New York Department of Financial Services News

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, …

N.Y. Authorities Take Additional Steps to Protect Health Republic Customers

New York state authorities say they are taking additional steps meant to protect people covered by Health Republic Insurance as it shuts down. The New York State Department of Financial Services and Department of Health say about 100,000 individual members …

Officials Say Shutdown of Health Republic Insurance of N.Y. Should Accelerate

New York State and federal authorities say the shutdown of Health Republic Insurance of New York should accelerate after they found it is in worse financial shape than they knew when it was ordered to stop writing new policies a …

Albanese to Exit as New York’s Financial Regulator Before End of Year

The acting head of New York’s Department of Financial Services will step down before the end of the year, giving New York Governor Andrew Cuomo a run at reshaping a regulator that has levied billions of dollars of penalties against …

New York Grants Charter to Winklevoss-Backed Bitcoin Exchange

Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, has been granted a license to operate as a chartered limited liability trust company by the New York State Department of Financial Services, the state regulator announced on Monday. Under …