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REMINDER: Cybersecurity Requirements Coming Nov. 1

Abstract: There's one last deadline coming up for insurance agencies and others subject to New York's cybersecurity requirements for financial services companies regulation, Body: ​There's one last deadline coming up for insurance agencies and others subject to New York's cybersecurity requirements for financial services companies regulation, By November 1 of this year, all businesses covered by the regulation must implement policies and procedures to create and maintain inventories of their computerized assets. We have created a Microsoft Excel workbook for members to download and use to meet this requirement.Also by November 1, all covered entities must implement multi-factor authentication for all remote access to the agency's…

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NYAIP Seeks Public Members for Governing Committee, Peer Review Panel

Abstract: At the request of the Department of Financial Services, the NYAIP is soliciting producer trade organizations for qualified producers (at least five years of work experience) who are interested in serving in the capacity of public member or public member alternate on the NYAIP Governing Committee or Peer Review Panel. Body: ​We are publishing the following message at the request of the New York State Department of Financial Services.Dear Producers, Section 4 of the New York Automobile Insurance Plan (NYAIP) manual provides for the Department of Financial Services to appoint 2 public members and at least 4 public member alternates to the Governing Committee of…

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Workers Comp Loss Costs To Drop 13% in October

Abstract: Overall loss costs for Workers' Compensation (WC) insurance in New York will decrease by an average 13.2%, according to the New York Compensation Insurance Rating Board. Body: ​Overall loss costs for Workers' Compensation (WC) insurance in New York will decrease by an average 13.2%, according to the New York Compensation Insurance Rating Board. The change in loss cost levels applies effective October 1, 2025.This is the ninth consecutive year that WC insurance loss costs have decreased in New York.Loss costs are not premium rates. They reflect the expected cost of paying losses plus adjustment expenses. Each insurance provider, including the New York State Insurance Fund,…

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