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NYDFS Makes Inquiry into Life Insurers’ Use of Algorithmic Underwriting

On June 29, 2017, the New York Department of Financial Services (NYDFS) issued an information request pursuant to Section 308 of the New York Insurance Law addressed to all life insurers and fraternal benefit societies authorized to write life insurance in New York (the 308 Request) requesting information about how they use “external consumer data” and algorithms in their underwriting...

The New York Department of Financial Services Releases Potential New Cybersecurity Rules

On November 9, Anthony Albanese, Acting Superintendent of the New York Department of Financial Services (NYDFS), sent a letter to the 18 members of the Financial and Banking Information Infrastructure Committee that outlines key regulatory proposals that NYDFS is considering as new regulations to increase financial sector cybersecurity defenses. The letter is written to “help spark...

Crunching the Numbers in NYDFS’ Cybersecurity Report

On February 9, the New York Department of Financial Services was the first insurance regulator to address cybersecurity when it issued its Report on Cyber Security in the Insurance Sector that summarizes the results of a survey completed by 43 insurers about their cybersecurity programs, costs and future plans. In their article for Law360, Sutherland Partners Mary Jane Wilson-Bilik and...