Monthly Archives: April 2025

DFS Floats Possible Hurricane Deductible Trigger Regulation

Abstract: The New York State Department of Financial Services (DFS) has posted a draft of an amended regulation on hurricane deductible triggers. Body: ​The New York State Department of Financial Services (DFS) has posted a draft of an amended regulation on hurricane deductible triggers. The department has asked interested parties to provide comments by April 10.The draft regulation would implement a law enacted last year. That law, which Big I New York supported, requires the department to “by regulation establish standards for hurricane windstorm deductibles, which create, to the greatest extent possible, uniformity in the operation of such deductibles with respect to the triggering event."…

Continue ReadingDFS Floats Possible Hurricane Deductible Trigger Regulation

Enhanced Cybersecurity Requirements Coming May 1

Abstract: All New York regulated financial services companies, including insurance agencies, must implement additional cybersecurity procedures by May 1. Body: ​All New York regulated financial services companies, including insurance agencies, must implement additional cybersecurity procedures by May 1. These requirements are part of the 2023 amendments the New York State Department of Financial Services (DFS) made to the state's financial services cybersecurity requirements.While most Big I New York member agencies have fewer than eight employees and do not have a staff person known as a “system administrator," some may have one who performs some administration functions. A system administrator has special systems access, allowing them…

Continue ReadingEnhanced Cybersecurity Requirements Coming May 1