Latest Department of Financial Services Headlines
All the headlines from our Department of Financial Services Topic Page, ordered by recency.
New York DFS Announces Settlement with Global Provider of Mobile Insurance
Feb 27 2020 // The New York State Department of Financial Services (DFS) has fined Asurion Insurance Services Inc. and Asurion Protection Services LLC (Asurion) four million dollars for providing inadequate consumer disclosures for...
New York Regulator Alleges NRA Violated State Insurance Laws
Feb 6 2020 // The New York Department of Financial Services (DFS) announced that it has served a statement of charges against the National Rifle Association (NRA). The Department alleges that the NRA, which does not have a license to...
Rehabilitation of Florida Insurer Windhaven Deemed ‘Useless’; Judge Orders Liquidation
Jan 7 2020 // Plans to rehabilitate Florida auto insurer Windhaven Insurance Co. have been deemed “useless” and the company will instead be liquidated. In a Jan. 6 order, Leon County Court Judge Ronald W. Flury said the...
Florida Auto Insurer Windhaven Placed Into Rehabilitation
Dec 17 2019 // The future of another Florida domestic insurer is now in the hands of state regulators. Non-standard private passenger auto insurer Windhaven Insurance Co. (WIC), based in Miami, has been placed into rehabilitation by a...
Florida Specialty CEO Disputes State Regulator’s Claims, Says Insurer Not Insolvent
Oct 24 2019 // The head of recently shuttered Florida Specialty Insurance Co. says that claims by Florida’s insurance regulator that the company is insolvent are untrue. The company’s CEO, Susan Patschak, argues...
State Finds Florida Specialty Insurance Insolvent; 90K Homeowners Lose Coverage
Oct 7 2019 // Florida personal lines insurer Florida Specialty Insurance Co. (FSIC) has been ordered into receivership and will be liquidated after state regulators determined the company is insolvent and unable to establish a viable...
Berkshire Hathaway’s Applied Underwriters Settles Workers’ Comp Dispute with New York
Jul 19 2019 // Berkshire Hathaway subsidiary Applied Underwriters will voluntarily halt the selling of a reinsurance-based, loss-sensitive workers’ compensation product in New York under an agreement with the state regulator who...
New York DFS Superintendent Lacewell Announces New Executive Appointments
Jul 8 2019 // New York Department of Financial Services (DFS) Superintendent Linda A. Lacewell has announced new executive appointments. Steven F. Kluger has been appointed executive deputy superintendent for Capital Markets, James V....
What Passed, What Didn’t: New Florida Laws Taking Effect July 1
Jun 27 2019 // The Florida Legislature looked at and passed many pieces of legislation in the 2019 session that will impact the insurance industry. The following are summaries of what passed — and what didn’t. What Passed HB 7065...
How the Florida ‘Omnibus’ Insurance Bill Will Impact Insurer Duty to Defend, Appraisal
Jun 24 2019 // While most of the news out of the 2019 Florida Legislative Session surrounding insurance has focused on House Bill 7065 and the wide-spread assignment of benefits (AOB) reform it promises, another piece of legislation that...
NRA Accuses New York of Obstructing Its Suit Over Shutdown of Insurance Program
May 13 2019 // The National Rifle Association accused a New York regulator of obstructing efforts by the gun-rights group to obtain communications between the state and Lloyd’s of London, which last year stopped underwriting...
N.Y. Cyber Reg: A Third-Party Service Provider Compliance Framework
Mar 27 2019 // This writing presents a framework that if adopted by insurance agencies and carriers could simplify and minimize the cost of complying with the New York Department of Finance Regulation 23 NYCRR Section 500.11...
New York Man Arrested for Alleged Car Dealership Insurance Fraud Scheme
Mar 22 2019 // A Bronx County, N.Y., man has been arrested and arraigned on a felony complaint for an alleged insurance fraud scheme. Barrington Mayne, who is not an insurance broker, allegedly used his position and contacts at various...
Lacewell Takes Over as New York DFS Superintendent Following Vullo’s Tenure
Feb 5 2019 // When Governor Andrew Cuomo of New York launched his statewide banking and insurance regulator several years ago, he picked an aggressive ex-prosecutor who’d spent years under his wing. Now, in naming his latest chief...
Final Implementation Deadline Approaching for New York’s Cybersecurity Regulation
Feb 1 2019 // The final implementation period for the New York Department of Financial Services’ (DFS) cybersecurity regulation covering DFS-regulated entities and licensed individuals ends March 1, 2019. New York’s...
New York Fines Two Insurers $2.2M, Orders $8M in Rebates to Firefighters
Jan 11 2019 // The New York State Department of Financial Services (DFS) has fined Arch Insurance Company and National Union Fire Insurance Company of Pittsburgh, Penn., a combined total of $2.2 million in fines and ordered the insurers...
Cuomo Nominates Lacewell to Replace Vullo as Superintendent of New York DFS
Jan 8 2019 // New York Governor Andrew Cuomo has nominated his chief of staff and counselor Linda Lacewell as superintendent of the New York State Department of Financial Services (DFS). The appointment was announced by Governor...
Insurance Journal East’s Top Stories for 2018: Tax Cuts & Jobs Act, Auto Insurance, Mass. Gas Explosions
Dec 31 2018 // As Insurance Journal looks back on the most popular stories of 2018, its readers in the East region showed interest in a variety of topics from auto insurance to the September gas explosions in Massachusetts to state...
Plymouth Rock to Acquire MAPFRE Insurance Company of New York
Dec 27 2018 // The New York State Department of Financial Services (DFS) has approved an application by Plymouth Rock Assurance Corporation to acquire MAPFRE Insurance Company of New York, a New York domestic property and casualty...
Lloyd’s Underwriters Agree to Settle Charges Related to NRA-Branded Insurance
Dec 21 2018 // In a December 20 consent order, 10 Lloyd’s of London underwriters have entered into an agreement to pay $5 million to the New York State Department of Financial Services (DFS) for underwriting fire arms liability...
