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N.Y. Gov. Andrew Cuomo and legislative leaders have agreed on a state budget that includes merging the state’s insurance and banking departments.

The new agency would be called the Dept. of Financial Services—formerly referred to as the Dept. of Financial Regulation in previous proposals—and would not include the Consumer Protection Agency, as had also been discussed in prior plans, according to Kristina Baldwin, assistant vice president for the Property Casualty Insurers Association of America (PCI).

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