New York DFS Issues COVID-19 Communications

New York DFS Issues COVID-19 Communications

 

The New York Department of Financial Services ("DFS") has issued various communications pertaining to COVID-19.  Two of those communications require responses from insurers:

Circular Letter No. 5 (2020) mandates that regulated entities provide information to the DFS on preparedness and business continuity plans pertaining to COVID-19.  This information is due within 30 days of the March 11, 2020 letter.

DFS Section 308 letter dated March 11, 2020 requires that P&C insurers provide a COVID-19 business interruption and related coverage explanation to policyholders.  Insurers that are not actively writing this type of business are required to send a statement to the DFS certifying as such. Compliance with the letter is required by March 18, 2020.

 

Link to Circular Letter No. 5 (2020)

 

Link to Section 308 Letter