Insurance

NYDFS FINALIZES AI GUIDANCE FOR INSURANCE COMPANIES; ARE BANKS NEXT?

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•   According to the agency, “DFS has finalized the guidance with careful consideration of the valuable feedback received from regulated entities and other key stakeholders, including trade associations, advisory firms, universities, and the broader public.” •   Superintendent Adrienne Harris has said recently, in several public settings (including the IIB Conference in March), that guidance for banks is … Read more

NYDFS FINES FOUR MORE INSURANCE COMPANIES IN ONGOING MARKET SWEEP INVESTIGATION

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According to the DFS allegations in the Four Consent Orders (found here): •   Following a market conduct investigation in 2018, DFS has continued to penalize insurance companies for failing to timely report certain insured vehicle information to the NY DMV •   DFS fined Allstate Insurance group $796,000; Farmers Insurance Group $764,000; Tokio Marine Insurance Group $720,000; and … Read more