Insurers must show business continuity plan

In addition to filing a disaster response and recovery plan, DFS says that an insurer must have a business continuity plan. According to the circular letters, an insurer's business continuity plan should, at a minimum:

Define the roles and responsibilities of employees designated to perform disaster-related functions;
Identify lines of management authority;
Distribute and maintain copies of business continuity and disaster response plans. Copies of plans should be stored at secure off-site locations that allow access if a company's computer servers are disabled.
Report results of a business impact analysis;
Identify recovery time objectives for business processes and information technology;
Create detailed procedures, resource requirements and logistics for relocation to alternate worksites; and
Set forth detailed procedures, resource requirements and a data restoration plan for the recovery of information technology, such as networks and required connectivity, servers, computers, wireless devices, applications and data.

After a disaster, the DFS Superintendent will activate the department's Insurance Emergency Operations Center (IEOC) — depending on the nature and extent of the disaster and its impact. As Vullo explained in her prepared statement, the IEOC is staffed by insurance industry disaster liaisons and DFS representatives to coordinate disaster responses. When possible, the superintendent will consult with the insurance industry before activating the IEOC, she said.

Special Reports /

N.Y. state to P&C insurance companies: Submit disaster response & recovery plans

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