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ARTICLE · 26 MARCH 2020

New York DFS Issues Guidance And Request For Plans Related To COVID-19

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The New York Department of Financial Services (DFS) recently issued Circular No. 5 that requires every regulated insurance entity to submit its plans to address the operational risk and identify...

United StatesInsurance
Shawn Hanson
Shawn Hanson
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The New York Department of Financial Services (DFS) recently issued Circular No. 5 that requires every regulated insurance entity to submit its plans to address the operational risk and identify, monitor and manage the financial risk posed by COVID-19. The report must be made on line by April 9, 2020. The circular can be found here.

The plan must cover a number of complex topics and must “reflect the entity’s size, complexity and activities.” DFS says the plan should, at a minimum, address the following:

  1. Preventative measures tailored to the entity’s specific profile and operations to mitigate the risk of operational disruption, which should include identifying the impact on consumers and vendors.

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