NY | The New York Department of Financial Services has issued Circular Letter No. 5.
This circular letter sets forth the standards expected of authorized life insurance companies, retirement systems, fraternal benefit societies, employee welfare funds, authorized accident and health insurance companies, Article 43 corporations, certified Public Health Law Article 44 health maintenance organizations, municipal cooperative health benefit plans, and student health plans certified pursuant to Insurance Law § 1124 (collectively, “addressees”) in planning and preparing for, and responding to, disasters occurring anywhere in the world, including in New York State, that could affect an addressee’s ability to continue doing business and servicing the people of New York State. This circular letter repeals and replaces Circular Letter No. 5 (2023). A separate circular letter covers disaster planning, preparedness, and response by the property/casualty industry.