News & Analysis as of

NYDFS NAIC Risk Management

Troutman Pepper Locke

Red Teaming Is an Effective Tool for Insurer Assessment of AI Risks

Troutman Pepper Locke on

The insurance industry is facing increased scrutiny from insurance regulators related to its use of artificial intelligence (AI). Red teaming can be leveraged to address some of the risks associated with an insurer’s use of...more

Eversheds Sutherland (US) LLP

The Task Force on Climate-related Financial Disclosures: Emerging climate change disclosure principles for the insurance industry

As concerns about the ecological and financial impacts of climate change have grown in recent years, so has the interest of insurance regulators in the exposure of the insurance industry to the risks raised by climate change...more

Eversheds Sutherland (US) LLP

The Task Force on Climate-related Financial Disclosures: Emerging climate change disclosure principles for the insurance industry

As concerns about the ecological and financial impacts of climate change have grown in recent years, so has the interest of insurance regulators in the exposure of the insurance industry to the risks raised by climate change...more

BCLP

NYDFS Outlines Expectations for Climate Change Risk Management By Domestic Insurers

BCLP on

On November 15, 2021, the New York Department of Financial Services (NYDFS) finalized guidance, originally proposed in March 2021, on how New York-domestic insurers should manage climate change risk. See, Guidance for New...more

Eversheds Sutherland (US) LLP

New York State Department of Financial Services releases proposed guidance for New York insurers on managing climate risks

Last week (March 25, 2021), the New York State Department of Financial Services (NYDFS) released for public comment proposed guidance for New York domestic insurers on managing financial risks from climate change (the...more

Faegre Drinker Biddle & Reath LLP

Insurance Industry Cybersecurity and COVID-19: The Importance of Risk Assessments

As companies seek to adapt to the worsening effects of the COVID-19 pandemic, security experts, as well as government agencies, including the FBI, are sounding the alarm on a drastic increase in the amount of cybersecurity...more

Troutman Pepper Locke

A Closer Look at the NAIC Insurance Data Security Model Law

Troutman Pepper Locke on

Following New York’s lead after the Department of Financial Services (the NYDFS) promulgated its Cybersecurity Regulation, in October 2017 the NAIC adopted its Insurance Data Security Model Law (the NAIC Model) to establish...more

Mintz - Privacy & Cybersecurity Viewpoints

Insurance Commissions Approve Data Security Model Law

The National Association of Insurance Commissioners (NAIC) has approved its draft of the Insurance Data Security Model Law (Model Law) via a meeting of its Executive and Plenary Committees. This important development follows...more

Troutman Pepper Locke

NAIC Adopts Model Cybersecurity Law

Troutman Pepper Locke on

Based largely on the NY DFS Cybersecurity Regulation that became effective March 1, 2017, the NAIC has adopted a Model Cybersecurity Law that would, once adopted by the various states, establish significant requirements for...more

Mintz

NAIC Insurance Summit 2017: Innovation and Disruption Are Top of Mind for State Regulators

Mintz on

From May 22-26 Mintz Levin participated in the annual NAIC Insurance Summit in Kansas City. A main theme of this year’s Summit was technology and innovation. The Summit was remarkable in that it served as a meeting grounds...more

Patterson Belknap Webb & Tyler LLP

New York’s Cyber Regulation: A National Blueprint?

New York’s top banking regulator would like the state’s new sweeping – and highly detailed – cybersecurity regulation to serve as a national model for insurance companies in safeguarding their institutions from cybercrime....more

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