NY| The New York State Department of Financial Services’ Circular Letter No. 3 (2025) sets forth comprehensive requirements for property/casualty insurers and related entities to ensure robust disaster planning, preparedness, and response.
The letter emphasizes:
- Pre-Disaster Preparedness: Insurers must annually conduct business impact analyses, maintain updated business continuity and disaster response plans tailored to their operations, and submit pre-disaster data surveys and relevant documentation to the Department, ensuring readiness for a range of disaster scenarios.
- Post-Disaster Coordination and Reporting: After a disaster, designated disaster liaisons must provide timely coverage and claims data, participate in the Insurance Emergency Operations Center, and support state and local emergency management efforts, including facilitating temporary adjuster permits when necessary.
- Ongoing Communication and Compliance: Insurers are required to regularly review and update their plans, maintain secure off-site copies, and ensure that senior executives are designated as primary and secondary contacts for critical communications, particularly regarding terrorism-related intelligence and disaster response coordination.