New York Department of Financial Services News

N.Y. Regulators Identify 10 Banks With Worst Sandy Aid Statistics

New York Gov. Andrew Cuomo and the state’s Department of Financial Services announced the “bottom 10” banks with the worst statistics for paying out insurance claims to Superstorm Sandy victims. Officials said they have notified these banks to speed up …

N.J. Commissioner Commends Banks for Accelerating Payments of Insurance Proceeds

New Jersey’s top insurance regulator this week commended the actions of New Jersey community banks, national banks and servicers — including Wells Fargo Bank, JPMorgan Chase, Bank of America, and CitiMortgage. The regulator said these financial institutions continue to pursue …

Banks Trying to Expedite New York Storm Insurance Checks

The New York Department of Financial Services says five of the state’s largest banks and mortgage services will have representatives available this week to help homeowners cash insurance settlement checks from Superstorm Sandy. Lender representatives will be at Disaster Assistance …

N.Y. Banks, Lenders to Expedite Insurance Payments to Homeowners

New York Gov. Andrew Cuomo announced Wednesday that major banks and mortgage servicers will take action to expedite insurance payments to New York homeowners in the wake of Superstorm Sandy. Currently, insurance claim checks must be endorsed by the banks …

Controversy Over Hurricane Deductibles May Just Be Beginning

When the National Hurricane Center declared Sandy a “post-tropical storm” just before it made landfall, a lot of homeowners across New Jersey, New York, Connecticut and Maryland may have saved a lot of money. The governors of these states have …

New York Hearings on ‘Forced’ Insurance in Foreclosure

Premiums for so-called force-placed insurance have more than tripled since 2004, producing enormous profits for insurers and the banks that take out policies when a homeowner fails to maintain coverage required by the mortgage, according to New York regulators. In …

N.Y. Regulators to Hold Hearings on Force-Placed Insurance in May

New York’s financial regulators will hold hearings on the so-called force-placed insurance next month. These hearings will be open to the public and will also be webcast over the Internet. Benjamin Lawsky, superintendent of the New York Department of Financial …

N.Y. Gov. Cuomo Says Life Insurers Paid Over $262M After Probe

New York Gov. Andrew Cuomo said this week that a regulatory investigation into how insurers tracked life insurance policyholders resulted in 32,715 payments to consumers nationwide. The overall amount paid by insurers is $262.2 million, including 7,525 payments totaling $95.9 …

N.Y. Financial Services Deputy Superintendent Wrynn to Join Law Firm

New York State Financial Services Department’s deputy superintendent James Wrynn will leave his post to join a law firm early next month. Wrynn will become a senior partner at Goldberg Segalla L.L.P. for its global insurance services practice group, beginning …

New York Presses Citi Unit on Force-Placed Insurance Probe

New York regulators urged Citigroup Inc.’s mortgage unit on Wednesday to stop resisting and comply with a subpoena related to an investigation of the force-placed insurance industry. In January, the New York Department of Financial Services issued subpoenas to roughly …