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1. StatesÃ¢ÂÂ Departments of Insurance carry out Ã¢ÂÂinitialÃ¢ÂÂ examinations on domiciled insurance companies in the regular Financial Conditions Examination, per each stateÃ¢ÂÂs frequency. Many states also carry out AML exams as part of the Market Conduct examinations annually. The depth of the exam depends on the state.
2. For insurers doing business in New York, the NY Department of Financial Services requires annual certification of the cybersecurity program, beginning February 2018.
3. The IRS is still charged with AML and OFAC examinations of insurance companies. One of my clients was examined 2 years ago, and I hear that at least 2 other companies have been examined more recently.
4. Also, any insurer with an associated Broker-Dealer will be examined by FINRA / SEC, and an insurer associated with a bank will be examined by the Federal Reserve or OCC. Additionally, any insurer thatÃ¢ÂÂs designated as a Systemically Important Financial Institution (SIFI) will be regularly examined by the Federal Reserve.
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