New York State Department of Financial Services News

New Members Appointed to New York State Insurance Advisory Board

The New York State Department of Financial Services (DFS) has appointed members to serve a three-year term on the New York State Insurance Advisory Board. Members of the board include representatives of the insurance industry and consumer advocates, as required …

Two Businesses, Owners Charged with Fraud Against New York State Insurance Fund

Two businesses and their owners have been charged with fraud against the New York State Insurance Fund (NYSIF). Manuel Sanchez and his business Lagos Construction have been charged with grand larceny and other crimes for allegedly failing to pay insurance …

New York Calls on Insurers to Address Climate-Related Financial Risks

New York State Department of Financial Services (DFS) Superintendent Linda Lacewell today implemented several new initiatives to address climate-related financial risks, calling on insurers to begin integrating these practices into their risk management and business strategies. This move comes amidst …

N.Y. Regulator Fines Assurant Subsidiary $2.8M for Violating State Insurance Laws

The New York State Department of Financial Services (DFS) has fined The Signal, LP, an Assurant Company, $2.8 million for failing to comply with New York insurance laws. A DFS press release alleged that The Signal provided inadequate consumer disclosures …

New York Regulator Issues Insurance Fraud Action Against Two Opioid Manufacturers

The New York State Department of Financial Services (DFS) has filed charges and initiated administrative proceedings against Teva Pharmaceutical Industries Ltd. and its subsidiaries, as well as Allergan PLC and its subsidiary Allergan Finance LLC, in connection with the opioid …

N.Y. Emergency Reg Requires Insurers to Expedite Claims Related to Civil Unrest

The New York State Department of Financial Services (DFS) has issued an emergency regulation requiring New York-regulated insurers to accelerate the claims process for businesses and individuals suffering damage as a result of looting. Governor Andrew M. Cuomo’s announced the …

‘Cancel for Any Reason’ Travel Policies Offered in New York as Coronavirus Spreads

Six global and national insurance companies have agreed to offer ‘cancel for any reason’ travel policies in New York state after Governor Andrew Cuomo on Friday confirmed 11 additional cases of COVID-19, bringing the statewide total number of cases to …

NRA Seeks to Block New York’s ‘Political’ Enforcement Over Liability Insurance Programs

The National Rifle Association of America (NRA) is seeking a preliminary injunction in federal court in an attempt to stop the New York State Department of Financial Services (DFS) from conducting enforcement proceedings against the association. This comes after DFS …

New York Regulator Alleges NRA Violated State Insurance Laws

The New York Department of Financial Services (DFS) announced that it has served a statement of charges against the National Rifle Association (NRA). The Department alleges that the NRA, which does not have a license to conduct insurance business in …

New York Man Arrested for More Than $33K Workers’ Compensation Fraud

Investigators from the Orange County Sheriff’s Office have charged a 56- year-old New York man with grand larceny in the third degree, a class D felony, and penalties for fraudulent practices, a class E felony. Robert Marra of Crawford, N.Y., …