The New York Department of Financial Services (NYDFS) announced last week a series of measures it plans to take “to help strengthen cyber hacking defenses at insurers.” Those measures include, among other things: regular, targeted assessments of cyber security preparedness at insurance companies; putting forward enhanced regulations requiring institutions to meet heightened standards for cyber security; and considering the ways in which NYDFS can support and encourage the development of the cyber security insurance market. The NYDFS stated that it plans to initiate these measures in the coming weeks and months.
Continue Reading New York Department of Financial Services Announces New Cyber Security Measures Directed at Strengthening Insurers’ Cyber Defenses
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A free pass for NICO and Resolute?
A number of insurance companies have recently entered into reinsurance agreements with National Indemnity Company (“NICO”), a subsidiary of Berkshire Hathaway Inc. When this occurs – and the arrangements do not require the consent of policyholders – the policyholders unexpectedly find themselves involved with NICO and/or its “affiliated claims adjuster,” Resolute Management, Inc. (“Resolute”). But, what happens when a policyholder disagrees with NICO’s and/or Resolute’s approach to adjusting, defending, or resolving claims?
Continue Reading A free pass for NICO and Resolute?