Inc. and Asurion Protection Services LLC (Asurion) four million dollars for providing inadequate consumer disclosures for insurance offerings for mobile phones, tablets and other wireless communication …

My Chi To Named Executive Deputy Superintendent of Insurance in New York

New York Superintendent of Financial Services Linda A. Lacewell has appointed My Chi To as executive deputy superintendent of the Insurance Division at the Department of Financial Services (DFS), which regulates more than 1,400 insurance companies with assets of $4.7 …

New York DFS Superintendent Lacewell Announces New Executive Appointments

New York Department of Financial Services (DFS) Superintendent Linda A. Lacewell has announced new executive appointments. Steven F. Kluger has been appointed executive deputy superintendent for Capital Markets, James V. Regalbuto has been promoted to deputy superintendent for Insurance – …

NRA Challenges New York’s Attempt to Block Deposition of Regulator

The National Rifle Association is challenging renewed efforts by New York state officials to prevent a former regulator from being questioned under oath by the gun-rights group, the latest spat in a legal dispute over an NRA-branded insurance product. Last …

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 …