New Connecticut Data Security Law To Impact Insurance Agencies

​​A new Connecticut law will require many insurance agencies to implement cybersecurity programs. The requirements take effect in less than two months.The Insurance Data Security Law requires Connecticut licensees to develop, implement and maintain a comprehensive written information security program based on a risk assessment. The programs must include the administrative, technical and physical safeguards for protecting their information systems and the nonpublic information stored in them. The deadline for implementing the program is October 1, 2020. The program must be commensurate with:The size and complexity of the licensee The nature and scope of the licensee's activities, including, but not limited to, the licensee's use…

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DFS Suspends Cost Sharing for Outpatient Mental Health Services for Essential Workers

​Today, the DFS adopted, on an emergency basis, the 60th amendment to Regulation 62. The amendment prohibits health insurers from charging copays, coinsurance, or deductibles for outpatient mental health services for essential workers, with the exception of high deductible plans. Health insurers are further required to notify outpatient mental health providers in their network that they may not collect any copay, coinsurance, or deductible from essential workers for such services.The regulation is currently in effect until September 28th, 2020. Read the amended regulation hereSource

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Liberty Mutual Insurance Waives Growth Requirement for Agencies in Profit-Sharing

​Liberty Mutual Insurance announced that they are rolling out updated guidelines for their 2020 commercial lines profit-sharing agreement and will be waiving the 10% written premium growth requirement to earn a profit-sharing bonus."Despite the incredible challenges they've faced during the pandemic, independent agencies never stopped working hard. They continue to help customers protect what matters most, while keeping their teams safe and businesses afloat. But our shared customers have been hit hard and agencies need carrier support," said Big I NY's Chair of the Board, David T. MacLachlan, CPCU."I commend Liberty Mutual for leading the way, waiving the growth requirement for agencies in profit-sharing. There…

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