In the last few months, we have seen a number of developments, mostly in the courts, that may influence corporate insurance issues in 2012 and beyond. Our initial column of the year is devoted to a discussion of those developments. We start, however, not in the courts, but in government, with the creation of the New York State Department of Financial Services (DFS).
Newest Regulatory Agency
Governor Andrew M. Cuomo originally announced the plan to create the DFS in his 2011 State of the State address. On Oct. 3, 2011, New York’s newest regulatory agency opened its doors. The DFS combines the functions and regulatory authority of the former New York State Insurance Department and the former New York State Banking Department into one agency. The merger of the Insurance and Banking departments is intended to modernize regulation of the financial services industry by establishing a single agency to regulate the entire range of financial services, to fill some perceived regulatory gaps and to create a more effective and efficient agency.1
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]