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Financial Services Law Insights and Observations

New York Department of Financial Services shares guidance on insurance notice obligations

State Issues Covid-19 New York NYDFS Broker-Dealer

State Issues

The New York Department of Financial Services published guidelines for insurance producers, such as agents and brokers, on providing electronic notices during the Covid-19 emergency. The guidance reduced the burden of standard notice obligations for producers that must comply with new 11 NYCRR § 229.5(b) and 3 NYCRR § 405.6(b)(4) requirements. Specifically, the issuance enabled notices to be communicated by email, regardless of consumer consent, and encouraged producers to share information regarding notice obligations on their websites and via social media.

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