New York state regulators have proposed new cybersecurity requirements for banks and insurers intended to protect them and consumers. The Department of Financial Services’ proposal, subject to public comment, would require financial institutions to adopt written policies and designate individual ...

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Since taking control of the newly formed Department of Financial Services in October 2011, DFS Superintendent Benjamin Lawsky has encouraged New York banks to convert to a state charter instead of federal Office of the Comptroller of the Currency oversight. ...

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After hearing testimony from insurers, the public and nonprofit groups regarding force-placed insurance policies and practices at a hearing last month, the Department of Financial Services ordered the state’s top force-placed insurers to submit lower premium rates to the DFS ...

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For years, a 36-foot-long Department of Financial Services van has been used to help people file insurance claims after disasters such as the flooding in western New York. Today it’s being used for a different kind of disaster relief in ...

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Insurance companies that issue life insurance policies in New York state must now implement reasonable procedures to identify unclaimed death benefits and find (and pay) their beneficiaries — this according to a new regulation issued by the New York State ...

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Gov. Andrew M. Cuomo on Wednesday announced the Department of Financial Services is investigating unexpected out-of-network medical costs affecting New Yorkers across the state, many of whom cannot afford to pay out-of-pocket expenses. In addition, DFS released a report that ...

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Life insurance companies should give beneficiaries the option of receiving the full amount of a policy upon the death of an insured, or to have the money placed in a retained asset account, or RAA, Benjamin M. Lawsky, Department of ...

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Foreclosures are at their lowest level in years, the New York State Department of Financial Services is creating a Foreclosure Relief Unit to help people facing foreclosure, and Freddie Mac announced a one-year forbearance policy for unemployed homeowners. There is ...

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The New York Senate has confirmed one of Gov. Andrew Cuomo's top aides to head the new state agency responsible for oversight of financial services in New York.

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