Latest Department of Financial Services Headlines
All the headlines from our Department of Financial Services Topic Page, ordered by recency.
New York DFS Issues Bulletin Urging Auto Insurers to Adopt Telematics Programs
May 28 2014 // 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,...
N.Y. Calls for More Oversight for Investment Firms’ Acquisitions of Insurers
May 20 2014 // 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...
Group Urges New York DFS to Review Auto Insurers’ Rate-Setting Practices
Apr 7 2014 // A consumer advocacy group said its analysis shows some of New York State’s largest auto insurers are charging higher premiums to motorists who have less education and non-professional, non-managerial jobs. The New...
New York DFS Becoming ‘National Player’ Among Insurance, Banking Regulators
Apr 7 2014 // On a June morning in 2012, New York bank examiners paid surprise visits to the offices of Ocwen Financial Corp., the biggest non-bank mortgage servicer. That break with tradition — examiners typically set up...
AXA Equitable to Pay New York DFS $20M Fine Over Annuity Changes
Mar 18 2014 // 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...
Car-Sharing Service RelayRides to Pay $200K Penalty to New York DFS
Mar 10 2014 // New York State’s Department of Financial Services (DFS) announced its investigation has found that the car-sharing service RelayRides put New Yorkers at risk through false advertising, unlicensed insurance activity,...
New York DFS Superintendent Lawsky Reveals Bitcoin Regulation Plans
Feb 12 2014 // New York’s financial regulator on Tuesday revealed new details on his agency’s plans to govern virtual currency firms in the state in order to protect consumers and combat money laundering. Benjamin Lawsky,...
N.Y. Regulator Talks About Insurance Markets, 2014 Agenda
Feb 10 2014 // 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...
N.Y. Regulator Talks About Insurance Markets, 2014 Agenda
Jan 30 2014 // 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...
New York State Insurance Fund Names New Executive Director
Jan 8 2014 // The New York State Insurance Fund announced Eric Madoff joined NYSIF as executive director on Monday, Jan. 6. Madoff was elected to the executive director role by NYSIF’s Board of Commissioners at its regular monthly...
Miller: Florida Insurers Assume Liability in Agent Appointments, Licensing Verification
Nov 4 2013 // The agent appointment process is not as simple as some think. Insurers that are not careful could find they are in legal trouble. As in so many other areas of insurer operations, due diligence is required in the handling...
N.Y. Proposes Sweeping Rules to Reform ‘Force-Placed’ Insurance Business
Sep 19 2013 // New York State officials today proposed a comprehensive set of rules to reform the “force-placed” — also known as “lender-placed” or “creditor-placed” — insurance industry in...
Lloyd’s Internal Probe Said to Be Focus of New York’s Iran Sanctions Inquiry
Aug 29 2013 // A New York regulatory investigation of Lloyd’s of London for possible violations of Iran sanctions law has led to a government request for files of an internal probe by the insurer, a person familiar with the matter...
N.Y. Says Life Insurers’ Use of ‘Shadow Insurance’ Could Hurt Policyholders
Jun 12 2013 // New York State’s financial regulators issued a report today that found a widespread use of captive, reinsurance entities by New York-based life insurance companies. Calling these arrangements “shadow...
N.Y. Assembly Approves a Flurry of Post-Sandy Insurance Reform Bills
Jun 5 2013 // The New York State Assembly approved on Tuesday a comprehensive post-Sandy insurance reform package comprised of 14 pieces of legislation. All approved measures now move to the state Senate for further consideration. The...
N.Y. Reaches Reform Agreements With 4 Additional ‘Force-Placed’ Insurers
Jun 3 2013 // New York officials announced that the state’s “force-placed” insurance reforms will now cover 100 percent of the New York market after the New York State Department of Financial Services (DFS) reached...
N.Y. Reaches Settlement With QBE Over ‘Force-Placed’ Insurance Business
Apr 18 2013 // New York officials announced this morning that a New York State Department of Financial Services (DFS) investigation produced an additional settlement with a major “force-placed” or “lender-placed”...
N.Y. Regulators to Examine 3 Insurers for Claims Practices Related to Sandy
Feb 22 2013 // New York Gov. Andrew Cuomo announced Thursday that the Department of Financial Services is investigating the claims practices of three insurers following the aftermath of Superstorm Sandy. The three insurers are:...
UK Bank May Have Hidden $250 Billion in Iran Deals; May Lose U.S. License
Aug 7 2012 // New York’s top bank regulator threatened to strip Standard Chartered Plc of its state banking license, saying the British bank was a “rogue institution” that hid $250 billion in transactions tied to Iran,...
Florida Regulators Recover $11 Million for Insurance Policyholders
Jul 30 2010 // The Florida Department of Financial Services says it has helped recover more than $11.1 million for Florida’s insurance consumers in the first half of 2010. “Especially in these tough economic times, it is so...
