Monthly Archives: June 2022

DFS Fines an Insurance Producer for Cybersecurity Violations … But Not One Like You

​In the five and a half years since the New York State Department of Financial Services implemented its Cybersecurity Requirements For Financial Services Companies​ regulation, I had yet to hear of an insurance producer being penalized for violations. Until this week. As is my habit, I checked the department's website first thing Monday morning and found a news release they had issued last Friday, June 24. The release announced a $5 million penalty against an insurance producer for violations of the regulation. I should mention that this wasn't any ordinary insurance producer. It was Carnival Cruise Line, the high-profile provider of ocean cruises whose annual revenue shrank to…

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Justice Ketanji Brown Jackson on Insurance

Ketanji Brown Jackson today took the oaths of office to become the newest associate justice of the U.S. Supreme Court. She succeeds Associate Justice Stephen Breyer, for whom she once served as a clerk. I always find it interesting, when a Supreme Court justice enters or exits (Scalia, Ginsburg) the stage, to investigate how they have ruled on cases that might be of concern to insurance carriers, agents or brokers. Presidents tend to pluck jurists from the federal courts when they nominate Supreme Court justices. Insurance, however, is regulated primarily at the state government level. For that reason, I don't often find a lot when…

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Industry Roundup: ​Legal Clashes Await U.S. Companies Covering Workers’ Abortion Costs; Adapting to Changing Policyholder Behaviors & Expectations; Cyber Pirates Prowling Ship Controls Threaten Another Big Shock; Health Insurance Premiums Poised to Jump

Legal Clashes Await U.S. Companies Covering Workers' Abortion CostsA growing number of large U.S. companies have said they will cover travel costs for employees who must leave their home states to get abortions, but these new policies could expose businesses to lawsuits and even potential criminal liability, legal experts said.Adapting to Changing Policyholder Behaviors & ExpectationsThere is a need to evolve data analytics alongside changing customer behaviors and expectations.How Cannabis Legalization in NY is Affecting Landlords One Year LaterLandlords should first check with their insurers before renting to determine whether any loss arising from marijuana use by a tenant must be excluded.Cyber Pirates Prowling Ship…

Continue ReadingIndustry Roundup: ​Legal Clashes Await U.S. Companies Covering Workers’ Abortion Costs; Adapting to Changing Policyholder Behaviors & Expectations; Cyber Pirates Prowling Ship Controls Threaten Another Big Shock; Health Insurance Premiums Poised to Jump