Penalties, Insurance Industry, Reporting Requirements

NYDFS Imposes $2M Penalty for Violations of its Cybersecurity Regulation

Pillsbury Winthrop Shaw Pittman LLP on 8/22/2025

The New York State Department of Financial Services (NYDFS) announced on August 14, 2025, resolution of civil enforcement action requiring Healthplex, Inc., a licensed insurance agent and independent adjuster, to pay a $2...more

Virginia Bureau of Insurance Issues Guidance Clarifying Material Change and Required Notifications for Managed Care Health...

Foley & Lardner LLP on 8/5/2025

On July 22, the Virginia Bureau of Insurance (BOI) issued Administrative Letter 2025-02 (the Letter) to all licensed insurers writing Managed Care Health Insurance Plans (MCHIPs) in Virginia. The Letter clarifies what...more

New Reporting Requirements for TPAs, PBMs and Insurers in Indiana

Polsinelli on 7/17/2025

Key Takeaways: Beginning July 1, 2025, PBMs, TPAs and insurers in Indiana must annually report certain ownership information to the Indiana Insurance Department....more

Micro-Captive Reportable Transaction Deadline Effectively Extended

Womble Bond Dickinson on 4/15/2025

On Friday, April 11, 2025, the Internal Revenue Service issued Notice 2025-24 (the “Notice”), which waives applicable penalties under the Internal Revenue Code to participants in, and material advisors to, reportable...more

Affordable Care Act Penalty and Reporting Relief

Faegre Drinker Biddle & Reath LLP on 1/27/2025

The Employer Reporting Improvement Act and the Paperwork Burden Reduction Act (PBA), each signed into law in December 2024, provide the following penalty and reporting relief for plan sponsors required to provide minimum...more

Corporate Transparency Act

Flaster Greenberg PC on 12/5/2023

PLEASE TAKE NOTE: Beginning on January 1, 2024, the Corporate Transparency Act (“CTA”) goes into effect. The CTA imposes new federal reporting requirements on most organizations formed or doing business in the United States....more