New York Department of Financial Services News

Catalina Completes Alea Group Holdings (Bermuda) Acquisition

Catalina Holdings (Bermuda) Ltd. Has announced that following receipt of regulatory approvals from the Bermuda Monetary Authority and the New York Department of Financial Services it has today completed its acquisition of Alea Group Holdings (Bermuda) Ltd. from FIN Acquisition …

AXA Equitable to Pay New York DFS $20M Fine Over Annuity Changes

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 investigation uncovered that AXA made changes to …

N.Y. Regulator Talks About Insurance Markets, 2014 Agenda

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 bag” from a granular level. And it’s shaping …

New York Officials Settle With Markel for College Insurance Refunds

New York officials say they’ve reached a settlement with Markel Insurance Co. that will result in $2.75 million in restitution to college students who were overcharged for insurance. The New York Attorney General’s office and the New York Department of …

N.Y. Announces Protocol for Insurers to Follow During Future Severe Storms

New York Governor Andrew Cuomo announced today that his administration has established a new emergency disaster protocol that insurers should expect to follow in the event of future severe storms and other natural disasters. The emergency disaster protocol includes a …

New York’s Lawsky Sees Obamacare as Model to Simplify Home Insurance

Homeowners’ insurance needs to be more standardized because customers are confused about what their policies protect, New York’s financial regulator said. Few fully understand all the complexities of their coverage, Benjamin Lawsky, superintendent of the state’s Department of Financial Services, …

AIG, Lincoln Among Insurers Said Pushed by N.Y. on Universal Life Product Reserves

New York State’s financial-services regulator is pressing insurers including American International Group Inc., Lincoln National Corp. and Principal Financial Group Inc. to boost reserves at units in the state, a person familiar with the matter said. The group of insurers, …

New York to Opt Out of New Rules for Universal Life Insurance Policies

New York State’s financial-services regulator said rules adopted by state watchdogs for some life insurance contracts failed to boost reserves to adequate levels in the industry. Of sixteen companies that are major sellers of universal life policies with secondary guarantees, …

N.Y. Approves NYCIRB’s Revised Workers’ Comp Loss Cost Filing

The New York Department of Financial Services on Monday approved a revised loss cost filing from the New York Compensation Insurance Rating Board (NYCIRB) with an effective date of Oct. 1, 2013. As a result, policyholders in New York State …

N.Y.’s Call for Moratorium on Life Insurance Captives Questioned by NAIC

National Association of Insurance Commissioners President Jim Donelon questioned the need for a countrywide halt on approvals of captive insurance deals one day after New York’s regulator said the transactions hide risk. “I don’t see an obvious need for such …