New York Department of Financial Services News

New York DFS Superintendent Directs Insurers to Submit Disaster Plans

All insurance companies licensed to conduct business in New York State must submit updated disaster response and recovery plans and responses to online questionnaires to the Department of Financial Services (DFS) by June 16, 2017, Financial Services Superintendent Maria T. …

New York’s Cybersecurity Rules: What Insurance Professionals Should Know

The New York Department of Financial Services (DFS) has issued cybersecurity requirements for financial services companies (cyber rules) that went into effect March 1. The cyber rules, codified at 23 NYCRR §500, require insurance and insurance-related companies as well as …

New York Cyber Regs Take Effect, Mid-Sized Firms Could See Biggest Impact

As the insurance industry has closely followed developments regarding The New York State Department of Financial Services’ (DFS) cybersecurity regulation, concerns remain in terms of how the final regulation, set to go into effect March 1, may impact mid-sized companies …

New York Regulates Crime Insurance Underwriting of Firms Hiring Ex-Convicts

New York Governor Andrew Cuomo on Wednesday issued a regulation making it easier for businesses to hire former convicts by prohibiting insurance companies from refusing coverage for crime-related losses caused by employees. The commercial crime insurance regulation, the first of …

New York Regulators Announce Emergency Measure to Protect Some Health Insurers

New York’s Department of Financial Services has issued an emergency regulation intended to help the state’s health insurers deal with a federal requirement that puts some under sharp financial stress. The federally mandated program for adjusting financial risk under the …

Anbang Withdraws Application for New York Review of FGL Deal

Anbang Insurance Group Co. withdrew its application to the New York Department of Financial Services to acquire Fidelity & Guaranty Life and plans to refile “in the near future,” according to a regulatory filing. The Chinese insurer, which agreed in …

N.Y. Gov. Announces 3 Appointments to Department of Financial Services

New York Gov. Andrew M. Cuomo has announced three appointments to the state Department of Financial Services. These appointments follow Cuomo’s recent nomination of Maria Vullo to serve as the superintendent of DFS. Matthew L. Levine has been appointed executive …

New York Legislators Begin Examining Health Republic’s Collapse

Hospitals and doctors told New York senators Wednesday they’ve got $200 million or more in unpaid bills because of last year’s financial failure of the insurance cooperative Health Republic, and they want the state to step in. Other insurers and …

Sudden Collapse of Health Co-Op in N.Y. Leaves Doctors Owed Millions

The sudden collapse of the largest nonprofit insurance cooperative created by President Barack Obama’s health care law is causing headaches in New York, especially for medical providers owed millions of dollars for treating the failed plan’s patients. More than 200,000 …

N.Y. Congressman Urges Investigation of State’s Handling of Health Republic

U.S. Rep. Chris Gibson (R-N.Y., 19th district) formally requested New York State Comptroller Thomas P. DiNapoli investigate the state Department of Financial Service’s oversight of the failed Health Republic insurance co-op. State and federal regulators decided to close Health Republic, …