NY | The New York Department of Financial Services has issued Circular Letter No. 4.
This circular letter sets forth the standards expected of authorized property/casualty insurers, co-operative property/casualty insurance companies, financial guaranty insurance companies, mortgage guaranty insurance companies, title insurance companies, non-profit property/casualty insurance companies, reciprocal insurers, captive insurance companies, the New York State Insurance Fund, the New York Property Insurance Underwriting Association, the New York Medical Malpractice Insurance Plan, the New York Automobile Insurance Plan, the Motor Vehicle Accident Indemnification Corporation, rate service organizations (“RSOs”), and the Excess Line Association of New York (“ELANY”) (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. 4 (2023). A separate circular letter covers disaster planning, preparedness, and response by the life and health insurance industries.