When Ocwen Financial Corp. shares soared on the news that regulator Benjamin Lawsky, who’s probing the company, will step down, Bill Miller shrugged. The next head of New York’s Department of Financial Services will probably be as aggressive as Lawsky, …
New York’s top banking regulator Benjamin Lawsky, who used his leverage to stiffen penalties against some of the world’s largest financial institutions, will probably step down next year to take a job in the private sector, said a person familiar …
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 banking regulator asked Ocwen Financial Corp. for information about an insurance agreement that it says may be designed to funnel fees to an affiliate for minimal work. Benjamin Lawsky, the superintendent of the Department of Financial Services, is …
Apollo Global Management LLC’s dual stakes in an insurer and the largest operator of U.S. casinos are drawing scrutiny by New York’s top financial regulator, who doesn’t want policyholders exposed to the gambling firm’s debt, a person briefed on the …
New York’s Department of Financial Services (DFS) issued a bulletin to all New York auto insurers encouraging them to adopt “usage-based insurance” (UBI) programs. Under these voluntary programs, consumers can install “telematics” devices in their cars that – with the …
The New York Department of Financial Services (DFS) has proposed new regulations to oversee private equity and investment firms’ acquisitions of insurance companies, especially acquisitions of annuity companies, in the state. DFS said the proposal to enshrine enhanced policyholder protection …
Catalina Holdings (Bermuda) Ltd. Has announced that following receipt of regulatory approvals from the Bermuda Monetary Authority and the New York Department of Financial Services it has today completed its acquisition of Alea Group Holdings (Bermuda) Ltd. from FIN Acquisition …
New York officials announced AXA Equitable will pay a $20 million fine to the state’s Department of Financial Services (DFS) for violating insurance law related to certain variable annuity products. DFS said its investigation uncovered that AXA made changes to …
