Recent developments about the New York State Department of Financial Services
(Not affiliated with NYDFS; just a blog.)
According to the DFS allegations in the Four Consent Orders (found here): • Following a market conduct investigation in 2018, DFS has continued to penalize insurance companies for failing to timely report certain insured vehicle information to the NY DMV • DFS fined Allstate Insurance group $796,000; Farmers Insurance Group $764,000; Tokio Marine Insurance Group $720,000; and … Read more
According to the strategy released by New York governor Kathy Hochul: “Financial Sector[:] In 2017, the New York State Department of Financial Services (DFS) became the first banking or insurance regulator in the nation to establish a cybersecurity division to protect consumers and industries from cyber threats. DFS also created first-in-the-nation requirements for DFS-regulated banks, … Read more
Harriet Pearson has been appointed Executive Deputy Superintendent for Cybersecurity by Superintendent Adrienne A. Harris, following the departure of Justin Herring. Announcement here.