Deadline Extended for Filing New York Cybersecurity Regulation

The New York State Department of Financial Services announced they are extending the deadline for filing the Certification of Compliance pursuant to 23 NYCRR 500 from April 15, 2020 to June 1, 2020 because of COVID-19.

Regulated entities and licensed persons must file their Certification of Compliance for calendar year 2019 on or before June 1, 2020.  All filings should be filed electronically via the New York State Department of Financial Services website at: https://www.dfs.ny.gov/industry_guidance/cybersecurity.

If you have any specific questions, please contact the Westmont team. Stay Well.

856-216-0220

Michigan Modifies Surplus Lines Brokers’ Fee Limits

On March 17, 2020, Michigan Governor Gretchen Whitmer signed House Bill 5174 into law, amending the Insurance Code regarding the fees that a licensed surplus lines broker or agent may charge. Previously, MCLS § 500.1915 capped such fees at $50 by code ($64 after adjusting for inflation since 2008). Under the new law, licensees can charge a fee for a surplus lines policies in addition to the commission if the fee is not included in the premium as was “reasonable to cover underwriting and other expenses that are unique to surplus lines.”

The requirement applies in general to commercial lines. For personal lines, a licensee can now charge a fee up to the greater of $100 or 10% of the policy premium. The fees must not be excessive or discriminatory and cannot be included in premium to calculate premium taxes. Additionally, fees must be disclosed in writing to the insured prior to the sale and itemized on the policy declarations page, billing statement, and other documentation. Finally, the amendment has removed the inflation adjustment on the fee.

For more information about House Bill 5174 and MCL § 50.1915, or any questions regarding surplus lines brokers, please contact Westmont Associates, Inc.

856-216-0220

NYDFS Extends Cybersecurity Regulation Compliance Certification Filing Deadline

The New York Department of Financial Services has extended the cybersecurity regulation annual compliance certification filing deadline by 45 days from April 15, 2020 to May 30, 2020. Instructions on filing may be found by clicking here.
 
For any questions regarding the cybersecurity regulation annual compliance certification filing, please contact 
Westmont Associates, Inc.
856-216-0220