New York Department of Financial Services News

Apollo’s Life Insurance Unit Athene Holding Said to Be Examined for Caesars Link

Apollo Global Management LLC’s dual stakes in an insurer and the largest operator of U.S. casinos are drawing scrutiny by New York’s top financial regulator, who doesn’t want policyholders exposed to the gambling firm’s debt, a person briefed on the …

New York DFS Issues Bulletin Urging Auto Insurers to Adopt Telematics Programs

New York’s Department of Financial Services (DFS) issued a bulletin to all New York auto insurers encouraging them to adopt “usage-based insurance” (UBI) programs. Under these voluntary programs, consumers can install “telematics” devices in their cars that – with the …

N.Y. Calls for More Oversight for Investment Firms’ Acquisitions of Insurers

The New York Department of Financial Services (DFS) has proposed new regulations to oversee private equity and investment firms’ acquisitions of insurance companies, especially acquisitions of annuity companies, in the state. DFS said the proposal to enshrine enhanced policyholder protection …

Catalina Completes Alea Group Holdings (Bermuda) Acquisition

Catalina Holdings (Bermuda) Ltd. Has announced that following receipt of regulatory approvals from the Bermuda Monetary Authority and the New York Department of Financial Services it has today completed its acquisition of Alea Group Holdings (Bermuda) Ltd. from FIN Acquisition …

AXA Equitable to Pay New York DFS $20M Fine Over Annuity Changes

New York officials announced AXA Equitable will pay a $20 million fine to the state’s Department of Financial Services (DFS) for violating insurance law related to certain variable annuity products. DFS said its investigation uncovered that AXA made changes to …

N.Y. Regulator Talks About Insurance Markets, 2014 Agenda

A top official from New York State’s Department of Financial Services (DFS) recently spoke about the state’s property/casualty insurance markets, calling it overall very good but “a bit more of a mixed bag” from a granular level. And it’s shaping …

New York Officials Settle With Markel for College Insurance Refunds

New York officials say they’ve reached a settlement with Markel Insurance Co. that will result in $2.75 million in restitution to college students who were overcharged for insurance. The New York Attorney General’s office and the New York Department of …

N.Y. Announces Protocol for Insurers to Follow During Future Severe Storms

New York Governor Andrew Cuomo announced today that his administration has established a new emergency disaster protocol that insurers should expect to follow in the event of future severe storms and other natural disasters. The emergency disaster protocol includes a …

New York’s Lawsky Sees Obamacare as Model to Simplify Home Insurance

Homeowners’ insurance needs to be more standardized because customers are confused about what their policies protect, New York’s financial regulator said. Few fully understand all the complexities of their coverage, Benjamin Lawsky, superintendent of the state’s Department of Financial Services, …

AIG, Lincoln Among Insurers Said Pushed by N.Y. on Universal Life Product Reserves

New York State’s financial-services regulator is pressing insurers including American International Group Inc., Lincoln National Corp. and Principal Financial Group Inc. to boost reserves at units in the state, a person familiar with the matter said. The group of insurers, …