New York Launches Department of Financial Services

NU Online News Service, Oct. 3, 2:10 p.m. EDT

New York’s new Superintendent of Financial Services Benjamin M. Lawsky announces the launch of the state’s Department of Financial Services, which merges the insurance and banking departments.

The plan to merge the departments was finalized in March when the state passed its budget. At that time, the state said the department would oversee any financial product, service or entity that isn't already clearly regulated by another New York agency.

Today, Lawsky says the new department says it will consist of five divisions:

The Insurance Division will carry on the core functions of regulating all insurance activities in New York, including life, property and health insurance.

The Banking Division will continue regulating state chartered banks, along with other financial services providers such as mortgage servicers and originators, check cashers, money transmitters and budget planners.

The Financial Frauds and Consumer Protection Division will protect and educate consumers of financial products and services and fight financial fraud.

The Real Estate Finance Division will focus on all aspects of the mortgage industry “to ensure that the lessons from the recent financial crisis are learned and new reforms are instituted.”

The Capital Markets Division will actively monitor the latest developments and products and help the Department better police systemic risk.

Lawsky, who was confirmed as the department’s first superintendent in May, says, “The Department of Financial Services has three main goals: keeping New York on the cutting edge as the financial capital of the world, protecting consumers better than ever before, and serving as a model of efficient government.”

In May, along with the confirmation of Lawsky, it was announced that James J. Wrynn, who was the superintendent of insurance prior to the merger, was named deputy superintendent of the new department.

Comments

Resource Center

View All »

Contractors General Liability Coverage 102

What is a prior work exclusion? Which option is right for my client? Why do...

Sign up today to get a 50% matching credit -...

Insurance marketing sometimes seems like it's a game of swings and misses, but we're here...

Guide: 5 Steps to Selling Cyber

Cyber risk and data security is on the agenda of every business owner and executive....

Citation Correlation

Do rigger and signalperson qualifications correlate with the cause of crane and rigging accidents? ...

Complete Guide to Electronic Signatures in Property & Casualty Insurance...

In property and casualty insurance, closing new business quickly is key. Learn how to leverage...

INSTANT ACCESS: Complimentary Sales Closer Questionnaires

Help property owners or managers compare your commercial residential property insurance coverage vs. the competition....

Determining Vacant Property Perils and Valuations

Are your clients fully covered for Vacant Properties? In this economic climate, your insureds may...

Risk Management for Law Firms

This package of 3 concise risk management articles offers straightforward content and practical suggestions law...

Guide: Top 15 E&O Risks-And How To Avoid Them

Accidents happen. But when it's an errors and omissions oversight, that accident can open your...

We'll Show You How to Reach Your Sales Goals

Whether you work alone or have a team of agents working for you, we can...

PropertyCasualty360 Daily eNews

Get P&C insurance news to stay ahead of the competition in one concise format - FREE. Sign Up Now!

Advertisement. Closing in 15 seconds.