Tag: Insurance Regulation

New York Department of Financial Services Announces New Cyber Security Measures Directed at Strengthening Insurers’ Cyber Defenses

This post was written by Emily Garrison and Andy Moss.
The New York Department of Financial Services (NYDFS) announced last week a series of measures it plans to take “to help strengthen cyber hacking defenses at insurers.” Those measures …

New York Department of Financial Services Announces New Cyber Security Measures Directed at Strengthening Insurers’ Cyber Defenses

The New York Department of Financial Services (NYDFS) announced last week a series of measures it plans to take “to help strengthen cyber hacking defenses at insurers.” Those measures include, among other things: regular, targeted assessments of cyber security preparedness at insurance companies; putting forward enhanced regulations requiring institutions to meet heightened standards for cyber security; and considering the ways in which NYDFS can support and encourage the development of the cyber security insurance market. The NYDFS stated that it plans to initiate these measures in the coming weeks and months.… Continue Reading

Latest Updates to the California Inurance Holding Company Act

Hinshaw & Culbertson LLP attorney Suh Choi has updated and enhanced Chapter 5, The California Insurance Holding Company Act, for the LexisNexis California Insurance Law & Practice treatise:

The latest update features a new section on “Divestiture of Control,” that discusses the notice of proposed divestiture that any controlling insurer seeking to divest its controlling interest in that insurer must file with the Commissioner. The section describes how the Commissioner will deal with confidentiality concerns surrounding the notice. The new section also notes the possibility that the Commissioner may require parties seeking to divest control to file for formal approval of the transaction.

The revised chapter also features a new practice note as to the California Department of Insurance’s requirements as to exhibits that must accompany the filing of Form A Information Statement when there are various acts that will, directly or indirectly, lead to a change in control of a domestic insurer or person controlling a domestic insurer.

Section 5.06[1] newly points out an exception to the exemption from registration granted an admitted foreign insurer whose domiciliary jurisdiction has disclosure requirements and standards that are substantially similar to California’s requirements.

Section 5.06[8] newly discusses the annual enterprise risk report that must accompany registration statement.

A new practice note in the section discusses various online filing requirements through the California Department of Insurance’s Online Assistance System for Insurers Submittals (“OASIS”).

A new practice note discusses the Department’s “safeguard” provisions with regard to agreements between a California insurer and an affiliate.”

For more information on The California Insurance Holding Company Act, please contact Suh Choi (email).

Recent Victory on Behalf of Medical Supplement Insurers against California Department of Insurance

As a result of the filing of a Writ of Mandate and Declaratory Relief Action by Barger & Wolen LLP Senior Regulatory Counsel Robert W. Hogeboom and Litigation Partner John Holmes, the California Department of Insurance (“CDI”) agreed to…

Title Insurance

Barger & Wolen‘s Robert Renner and James Hazlehurst recently updated Chapter 39 of the California Insurance Law & Practice, Title Insurance

The chapter features many new practice tips on such diverse matters such as:

  • Filing for litigation despite the equitable tolling rule;
  • Tolling agreements;
  • The notice-prejudice rule;
  • Quiet title actions;
  • The trigger of tripartite relationships;
  • The attorney-client privilege;
  • Attorney claims adjusters;
  • Informal representations about the status of title;
  • Bad faith actions;
  • Undisclosed liens or encumbrances;
  • Failure to file an amended title report;
  • Posting collateral for an indemnification agreement;
  • Access to property rights and the title report;
  • Equitable subrogation; and
  • “Hand-crafted” endorsements.