{"id":"AGY-ST-INSURANCE-BANKING-001","kind":"context","level":"sector-regulator","jurisdiction":"New York; Department of Financial Services (State insurance and banking regulator)","state":"NY","metro":"","industry":"","agency":"ST-INSURANCE-BANKING","eco":"","issuer":"Linda A. Lacewell, Superintendent of Financial Services","authority":"N.Y. Ins. Law § 308; Fin. Serv. Law § 302","instrument":"Insurance Circular Letter No. 5 (2020)","title":"Guidance to DFS Regulated Insurance Entities and Request for Assurance Relating to Operational and Financial Risk Arising from the Outbreak of the Novel Coronavirus (COVID-19)","dateIssued":"2020-03-10","effective":"2020-03-10 (responses due within 30 days)","end":"Not rescinded; the required plans governed operations through the emergency","startDate":"2020-03-10","endDate":"2021-09-30","quarters":["2020Q2","2020Q3","2020Q4","2021Q1","2021Q2","2021Q3"],"types":["EMP","OTHER"],"addressees":["chief executive officers of all DFS-regulated insurance entities"],"clause":"DFS requires that each regulated entity submit a response to DFS describing its plans of preparedness to manage the risk of disruption to its operations and the financial risk arising from COVID-19. Responses are to be provided to DFS as soon as possible and in no event later than thirty (30) days from the date of this letter.","enforcement":"N.Y. Ins. Law § 308 (special reports; failure to respond is a violation subject to § 109 penalties) and the Superintendent\u0027s examination authority (§§ 309-310)","functions":["IN insurance operations (mandatory preparedness plans covering remote work, facility closures, staffing)","OP office and telework","WF workforce (absenteeism, quarantine planning)","HR"],"notes":"The plan had to address preventive measures, staged strategy, staff impact, remote-work capacity and communications; a companion Industry Letter of the same date imposed the same requirement on banking institutions (Ex. 007).","sourceUrl":"https://www.dfs.ny.gov/industry_guidance/circular_letters/cl2020_05","snapshot":"https://web.archive.org/web/20200327060918/https://www.dfs.ny.gov/industry_guidance/circular_letters/cl2020_05","fileExists":true,"fileBytes":70722,"grade":"primary","character":"context","description":"","collection":"AGY-ST-INSURANCE-BANKING","url":"/library/AGY-ST-INSURANCE-BANKING-001","exhibitUrl":"/exhibit/AGY-ST-INSURANCE-BANKING-001","citation":"Linda A. Lacewell, Superintendent of Financial Services, Insurance Circular Letter No. 5 (2020) (Mar. 10, 2020) (Ex. AGY-ST-INSURANCE-BANKING-001)","stateName":"New York","related":[]}