February 5, 2018
The Council Welcomes New Members, Sponsors
The Council welcomed 11 new member firms and four new sponsors to kick off 2018.
The new members include: All Risks Ltd. (Hunt Valley, Md.); Clark Insurance (Portland, Maine); Dwight W. Andrus Insurance, Inc. (Lafayette, La.); Foundation Risk Partners (Daytona Beach, Fla.); HNI Risk Services, LLC (New Berlin, Wis.) Hotchkiss Insurance (Houston, Texas); Morris & Garritano Insurance Agency, Inc. (San Luis Obispo, Calif.); Navacord Inc. (Mississauga, Ont., Canada); T.I.C., Inc. (Onalaska, Wis.); UNICO Group, Inc. (Lincoln, Neb.); and Vanbreda Risk & Benefits (Antwerp, Belgium).
New! Blockchain & Insurance: The Council’s Educational Series
Experts estimate that blockchain technology could save the insurance industry up to 30 percent in administrative costs. Across all industries, including those of your clients, organizations are exploring ways to use blockchain to streamline the flow and verification of data, cut operation costs, ease compliance burdens, enhance the customer experience and remove the need for intermediation.
This new four-session online course will address the scope and influence of blockchain, specifically on the insurance market, and spotlight upcoming opportunities brokers can use to their advantage. For brokers who want to stay ahead of the curve, Blockchain & Insurance will enhance your market understanding of how blockchain is already playing out in the insurance space. This series is presented in partnership with The Institutes.
Under the New York State Department of Financial Services’ (NYSDFS) cybersecurity regulation, covered entities are required to submit their first annual Certificate of Compliance by February 15, 2018. Further, any covered entity that filed a Certificate of Compliance before January 1, 2018 must refile its Certificate of Compliance.
A covered entity is required to certify that it is in compliance with the regulation’s (1) cybersecurity program and policy requirements, (2) Chief Information Security Officer requirements, (3) policies to protect against unauthorized user access, (4) requirements to have qualified cybersecurity personnel to implement the entity’s cybersecurity program, and (5) requirements to notify NYSDFS in the event of a cybersecurity event.
For those covered entities that filed for a “limited” exemption under Section 500.19(a), however, they must only certify they are in compliance with the cybersecurity program and policy requirements, policies to protect against unauthorized user access, and requirements to notify NYSDFS in the event of a cybersecurity event.
The Certificate of Compliance may be found in Appendix A of the Cybersecurity Regulations; and should be filed via the NYSDFS cybersecurity secure portal, accessible here. Further information can be found in the NYSDFS’ FAQs.
Furthermore, by March 1, 2018, covered entities must be in compliance with: (1) the Chief Information Security Officer’s cybersecurity program reporting requirements, (2) penetration and vulnerability testing requirements, (3) requirements to perform risk assessments, (4) multi-factor authentication requirements, and (5) requirements to provide regular cybersecurity awareness training.
Save the Date: 2018 CFO & Finance Managers Conference
Mark your calendar for the 2018 CFO & Finance Managers Conference, June 5-7 in Charleston, South Carolina. On the agenda: Delivering Compelling Messages, CFO Roundtable, Employee Benefits Captives, Industry Compensation Data and more. CPE credits available.
ACA Reform Legislation Tracker
Our legal team at Steptoe & Johnson is tracking healthcare reform bills as they are introduced in Congress. Recent updates are noted in the top box on the first page of the document. This tracker, the first of 2018, is updated as of January 31.
Undergrads Launch Bermuda Captive
Fewer than 100 risk management and insurance degree programs at American colleges produce about 4,000 graduates each year. Filling the jobs being left by retiring baby boomers will require 500,000 new hires. Once students learn of the vast opportunities the industry presents, it’s not such a tough sell.
Rob Boyce, Associate, Market Intelligence & Insights
Blockchain could cut insurers’ admin costs by 30%; B3i goes commercial
Cheryl Matochik, SVP, Strategic Resources & Initiatives
Goldman Sachs hunts AI experts for all-important quant team
Jenn Urso, VP, Market Intelligence & Insights
AXA Group acquires Maestro Health for $155m