In late October, the New York State Department of Financial Services (NYDFS) announced the creation of a new Emergency Disaster Protocol (EDP) for insurers during natural disasters and other severe weather activity. The EDP is largely based off of protocols and measures adopted in the wake of Superstorm Sandy.
In a circular letter to insurers, the NYDFS outlined measures the Superintendent can adopt during a natural disaster. These measures include:
Any response can be tailored to fit the particular circumstances. Insurers are advised to retain and maintain any in-house procedures adopted during Sandy for future reference.
For more information, please contact any member of the firm’s Global Insurance Services Practice Group.