3-Hour NY Insurance CE Requirement
Table of Contents
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What is Ethics and Why is it Important? |
1 |
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Defining Ethics: A Question of Mortality and Legality |
4 |
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Moral Decisions: Developing an Ethical System |
6 |
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Values/Laws/Rules and Standards/Social Norm |
7 |
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Principles |
8 |
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Standards of Ethical Conduct |
9 |
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Figure 1.1 – Excerpt from State Farm’s Code of Conduct – A Message |
9 |
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Figure 1.2 – Excerpt from State Farms’s Code of Conduct – Doing the Right Thing |
10 |
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Figure 1.3 – Excerpt from State Farm’s Code of Conduct – Making Good Decisions |
11 |
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Check Yourself |
12 |
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What is the takeaway? |
14 |
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Legal Decisions: Maintaining Compliance |
14 |
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The Differences and Similarities Between Morality and Legality |
15 |
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Criminal Law/Civil Law |
15 |
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How is morality and legality similar? |
16 |
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But what is business ethics and should ethics be applied to businesses such as insurance? |
16 |
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Building a Solid Foundation with Business Ethics |
17 |
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Ethical Behavior Gives Confidence to Stakeholders |
17 |
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Ethical Behavior Promotes Responsibility and Accountability |
17 |
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Ethical Behavior Provides Guidance for Sound Decision Making |
17 |
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Establishing a Standard of Compliance for Corporations |
19 |
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United Nations Sustainable Development Goals (SDGs) |
19 |
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UN Global Compact/ESG (Environment, Social, Governance) |
19 |
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DEI (Diversity, Equity, Inclusion) |
19 |
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Establishing a Standard of Compliance in Insurance |
20 |
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Redlining/Racially Restrictive Covenants |
20 |
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So, what happened with redlining? |
21 |
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Check yourself |
21 |
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Putting it into Practice: Solving Ethical Dilemmas |
24 |
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Figure 1.4 – Sample of Progressive’s Code of Business Conduct and Ethics |
25 |
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What do you notice? |
25 |
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What is the takeaway? |
26 |
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Unfair Discrimination: Theory Versus Reality |
27 |
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A Federal Definition with a State Interpretation |
27 |
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Reverse Preemption |
27 |
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What is the significance of both of these factors? |
27 |
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Disparate Impact and Proxy Discrimination in Insurance |
28 |
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How do these terms relate to the ongoing debate of racial discrimination in insurance? |
29 |
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Disparate Impact: A Question of Unintended Effect |
29 |
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Proxy Discrimination: Finding Evidence that Discrimination is Intentional |
30 |
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How could unintentional proxy discrimination occur? |
32 |
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How could intentional proxy discrimination occur? |
32 |
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What is the significance of proxy discrimination to insurance professionals? |
32 |
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Identifying Subtle Forms of Discrimination in Insurance Practice |
32 |
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Critical Analysis of Discrimination in the Insurance Industry |
33 |
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Subtle Forms of Discrimination |
35 |
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Credit Cards |
35 |
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Zip Codes |
37 |
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Big Data |
41 |
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Why would this be a problem for the insurance industry? |
43 |
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New York State Department of Financial Services Sixty-Sixth Amendment to 11 NYCRR 52 (Insurance Regulation 62) |
45 |
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Minimum Standards for Form, Content and Sale of Health Insurance, Including Standards of Full and Fair Disclosure |
45 |
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Section 52.65 (10) is amended as follows: |
45 |
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New York State Department of Financial Services Fifth Amendment to 11 NYCRR 39 (Insurance Regulation 144) |
46 |
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Minimum Standards for the New York State Partnership for Long-Term Care Program |
46 |
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Paragraph 1 of subdivision (b) of section 39.3 is amended as follows: |
46 |
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Paragraph 1 of subdivision (b) of section 39.4 is amended as follows: |
47 |
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Paragraph 1 of subdivision (b) of section 39.5 is amended as follows: |
48 |
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Paragraph 1 of subdivision (b) of section 39.6 is amended as follows: |
48 |
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Paragraph 1 of subdivision (b) of section 39.7 is amended as follows: |
49 |
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New York State Department of Financial Services Second Amendment to 11 NYCRR 450 (Insurance regulation 219) Pharmacy Benefits Bureau |
50 |
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Section 450.1 is amended as follows: |
50 |
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A new Part 453 is added as follows: |
52 |
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Part 453 (Insurance Regulation 223) Pharmacy Benefit Manager Assessments |
52 |
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Section 453.1 Applicability |
52 |
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Section 453.2 Billing and assessment process |
52 |
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Section 453.3 Computation of assessment |
52 |
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Section 453.4 Penalties for noncompliance |
53 |
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Section 453.5 Special assessments |
53 |
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A new Part 454 is added as follows |
54 |
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Part 454 (Insurance Regulation 224) |
54 |
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Filings and Other Requirements for Issuance and Maintenance of a License |
54 |
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Section 454.1 Required filings for issuance of a license |
54 |
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Section 454.2 Certification of cybersecurity compliance |
56 |
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A new Part 455 is added as follows: |
57 |
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Part 455 (Insurance Regulation 225) Reporting and Record Keeping Requirements |
57 |
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Section 455.1 Standards for maintenance and reproduction of records |
57 |
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Section 455.2 Required records to be maintained |
58 |
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Section 455.3 Required disclosure to the department |
58 |
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Section 455.4 Annual reporting requirements |
58 |