NY| Circular Letter No. 4 (2025) from the New York State Department of Financial Services outlines the expectations for disaster planning, preparedness, and response for life and health insurance companies and related entities operating in New York. The letter emphasizes the importance of proactive annual planning, clear documentation, and coordinated communication to ensure business continuity and effective disaster response for the protection of policyholders and the public.
Key Points:
- All addressees must conduct annual business impact analyses and maintain separate, regularly updated business continuity and disaster response plans tailored to their operations, with board-level approval and provisions for secure off-site storage.
- Disaster response plans must detail organizational responsibilities, communication protocols, customer service continuity, and procedures for rapid reporting to the Department during and after a disaster, including the designation of disaster liaisons and leaders.
- By August 15, 2025, entities are required to submit their disaster response plans and related questionnaires via the Department’s portal, affirming board approval and readiness to provide timely updates and participate in coordinated emergency operations as needed.