A new study reveals that more than 1,500 data breaches were reported to the NYS Attorney General in 2017--a significant jump from 2016--and that the personal records of 9.2 million New Yorkers (thanks largely to the Equifax breach) were exposed. The findings have prompted Attorney General Eric Schneiderman to push for new cyber-security legislation that he says [...]
The New York State Senate on March 27 overwhelmingly passed a NAIFA-NYS-initiated bill requiring the Superintendent of Financial Services to grant six continuing education credits for all active members of a statewide professional insurance producer association passed the State Senate today. The top priority bill on the 2018 NAIFA-NYS affirmative legislative agenda, S3960 - sponsored by Senate [...]
NAIFA-NYS Releases First-of-Its-Kind Cyber-Security Tool for Life Agents, Responds to DFS Regulation
Albany, New York, January 29, 2018 — The National Association of Insurance and Financial Advisors-NYS (NAIFA-NYS) today announced a first-of-its-kind compliance tool to assist New York life agents to comply with the state’s new cyber-security insurance regulation. The tool is now available through the association’s web site at www.naifanys.org. “The cyber-insurance regulation promulgated by the New [...]
As the DOL hits “pause” on full implementation of its fiduciary duty rule, New York regulators have proposed a “best interest” standard of their own, one that would apply to all life insurance products and would extend beyond the current suitability requirement. Details HERE.
DFS has issued, without announcement or public notice, an extension of the filing deadline until October 30. The language, posted quietly on the DFS web site, is a bit unclear and may create more confusion than previously existed: The Department has extended the initial period for making the filing of the Notice of Exemption required by [...]
The Department of Financial Services (DFS) today announced the adoption of a new regulation that focuses on life insurance company practices related to increases in the premiums or charges of certain life insurance and annuity policies. The regulation gives DFS the ability to review increases prior to implementation and to ensure compliance with law, by requiring life insurers [...]
This afternoon, the NYS Senate overwhelmingly approved - in a 56 to 5 vote - the Interstate Insurance Product Regulation Compact S426 (Seward), which would streamline the New York product approval process and bring our state more in line with other states' requirements. This is good news for NAIFA-NYS members and a key element of our affirmative legislative agenda. [...]
NAIFA-NYS Successfully Urges the New York Department of Financial Services to Increase Training Allowance Subsidy Limits
In January, senior NAIFA-NYS officials held the first in a series of regulatory affairs discussions with the representatives of several bureaus of the New York State Department of Financial Services, including the Deputy Superintendent for Life Insurance, James Regalbuto. During the course of that meeting NAIFA-NYS urged the DFS to consider increasing the cumulative maximum training [...]
For NAIFA-NYS members owed commission from Health Republic, a formal Court-supervised liquidation proceeding would provide a mechanism to file a claim. But as NAIFA-NYS legislative staff report following a Senate roundtable, the Dept. of Financial Services has chosen another path. Click here to read more.
Thanks to efforts driven by NAIFA-NYS, needed changes to New York State Insurance Regulation 60, which pertains to the replacement of life insurance policies and annuity contracts, were adopted by the Department of Financial Services on January 21, 2015, take effect Tuesday, April 21, 2015. The regulation, known in the insurance industry as “Reg. 60,” was [...]