NY | The Excess Line Association of New York (“ELANY”) has issued Bulletin No. 2024-03.
On November 1, 2023, the New York Department of Financial Services adopted significant revisions to its cybersecurity regulation. Brokers should note that effective immediately are revisions to who may qualify for a limited or full exemption from the regulation’s requirements. A limited exemption only exempts licensees from specified regulatory requirements.
Licensees now qualify for a limited exemption under Section 500.19(a) of the regulation if they have less than:
- 20 employees and independent contractors, including affiliates; or
- $7.5 million in gross annual revenue in each of the prior three years from all business operations and the New York business operations of affiliates; or
- $15 million in year-end total assets calculated in accordance with generally accepted accounting principles (GAAP), including all affiliates.
