By: Alexander Perchekly
The New York State agency that regulates the insurance industry, including insurance companies, insurance agents and insurance brokers is the NYS Department of Insurance. It is now known as The NYS Department of Financial Services (“NYSDFS”). The NYSDFS is headed by the Superintendent of Insurance. The superintendent is appointed by the Governor.
The duties of the NYSFS is as follows:
- Issue rules and regulations for the insurance industry.
- License insurance companies, agents and brokers.
- Suggest laws to the appropriate legislative committees and/or the Governor.
- Examine insurance companies financial operations and to take steps to assure prudent risk management and investments.
- Approve insurance policy forms and rates.
- Oversee marketing practices.