- On March 26, Superintendent Benjamin Lawsky of the New York Department of Financial Services (NY DFS) issued a letter spelling out a requirement for insurers to provide information related to their cybersecurity programs by April 27. The letter states that the information requested will be used to perform a risk assessment for future inspection activities. The short response time may indicate the great sense of urgency and importance that the State of New York is placing on this initiative.
- How housing is financed has changed significantly in the seven years since the mortgage crisis, from tighter regulation and increased oversight to shifts in housing needs and our country’s cultural dynamics. What role do banks, local not-for-profits, and individuals play in the ever evolving mortgage and housing markets?
- As the holders of sensitive information and the provider of essential human services, state and local governments should be concerned about cybersecurity.
- The final rules for the Basel III international capital accord, which will be phased in between the beginning of this year and 2019, include some relief for community banks. There are also some changes that affect the capital standards and reporting for community banks.
- 2015 marks the first year that an ORSA Summary Report must be filed with an insurer’s state of regulatory domicile. Some state regulators have already notified companies of the report due date, while other states have not. Regardless, all insurance companies that exceed the $500 million written premium threshold should be preparing the first drafts of their reports.
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