New York State Department of Financial Services News

New York Fines Two Insurers $2.2M, Orders $8M in Rebates to Firefighters

The New York State Department of Financial Services (DFS) has fined Arch Insurance Company and National Union Fire Insurance Company of Pittsburgh, Penn., a combined total of $2.2 million in fines and ordered the insurers to provide a combined $8 …

Cuomo Nominates Lacewell to Replace Vullo as Superintendent of New York DFS

New York Governor Andrew Cuomo has nominated his chief of staff and counselor Linda Lacewell as superintendent of the New York State Department of Financial Services (DFS). The appointment was announced by Governor Cuomo’s office along with several of his …

NRA Sues New York, Alleging First Amendment Violations in Insurance Crackdown

The National Rifle Association (NRA) has filed a lawsuit against New York’s insurance regulator and Governor Andrew Cuomo, alleging a regulatory overreach by New York officials that has resulted in violations of the NRA’s First Amendment rights. The NRA’s lawsuit …

American Arbitration Association Opens Office in Upstate New York

The American Arbitration Association (AAA), a provider of conflict management and dispute resolution services, has opened a new office in Buffalo, N.Y., offering local arbitration support in a region that has experienced an increase in arbitration requests for no-fault auto …

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 …