NY | The Excess Line Association of New York (ELANY) has issued Bulletin No. 2022-20.
The New York Department of Financial Services (DFS) has published proposed revisions to its cybersecurity regulation. A new full exemption for inactive brokers that ELANY proposed and advocated on behalf of has been included. The exemption is contained in a new proposed subsection (e) of Section 500.19, which reads:
(e) An individual insurance broker subject to Insurance Law section 2104, who qualifies for the exemption pursuant to subdivision 500.19(c) of this Part and has not for any compensation, commission or other thing of value acted or aided in any manner in soliciting, negotiating or selling any insurance or annuity contract or in placing risks or taking out insurance on behalf of another for at least one year shall be exempt from the requirements of this Part, provided such individuals do not otherwise qualify as a covered entity for purposes of this Part.