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Lauren's Legal Corner
As specialist insurers, we consider it critical to be up-to-date on the latest news, events, and trends in the FI industry. We are constantly evaluating the impact that legal trends, operational and regulatory challenges, market outlooks, and other current events have on FI risks and the insurance markets.
Our Legal and Technical Leader, Lauren Kim, analyzes these critical pieces of information for our clients to ensure they understand how industry issues impact them, their risks, and the insurance markets. We believe that by helping mitigate our clients’ risks, we help mitigate their potential future claims.
Latest Insights
Returning to the Office: New Policies and Considerations
As states begin to lift their capacity restrictions and vaccines become more widely available, employees are starting to return to their offices. Companies and employees alike are now considering how to do so in this new post-COVID-19 work environment.
Business Interruption Coverage Litigation One Year Later
A year after the initial COVID-19 business shutdowns, over 1,500 coverage cases have been filed in courts around the country regarding insurance coverage for business interruption-related losses.
D&O Priorities: An Examination of the Increasing Importance of ESG Factors
On March 3, 2021, the SEC Division of Examinations released their 2021 Examination Priorities, prioritizing ESG factors. As stated by the SEC Acting Chair Allison Lee, “the Division (formerly known as OCIE) is enhancing its focus on climate and ESG-related risks” and that by doing so “we are integrating climate and ESG considerations into the agency’s broader regulatory framework.
2021 and Beyond: Preparing for New Regulatory and Enforcement Priorities Under the Biden Administration
Based on President Biden’s announced priorities and nominations these changes are likely to include increased regulations for financial institutions. From large public companies and Wall Street firms to community banks and credit unions, financial institutions are likely to be a major target for increased regulation and enforcement actions.
SolarWinds Summary
In what is being called one of the most prolific cyber espionage attacks in history, cybersecurity experts are still struggling to understand the scope of the damage, but it is believed that approximately 18,000 private and government users downloaded a tainted software update, which many believe to be of Russian origin, allowing hackers to gain a foothold into users’ systems.
Privacy and Cyber Concerns for Financial Institutions: 2020 Year in Review
2020 has been a year like none other. COVID-19 has dramatically altered and impacted our daily lives. From a business perspective, this impact has been felt as employers shifted to remote working arrangements.
State of Play: An Update on Business Interruption Legal Developments
It is anticipated that less than 1% of the estimated $4.5 trillion GDP loss stemming from COVID-19 related losses in 2020 will be covered by business interruption insurance.
Back to Work: New Liability Exposures and Related Insurance Considerations as Employees Return to the Office
JP Morgan recently announced it was requiring its traders, bankers, brokers, and research analysts to return to their offices starting September 21, 2020, after six months of working from home.
Supreme Court Extends Federal Protections to Gay and Transgender Employees
The Supreme Court of the United States recently issued a landmark decision finding that an employer who fires an employee because the employee is homosexual or transgender violates Title VII of the 1964 Civil Rights Act.
Contact Us
Want to know more about the Financial Institutions Group? Contact us today to find out more.
Additional Contacts
Lauren Kim
Senior Vice President
lauren.kim@nfp.com