Lawsky to speak at LIA event
Benjamin Lawsky has only been in his new job as head of the state’s new Department of Financial Services for a week and a half, but that didn’t stop the Long Island Association from snatching him up as...
View ArticleNY, FEMA fight over flood insurance claims
After floods from Tropical Storm Irene in August and Tropical Storm Lee caused damage on Long Island and across the state, New York regulators began calling insurers and aggressively following up on...
View ArticleNY hearings on ‘forced’ insurance in foreclosure
New York’s Department of Financial Services has set public hearings next month to review whether rates for so-called “force-placed” insurance are excessive and to examine the relationships between...
View ArticleNY fines 15 insurers over mental health notices
New York regulators have fined 15 insurers $2.7 million for failing to notify small businesses they were eligible to buy special coverage for mental illnesses and children with serious emotional...
View ArticleNew York drops workers’ comp rate 1.2 percent
After staring down potential double-digit increases to their workers’ compensation insurance premiums, New York state businesses have much to cheer about today as policy rates will actually decrease....
View ArticleLI insurance broker charged in $648K theft
Joseph Koch was arrested Thursday morning and charged with multiple felonies for allegedly stealing a property management company’s premiums from 2009 to 2011.
View ArticleState orders insurers to waive hurricane deductibles
Gov. Andrew Cuomo said the state has told insurers that New York homeowners will not have to pay potentially large hurricane deductibles on insurance claims stemming from damage caused by Hurricane...
View ArticleCuomo changes insurance rules post-Sandy
Gov. Andrew Cuomo announced Monday he had directed the state’s Financial Services Department to instruct insurers to accept property owners’ documentation of losses, including photos and videos.
View ArticleCommunity banks grow small biz, farm lending
Community banks in New York grew their market share for small business loans in New York from 43 percent to 56 percent.
View ArticleNY probing 3 insurers for post-Sandy complaints
The insurers are being investigated for failure to send adjusters notifications in a timely manner, failure to process claims quickly and not being reachable by homeowners.
View ArticleNY inquires into cyberattacks against insurers
The NY State Department of Financial Services sent requests for information to 31 insurers, asking them to outline their policies to protect against cyberattacks.
View ArticleState forces home lender to refund fees
Prospect Mortgage has agreed to pay a $3-million penalty and deliver restitution to homeowners after the state found that the company engaged in deceptive practices.
View ArticleMetLife to pay $60M in NY state licensing probe
MetLife Inc. will pay $50 million to the state Department of Financial Services and $10 million to the Manhattan district attorney's office.
View ArticleAetna Life to pay $500,000 to settle consumer case
Aetna Life Insurance Co. will pay $500,000 for using group life insurance policy forms that didn't include required information notifying policyholders of certain rights and benefits.
View ArticleNY proposes new insurance regulations
The regulations would require the buyer to disclose its corporate structure, those in control and other information regarding its operations.
View ArticleInsurer ordered to pay $327K for post-Sandy complaints
Narragansett Bay Insurance Co. has been ordered to pay $327,400 in restitution for failing to respond to insurance claims in a timely manner in the wake of Hurricane Sandy.
View ArticleNY revises licensing for mortgage bankers
New York financial regulators say they are streamlining the licensing process for mortgage banking.
View ArticleLawsky proposes regulations for virtual currency
New York regulators on Thursday proposed establishing rules for firms involved in receiving, transmitting and storing virtual currency, as well as retail conversions.
View ArticleNY investigates mortgage firm’s insurance deals
New York's top financial regulator said Monday he will investigate whether Ocwen Financial Corp. overcharged struggling homeowners on insurance.
View ArticlePriceWaterhouseCoopers to pay $25M in bank case
PriceWaterhouseCoopers will pay $25 million and face a two-year suspension from consulting for new bank clients under an agreement with New York regulators.
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