Insurance

SUPERINTENDENT HARRIS REPORTS VIA LEGISLATIVE TESTIMONY AND REGULATORY AGENDA

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Superintendent Harris testified before NYS legislature and DFS issued its Regulatory Agenda. Per testimony: Looking Back: • “Since August 2021, DFS has adopted or amended 54 regulations, issued 98 pieces of regulatory guidance, and closed 117 enforcement actions resulting in more than $418 million in penalties.” •“We have addressed more than 157,000 consumer complaints and returned $$645 million to New York State consumers and health care providers, including over … Read more

NYDFS FINALIZES AI GUIDANCE FOR INSURANCE COMPANIES; ARE BANKS NEXT?

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•   According to the agency, “DFS has finalized the guidance with careful consideration of the valuable feedback received from regulated entities and other key stakeholders, including trade associations, advisory firms, universities, and the broader public.” •   Superintendent Adrienne Harris has said recently, in several public settings (including the IIB Conference in March), that guidance for banks is … Read more

NYDFS FINES FOUR MORE INSURANCE COMPANIES IN ONGOING MARKET SWEEP INVESTIGATION

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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