New York State Economy Added 39,800 Private Sector Jobs in February 2022 According to preliminary seasonally adjusted figures released by the New York State Department of Labor, the number of private sector jobs in New York State increased over the month by 39,800, or 0.5%, to 7,888,300 in February 2022. By comparison, the number of […]
On December 31, 2021, New York Governor Hochul signed into law Senate Bill 7052, called the “Comprehensive Insurance Disclosure Act”, (“CIDA”). It amends the rules that apply to civil litigation in New York as to the production by a party in a lawsuit of its insurance information. Although the Governor signed the Bill as drafted, […]
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, […]
On January 4, 2020, the New York State Department of Financial Services, issued a “Cybersecurity Risk Alert” (“Cyber Alert”) to all DFS regulated entities. The Cyber Alert arose in response to media reports of a heightened risk of Iranian cyber attacks given rising tensions between the U.S. and Iran. In its Cyber Alert, DFS referred […]
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 […]
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