Latest Department of Financial Services Headlines
All the headlines from our Department of Financial Services Topic Page, ordered by recency.
Vullo to Step Down as New York Insurance Regulator; Gov. Cuomo Weighs Successor
Dec 20 2018 // Maria Vullo is stepping down as head of New York’s banking and insurance regulator, she said in an interview, after three years in which she created a national model for cybersecurity regulations at banks and fought...
Florida CFO: Insurers Must Step Up Response to Hurricane Michael Claims
Nov 28 2018 // Citing a “troubling” number of Hurricane Michael-related consumer complaints and claims denials, Florida’s top financial regulator is urging insurers to respond more quickly and adequately to consumers...
New York DFS Issues Final Reg Requiring Insurers to Include Formulary Exception
Oct 1 2018 // The New York Department of Financial Services (DFS) is taking new actions to address the opioid crisis in New York State. DFS issued a final regulation requiring insurers to include a formulary exception process for...
South Carolina Insurer Data Security Law Should Be Nationwide Role Model
Sep 5 2018 // In October 2017, the National Association of Insurance Commissioners (NAIC) adopted the Insurance Data Security Model Bill, also known as the NAIC “Model Law.” NAIC’s Model Law seeks to establish a...
New York Approves AXA Acquisition of XL Group
Sep 3 2018 // France’s AXA Group moved a step closer to closing on its acquisition of XL Group as Nw York insurance regulators have given their approval of the deal. New York’s Department of Financial Services (DFS) on...
Third Compliance Date Approaching for New York Cybersecurity Regulation
Aug 20 2018 // The third transitional period for New York’s first-in-the-nation cybersecurity regulation for all Department of Financial Services (DFS) regulated entities ends on Sept. 4, 2018. Beginning on Sept. 4, banks,...
Third Compliance Date Approaching for New York Cybersecurity Regulation
Aug 9 2018 // The third transitional period for New York’s first-in-the-nation cybersecurity regulation for all Department of Financial Services (DFS) regulated entities ends on September 4, 2018. Beginning on September 4, banks,...
New York Board Proposes 11.7% Decrease in Workers’ Comp Rates
May 30 2018 // The New York Compensation Insurance Rating Board (NYCIRB), a non-governmental rate service organization, has proposed an 11.7% decrease in the overall loss cost level in New York State. The change was proposed in its 2018...
N.Y. Updates Insurance Company Disaster Response, Recovery Plan Requirements
May 21 2018 // The New York Department of Financial Services (DFS) has issued updated disaster response and recovery plan requirements for all insurance companies licensed to conduct business in New York state. It issued these updated...
NRA Sues New York, Alleging First Amendment Violations in Insurance Crackdown
May 11 2018 // The National Rifle Association (NRA) has filed a lawsuit against New York’s insurance regulator and Governor Andrew Cuomo, alleging a regulatory overreach by New York officials that has resulted in violations of the...
Chubb Subsidiary Fined $1.3M for Underwriting NRA-Branded Insurance
May 7 2018 // The New York Department of Financial Services (DFS) has fined Chubb Ltd. and its subsidiary, Illinois Union Insurance Company, $1.3 million for underwriting the National Rifle Association (NRA)-branded Carry Guard...
New York Fines Lockton Over NRA Insurance; Continues Probe of Other Players
May 3 2018 // Insurance broker Lockton will pay a $7 million fine for administering National Rifle Association (NRA) member insurance programs in New York that officials say violate several state laws. The settlement with Lockton is the...
N.Y. Updates Insurance Company Disaster Response, Recovery Plan Requirements
Apr 25 2018 // The New York Department of Financial Services (DFS) has issued updated disaster response and recovery plan requirements for all insurance companies licensed to conduct business in New York state. It issued these updated...
Florida Agency Owner Arrested Over $62K Premium Fraud Scheme
Apr 19 2018 // An insurance agency owner in Florida has been arrested after he admitted to stealing more than $60,000 in insurance premiums, according to a statement from the Florida Department of Financial Services (DFS). Michael...
Progressive The Latest to Comply With New York Auto Insurance Rate Regulation
Apr 16 2018 // A fourth major auto insurance company in New York has reached a compliance agreement with the New York Department of Financial Services (DFS) regarding DFS’ final regulation against discriminatory auto insurance...
New York DFS Urges Insurers to Encourage the Use of Commercial GPS
Apr 13 2018 // The New York Department of Financial Services (DFS) has advised its regulated insurers to encourage policyholders that investing in commercial global positioning system (GPS) equipment could reduce motor vehicle collisions...
Progressive is the Latest to Comply with New York Auto Insurance Rate Regulation
Apr 2 2018 // A fourth major auto insurance company in New York has reached a compliance agreement with the New York Department of Financial Services (DFS) regarding DFS’ final regulation against discriminatory auto insurance...
GEICO to Comply with New York Reg Banning Discriminatory Auto Insurance Rates
Mar 14 2018 // A third major automobile insurance company in the New York market has reached agreement with the New York Department of Financial Services (DFS) in compliance with the department’s final regulation prohibiting...
Declarations
Feb 19 2018 // Proximate Cause “If the evidence shows the Thomas Fire or another peril covered by a homeowners insurance policy was the efficient proximate cause of mudflow damage, I expect insurance companies to step up and cover...
New York Working to Deter Fraud, Manipulation in Virtual Currency Markets
Feb 16 2018 // New York Department of Financial Services (DFS) has issued guidance reminding all virtual currency entities licensed by New York State, including those that hold a money transmitter license, that they are required to...
