The New York State Department of Financial Services (“DFS”) has issued several Circular Letters and industry guidance over the past month due to COVID-19. While considerable information is geared towards health insurances and telemedicine, two Circular Letters in particular are relevant to all insurance producers. Circular Letter No. 7 (2020) dated, March 19, 2020, […]
A look at the health effects and insurance implications of Vaping
The rise in vaping-related deaths and illnesses has ushered in a new awareness of the negative effects of electronic cigarettes or “e-cigarettes.”
Entering the market in the early 2000s, e-cigarettes gained global traction in 2014 and have steadily risen in popularity. Earlier this year, several people were hospitalized with a mysterious lung illness attributed to vaping and e-cigarettes. Since then, the numbers have risen steadily with the CDC reporting 805 confirmed cases of lung injury related to vaping. At the time of this article, 17 people have died due to vape-related illness. As a result of this, President Trump has pushed for a ban on certain flavored e-cigarette pods and cartridges. States have followed suit, calling for a temporary ban on these products. Although commonly viewed as a safer alternative to traditional cigarettes, we are now seeing some of the health consequences, and as more is understood about e-cigarettes, vaping, and Juul-ing”, we can expect changes in the health and life insurance industry.
The public health crisis in the United States in connection with opioids and drug overdoses has led to the New York State Department of Financial Services’ (“DFS”) issuance of Circular Letter No. 9 on September 6, 2019, directed at New York State life insurance and accident and health insures in regards to overdose reversal drugs […]
On August 2, 2019, Honorable Eileen A. Rakower of the Supreme Court of the State of New York, New York County, resolved certain remaining causes of action concerning the title insurance industry’s challenge to the Department of Financial Services’ (“DFS”) Insurance Regulation 208 which affected marketing and advertising practices and certain premium rate cuts. By […]
Regulations implemented by the New York State Department of Financial Services (“DFS”) last year affecting the title insurance industry regarding “acceptable marketing expenses” are being challenged by proposed legislation in the New York State Senate. By way of background, Regulation 208 was implemented by DFS to combat the alleged “unscrupulous” behavior of title agents in […]
υAs recent New York State Department of Financial Services’ disciplinary actions show, several brokers have been the subject of disciplinary action for commingling funds insurance premium funds with business operating expense funds and/or using premium funds for personal expenses. Other related actions have involved insurance agents collecting premium payments and failing to timely remit such […]
The issue of termination of trail commissions has been a popular topic in insurance industry news since Ohio National Life Insurance Company terminated trail commissions. More specifically, by letter dated September 21, 2018, Ohio National wrote to various agents and broker-dealers “to provide notice of termination of any and all selling agreements” [effective December 12, […]
Imagine if gun owners in New York are legally required to carry liability insurance? Well, the New York State Senate seeks to impose this requirement by way of Senate Bill S2857A. In fact, if implemented into law, gun owners would be required to purchase one million dollars of liability insurance, and to continuously maintain such […]
Typically, when an insurance agent, broker, or other licensee is investigated by the New York State Department of Financial Services (“DFS”), even if there is a violation of applicable insurance laws or regulations but the conduct does not rise to the level of “untrustworthiness” and/or “incompetence,” DFS may offer a compromise, by way of a […]
Crackdown on Health Plans’ Non-Compliance with Contraceptive Coverage The New York State Department of Financial Services (“DFS”) closed out the last quarter of 2018 issuing numerous disciplinary actions, with failing to disclose information on an original or renewal application, as the most common violation, with nominal fines. DFS issued heftier fines, however, where licenses expired […]
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