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

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