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The Excess Line Association of New York (“ELANY”) delivered its April 2021 issue of the “E&S Empire Express,” a publication designed to provide an overview of ELANY’s recent activities, including employment changes, regulatory efforts, upcoming events, and general guidance. Some of the highlights of the April issue are as follows:
Cybersecurity Regulation Compliance Change: ELANY has organized a coalition of seven New York producer trade groups to ask the New York Department of Financial Services to amend Cybersecurity Regulation (23 NYCRR 500) to provide an exemption from compliance for those New York licensed producers who do not actively engage in licensed activity. Specifically, the letter sent to the DFS asks that the FAQs to the regulation be amended to fully exempt from compliance any licensed producers who “do not act or aid in any manner in soliciting, negotiating or selling any insurance, health maintenance organization or annuity contract[s,] or in placing risks or taking out insurance on behalf of an insured other than themselves, and do not maintain Nonpublic Information or Information Systems.”