New York Department of Financial Services News

Lacewell Takes Over as New York DFS Superintendent Following Vullo’s Tenure

When Governor Andrew Cuomo of New York launched his statewide banking and insurance regulator several years ago, he picked an aggressive ex-prosecutor who’d spent years under his wing. Now, in naming his latest chief of the state’s Department of Financial …

Final Implementation Deadline Approaching for New York’s Cybersecurity Regulation

The final implementation period for the New York Department of Financial Services’ (DFS) cybersecurity regulation covering DFS-regulated entities and licensed individuals ends March 1, 2019. New York’s first-in-the-nation cybersecurity regulation became effective March 1, 2017, and DFS implemented a two-year …

Lloyd’s Underwriters Agree to Settle Charges Related to NRA-Branded Insurance

In a December 20 consent order, 10 Lloyd’s of London underwriters have entered into an agreement to pay $5 million to the New York State Department of Financial Services (DFS) for underwriting fire arms liability insurance programs branded by the …

Vullo to Step Down as New York Insurance Regulator; Gov. Cuomo Weighs Successor

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 back against federal attempts …

New York Is Considering Blocking Parts of $68B CVS, Aetna Merger

New York state officials are considering blocking parts of the $68 billion merger of drugstore store chain CVS Health Corp. and Aetna Inc., jeopardizing billions of dollars in insurance premiums for Aetna. CVS and Aetna won approval from the U.S. …

The Hits Keep Coming: More Transitional Cybersecurity Requirements in New York

It has been more than a year and a half since the New York Department of Financial Services cybersecurity regulations (cyber rules) came into effect, and yet another compliance deadline has passed. Broadly, “covered entities,” which means you if you …

Third Compliance Date Approaching for New York Cybersecurity Regulation

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, insurance companies and other financial services institutions regulated by DFS are …

New York Seeks Dismissal of NRA Suit Claiming ‘Blacklisting’

The National Rifle Association is suffering grave financial harm that threatens its ability to pursue its advocacy mission because of a “blacklisting” campaign by Gov. Andrew Cuomo and New York regulators, the gun rights group said in a federal lawsuit. …

New York Board Proposes 11.7% Decrease in Workers’ Comp Rates

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 loss cost filing with the …

Chubb Subsidiary Fined $1.3M for Underwriting NRA-Branded Insurance

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 insurance program in violation of New York insurance law. Through …