Punishing executives for misconduct at banks is essential to deter wrongdoing on Wall Street, New York’s banking regulator said. “Just damning the entire firm is often times counterproductive,” Benjamin Lawsky, superintendent of the New York Department of Financial Services, said …
New York’s financial-services regulator told fellow watchdogs they are failing to address a “gaping regulatory problem” that he said allows life insurers to artificially inflate reserves. There should be tighter rules governing captives, the subsidiaries that some insurers use to …
New York’s financial regulation chief is proposing a “BitLicense” regulatory regime that he says will protect consumers and root out wrongdoing without stifling innovation by virtual-currency businesses in the state. Companies that store or exchange virtual currencies for cash would …
New York Attorney General Eric Schneiderman asked a judge to dismiss American International Group Inc.’s lawsuit against the state’s top financial regulator, saying the insurer is trying to interfere with a probe of unlicensed overseas insurance sales. “The investigation of …
On a June morning in 2012, New York bank examiners paid surprise visits to the offices of Ocwen Financial Corp., the biggest non-bank mortgage servicer. That break with tradition — examiners typically set up appointments in advance of inspections — …
American International Group Inc. sued to block New York’s top financial regulator, Benjamin Lawsky, from fining it over marketing insurance overseas without a state license, claiming it would be unconstitutional. AIG, criticizing what it called a “flawed and unconstitutional” interpretation …
New York State’s financial-services regulator is pressing insurers including American International Group Inc., Lincoln National Corp. and Principal Financial Group Inc. to boost reserves at units in the state, a person familiar with the matter said. The group of insurers, …
New York State’s financial-services regulator said rules adopted by state watchdogs for some life insurance contracts failed to boost reserves to adequate levels in the industry. Of sixteen companies that are major sellers of universal life policies with secondary guarantees, …
A New York regulatory investigation of Lloyd’s of London for possible violations of Iran sanctions law has led to a government request for files of an internal probe by the insurer, a person familiar with the matter said. Lloyd’s, along …
National Association of Insurance Commissioners President Jim Donelon questioned the need for a countrywide halt on approvals of captive insurance deals one day after New York’s regulator said the transactions hide risk. “I don’t see an obvious need for such …
