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DFS Extends License Expiration Suspension Through September 6th

The NYS Department of Financial Services has again extended the suspension of the expiration of individual producer licenses for an additional 30 days, through September 6, 2020.  At the end of this 30-day period, all licenses that would have expired between March 25, 2020 and September 6, 2020 will automatically expire on September 7, 2020, unless the producer completes all necessary continuing education credits, and submits a license renewal application, before September 7, 2020.​The Department has also extended the suspension of the requirement that a monitor be present to complete producer continuing education and pre-licensing course exams online for an additional 90 days, through November 5, 2020.​​​Source

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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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