Stay updated with the latest InsurTech and Insurance events and conferences. Join our upcoming events to network and learn from industry leaders.
Launched: June 30, 2022
DFS Exchange is the Department’s newly-launched engagement platform to foster the growth of responsible innovation in financial services in New York. Through DFS Exchange, financial innovators and stakeholders are invited to meet directly with DFS subject-matter experts to establish an open and ongoing dialogue and present DFS as a transparent, innovation-friendly regulator.
Date: November 21-22, 2024
Venture135 has become an exclusive event, mainly invite-only, featuring top-tier venture capitalists, angel investors, and corporate innovation teams. The conference will highlight the best Series A and B companies globally, with a special focus on Seed Stage startups led by founders from underrepresented demographics. With a limited number of tickets available, it’s an ideal opportunity for those seeking visibility with founders and a chance to showcase their brand.
Date: November 20, 2024
The IIA Annual Event 2024, a premier gathering of industry leaders, innovators, and experts in the field of InsurTech. This one-day event will offer a dynamic agenda featuring panel discussions, keynote addresses, deep-dive sessions, workshops, demos, and fireside chats.
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Our partners over at Locke Lord have generously agreed to contribute to the InsurTech NY community with some educational pieces about the insurance industry and commonly used terms in it. We will be adding to this InsureTerms list periodically, so check back for more insights from Locke Lord’s team.
GLBA, the Gramm-Leach-Bliley Act, also known as the Financial Services Modernization Act of 1999, is an act of the 106th United States Congress (1999–2001). Title V thereof established the first comprehensive federal statutory law governing data privacy and security of the non-public personal information of personal, family or household products customers of financial institutions, e.g., banks, credit unions, savings and loan associations, securities brokerages and insurance companies and producers. GLBA delegated the implementation of its data privacy and security, enabling statutes to the relevant functional regulators, which in the case of the insurance industry was the National Association of Insurance Commissioners (NAIC). In 2000, the NAIC promulgated its GLBA regulation, the Privacy of Consumer Financial and Health Information Regulation (Model Law 672-1), which is now under review by the NAIC for upgrades given that the consumer data privacy and security landscape has changed drastically since the year 2000.
August 30, 2024 | Contribution by BCasey@lockelord.com
Insurance statutory accounting principles for insurance companies which are codified in the National Association of Insurance Commissioners’ Accounting Practices & Procedures Manual, and sometimes by a “permitted practice” of a state insurance department; the term is oftentimes used as an accounting reference for insurance company financial matters in a stock purchase agreement, managing general agreement and reinsurance agreement. SAP is an enterprise liquidation value oriented method of accounting, which is much different than U.S. Generally Accepted Accounting Principles, which an insurance holding company would normally use for preparing its financial statements.
June 27, 2024 | Contribution by BCasey@lockelord.com
A Managing General Agent, which has both business and legal context meanings. In the business context, an MGA is an insurance producer that, under an agreement with an insurer, has the authority from the insurer to produce insurance business using the insurer’s policy forms and rates, or policy forms and rates developed by the MGA for use in the name of the insurer, and may also handle insurance claims for the insurance policies produced by the MGA. Oftentimes, an MGA will bring a reinsurance company partner to the transaction that will reinsure the “fronting insurer” for which the MGA acts. From a legal perspective, many state insurance departments issue a separate MGA license to a licensed insurance producer where it meets the legal definition of an MGA, which generally is an insurance producer that
April 9, 2024 | Contribution by BCasey@lockelord.com