New York Department of Financial Services shares guidance on insurance notice obligations
April 7, 2020
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.