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Albany Update 03.12.24
In this issue …
NYIA Hosting Meeting on Cybersecurity Regulation Implementation
NYIA will be holding a meeting for members to discuss issues related to implementation of DFS’s amended cybersecurity regulation through the association’s Information Security Advisory Group. The meeting will be held virtually on Tuesday, March 26 from 2:00–3:00 p.m. You can add the meeting to your calendar. We encourage you to share this invitation with your company’s subject matter experts. Please contact Cassandra Anderson at canderson@nyia.org with any topics you would like raised. An agenda will be sent out closer to the meeting date.
DFS Releases Pre-Proposed Amended Regulation Related to Group Capital Calculation
The New York State Department of Financial Services (DFS) recently released a pre-proposed third amendment to 11 NYCRR 82 (regulation 203), which pertains to Enterprise Risk Management and Own Risk Solvency Assessment; Group-Wide Supervision. The amendment is due to the group capital calculation (GCC) legislation advanced last year and relates to the GCC filing process, which indicates that the calculation shall be submitted electronically. The pre-proposed regulation also details when an entity would be exempt from the filing, able to submit a limited group capital filing, needs to submit an annual GCC as well as provides parameters around “recognize and accept” for non-United States jurisdictions. Comments can be submitted to Joana Lucashuk by email at joana.lucashuk@dfs.ny.gov by Thursday, March 14. If you have comments you would like NYIA to submit on your behalf, please contact Bob Farley at bfarley@nyia.org by Wednesday, March 13.
DFS Announces Funds Provided to Consumers and Health Care Providers
DFS recently announced as part of National Consumer Protection Week that the agency in 2023 collected more than $182 million, with $158 million recovered for consumers and health care providers and $23 million in restitution from enforcement actions. In their media release DFS issued they continue to tout their consumer protection and enforcement roles and highlight how a consumer can file a complaint with the department.