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The New York Department of Financial Services Requests Assurance from Regulated Financial Institutions and Insurance Carriers Regarding Their Preparedness to Respond to COVID-19 Crisis
Categories: Coronavirus (COVID-19), Insurance
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On March 10, 2020, the New York Department of Financial Services (“DFS”), which regulates a wide variety of financial institutions, including banks, insurance companies, and investment advisors doing business in New York, issued a series of letters regarding the response to the Novel Coronavirus (“COVID-19”). In addition to providing guidance, DFS has asked all regulated financial institutions to provide “assurance” that they have plans to address the operational and financial risks associated with COVID-19. A copy of the letter to regulated financial ...

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