Like each of us, insurance regulators throughout the United States are dealing with the COVID-19 pandemic. Like the broader insurance industry, insurtech companies are striving to ensure continued operations, and insurance regulators are providing guidance to ensure adherence to insurance agreements.
We are all in this together: In these rapidly changing times, more than ever, the Board needs to play its role with active engagement, thoughtfulness and resolve. Management is juggling the day-to-day business impact and should use the collective support and wisdom of the Board. Certainly, the Board should continue to be mindful of its fiduciary duties and act with its fiduciary duty of care and loyalty.
COVID-19 continues to have an unprecedented effect on business operations throughout the world. While the availability of insurance coverage for pandemic-related losses is still far from certain, it is imperative that business leaders review their insurance policies and give notice of any potential claims as soon as possible. Below are answers to questions every business should be asking now.
In order to prevent the further spread of COVID-19, and adhere with the CDC’s social distancing guidance, film and television production has been largely suspended across the globe. Akin Gump’s entertainment team provides practical advice on working through this delay and discusses how to prepare to resume production once the hiatus is over.
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On March 11, the World Health Organization (WHO) declared COVID-19 a global pandemic. The same day, the National Basketball Association, Major League Baseball, National Hockey League and Major League Soccer all suspended their seasons. For the first time since 1939, the National Collegiate Athletic Association cancelled March Madness. Broadway theatres are dark, concerts called off and Disneyland and Disneyworld closed for the first time since the events of September 11, 2001. These are only some of the cancellations and closures that have been announced since the coronavirus outbreak as public health officials have advised “social distancing.” Many state and local jurisdictions are severely restricting event sizes consistent with guidance from the federal government. Couples are cancelling weddings, businesses are cancelling meetings, organizations are cancelling conferences, events of every kind are being called off.
The New York Department of Financial Services (DFS) issued Circular No. 5 that requires every regulated insurance entity to submit its plans to address the operational risk and identify, monitor and manage the financial risk posed by COVID-19. The report must be made on line by April 9, 2020. The circular can be found here.