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The New York State Insurance Department was the first insurance department or agency in the United States to establish a capital markets group to examine and measure the risks in insurer investment practices, and was the first state to recognize the importance of segregating multiple lines insurance from financial guaranty insurance as a means ...
The New York Codes, Rules and Regulations (NYCRR) contains New York state rules and regulations. [1] The NYCRR is officially compiled by the New York State Department of State's Division of Administrative Rules. [2]
Insurance regulatory law is the body of statutory law, administrative regulations and jurisprudence that governs and regulates the insurance industry and those engaged in the business of insurance. Insurance regulatory law is primarily enforced through regulations, rules and directives by state insurance departments as authorized and directed ...
The New York State Legislature unanimously confirmed Benjamin M. Lawsky on May 24, 2011, as New York State's first Superintendent of Financial Services. [9] From May 24, 2011, until October 3, 2011, Lawsky also was appointed, and served as, Acting Superintendent of Banks for the former New York State Banking Department. [9]
The office of the insurance commissioner may be part of a larger regulatory agency, or an autonomous department. Insurance law and regulation is established individually by each state. In order to better coordinate insurance regulation among the states and territories, insurance commissioners are members of the National Association of Insurance ...
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But, it retains state regulatory jurisdiction regarding: (1) consumer protection and market conduct, and (2) state disciplinary authority. [5] The bill would require the NARAB to: (1) receive and investigate consumer complaints, maintaining a toll-free telephone number; and (2) refer any such complaint to the state insurance regulator. [5]
The first state commissioner of insurance was appointed in New Hampshire in 1851 and the state-based insurance regulatory system grew as quickly as the insurance industry itself. [10] Prior to this period, insurance was primarily regulated by corporate charter, state statutory law and de facto regulation by the courts in judicial decisions. [11 ...