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LICONY-NYDFS Virtual Compliance Seminar

We are pleased to present LICONY’s 2022 Legal and Compliance Webinar with the NYS Department of Financial Services (DFS) which will take place on Thursday, July 21, 2022 from 12:00 noon to 4:00 p.m. ET via the Socio platform. LICONY is seeking accreditation to offer CLE credit hours for each of the panels. Registration cost remains the same as last year at $100 or $150 (w/CLE).

Seminar link and materials will be sent closer to the event.

 

LICONY/NYSDFS

Life Insurance Legal and Compliance Webinar

Thursday, July 21, 2022

12:00 noon – 4:00 p.m. ET

(CLE Pending)

 

Welcoming Remarks

12:00 noon – 12:05 p.m.

 

Richard Loconte

President & CEO

LICONY

      

  1. Life Insurance Panel

12:05 – 1:15 p.m. – Presentation

1:15 –1:30 p.m. – Q & A

Diane Stuto – LICONY Managing Director, Moderator

 

NYS DFS PANELISTS:

 

Sumit Sud                                                                               Avani Shah            

Acting Executive Deputy Superintendent,                        Acting Executive Deputy Superintendent,

Insurance Division                                                                Insurance Division

 

Kate Powers                                                                         Mona Bhalla        

Acting Deputy Superintendent for Insurance                   Deputy Superintendent for Life Insurance

 

Mark Mcleod                                                                        Victor Agbu

Deputy Life Bureau Chief                                                    Assistant Life Bureau Chief

 

Peter Dumar                                                                         Bill Carmello

Chief Life Attorney                                                                 Chief Life Actuary               

 

Todd Cafarelli                    Kathleen Ryan                   Michael Mazzie    

Supervising Life Attorney     Supervising Life Attorney   Supervising Life Actuary   

                         

  1. Life Bureau Administrative Issues
  1. Report on Life Bureau Staffing
  2. Potential Back to Work Schedule
  3. COVID-19 Issues
  1. Status of Hard Copy Filing Requirements
  2. Overview of Electronic Replacement & Policy Form Filing Requirements
      1. Discussion of streamlining electronic form review process and necessity for submission of screen shots

 

  1. Legal Issues
  1. 2022 Legislative Session Issues
  1. A.7699/S.6666 -- Low Interest Rate Fixes to Nonforfeiture Laws for Life Insurance
  2. A.9128/S.7744 -- Amendments to NYIL 4223 to Authorize the Sale of Participating Deferred Income Annuities
  3. A.8617/S.4329 -- Expansion of the Permissible Criteria of Wellness Programs and Incentives
  4. Departmental Bill 156 – Group Capital Requirements

 

  1. Regulatory Issues
  1. Circular Letter to Facilitate Electronic Maintenance of Company Books & Records
  2. Circular Letter 5 of 2022-- Acquisitions of Control and Disclaimers of Control
  3. Follow-up on Circular Letter 5 of 2021 – Diversity & Corporate Governance
  4. Proposed 4th Amendment to Regulation 47 – Separate Accounts & Separate Account Products
  1. Proposed 2nd Amendment to Regulation 50 – Agent Training Allowance    Subsidies
  2. 2022 Disaster Preparedness Circular Letter for Life & A&H Insurers

 

  1. Policy Form Filing Issues
  1. Authority for Use of Multi-Policy Discounts for Group Life Contracts
  2. Metrics for Policy Form Filings and Filing Tips
  3. Supplemental Filing Guidance Note on Equity Indexed Annuity Contracts
  4. Revised Individual Life Insurance Application Outline
  5. Filing Guidance for Policy Forms Referencing MIB, Inc.

 

  1. Updates on Business Filing, Regulation 60 (Replacements) and Exam Issues
  1. Update on Process for Holding Company, Merger & Acquisition and Other Business Filings
  2. Regulation 60 – Replacements
  1. Update on Changes to Compliance Procedure Review Process
  2. LICONY draft revised Form 10-A-2
  1. Exam Issues
  1. Electronic Application Examination Process
  2. Other Common Life Insurance Exam Findings
  1. Actuarial Issues
  1. Regulation 213 -- PBR
  1. Legislative Reporting Requirement
  2. Plans for 2022 Amendments
  1. Update on Status of Ongoing Actuarial Data Calls

 

  1. Perspectives from DFS Cybersecurity, Climate Change, and Research & Innovation Units

 

1:30 – 2:30 p.m. — Presentations

2:30 – 2:45 p.m. — Q & A

Diane Stuto, Moderator

 

Justin Herring

Executive Deputy Superintendent, Cybersecurity Division   (1:30 – 1:50 p.m.)

  1. Cybersecurity and Information Technology Baseline Risk Questionnaire (CIBRiQ) – Outreach to Domestic Life Insurers
  2. Plans for Amendments to 23NYCRR Part 500
  3. Lessons Learned from Recent DFS Enforcement Actions

 

Dr. Yue (Nina) Chen

Executive Deputy Superintendent, Climate Division (1:50 – 2:10 p.m.)

  1. Update on NY DFS Climate Division Initiatives
  1. Formation of Climate Division
  2. Update on Guidance for New York Domestic Insurers on Managing the Financial Risks from Climate Change
  3. 2022 NAIC Climate Risk Disclosure Survey & Related Request for Information
  4. NAIC/International Update

 

Kaitlin Asrow

Executive Deputy Superintendent, Research and Innovation Division (2:10 – 2:30 p.m.)

  1. Overview of DFS Research and Innovation Division
  2. Launch of DFS Exchange
  3. Circular Letter 1 of 2019 – Use of External Data in the Life Underwriting Process

             BREAK – 2:45 – 3:00 p.m.

 

  1. Health Insurance Panel

3:00 – 3:45 p.m. – Presentation

3:45 – 4:00 p.m. – Q & A

Timothy Atkins, LICONY Managing Director & Counsel, Moderator

 

NYS DFS HEALTH BUREAU PANELISTS:

 

Tobias Len                             Christina Fernet               Harry McNeil       

Assistant Chief                      Associate Attorney               Director of Rate Review and Data Analysis

  

  1. Health Bureau Introduction
  2. Policy Form Filing Review and Tools to Assist with Filings
    1. Insurance Law §3201
    2. Insurance Law §3217
  3. Accident Regulation Update
    1. Insurance Regulation 62 (11 NYCRR 52)
  4. Paid Family Leave
  1. Paid Family Leave on DFS website

 

  1. Data Quality: Issues and Why They Matter
  2. Data Quality Enforcement: Fines & Risk Pool Claim Exclusion

            

4:00 p.m. – WEBINAR ENDS

When
July 21st, 2022 from 12:00 PM to  4:00 PM
Location
Virtual
Event Fee(s)
Members $100.00
Members (W/CLE) $150.00