On July 11, 2024, the New York Department of Financial Services (DFS) issued Insurance Circular Letter No. 7 (2024) (Letter No. 7) adopting guidance regarding the use of artificial intelligence (AI) in underwriting and...more
On July 17, 2023, the New York Department of Financial Services (DFS) issued Insurance Circular Letter No. 6 (2023) (“Letter No. 6”) and a concurrent press release seeking to clarify, and in our opinion repeal, earlier...more
Each state Department of Insurance requires that insurance producers — brokers and agents — keep their information up to date in the DOI's records by timely notifying the DOI of any changes to the producer's information,...more
Like nearly every sector of the U.S. economy, the insurance industry, including insurance carriers, agents, brokers, adjusters, and other licensees, is being severely affected by the COVID-19 outbreak. Beginning in early...more
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...more