Congressman John Garamendi (D-CA) has introduced the “Primary Regulators of Insurance Act” with Congressman Barry Loudermilk (R-GA). Congressman Garamendi served as California’s first-ever elected State Insurance Commissioner from 1991 to 1995, and again from 2003 to 2007. Congressman Loudermilk is a senior member of the House Committee on Financial Services. The “Primary Regulators of Insurance […]
ALBANY, N.Y.—New York’s two most influential insurance agent and broker associations announced today they have filed a lawsuit against the New York State Department of Financial Services (DFS) over amendments to NY Insurance Regulation 187, which would alter the agent/broker-customer relationship in the sale of life insurance and annuities, and ultimately harm consumers. The Professional […]
By Sam Abadir, Lockpath For security and compliance professionals, the announcement of new regulatory standards can be a stark reminder that the to-do list is long and the day is short. But organizations that employ careful preparation and concerted, coordinated efforts through mature governance, risk management, and compliance (GRC) processes face new rules and standards […]
The New York State Senate yesterday confirmed Governor Andrew M. Cuomo’s nomination of Maria T. Vullo as Superintendent of the New York State Department of Financial Services (DFS). As Superintendent, Ms. Vullo is responsible for regulating more than 1,500 insurance companies and nearly 1,600 banking and other financial institutions. Ms. Vullo has served as Acting […]
Mr. Scott Fischer and Ms. Laura Evangelista join DFS Executive Staff Scott Fischer has been appointed Executive Deputy Superintendent for Insurance at the New York State Department of Financial Services (DFS), reporting directly to the Superintendent. Mr. Fischer will lead the Insurance Division of DFS, which supervises 1,700 insurers with assets exceeding $4.2 trillion. Laura […]
Governor Andrew M. Cuomo today nominated Maria T. Vullo to serve as the Superintendent of the New York State Department of Financial Services. Vullo is an experienced senior litigator and manager, with more than 25 years of practice in business litigation and investigations. She is of counsel at Paul, Weiss, Rifkind, Wharton & Garrison LLP, […]
BIG “I” RESPONDS TO FIO REPORT WASHINGTON, D.C.—The Independent Insurance Agents & Brokers of America (the Big “I”) commended the U.S. Department of Treasury’s Federal Insurance Office (FIO) for the release of the long-awaited report on “How To Modernize And Improve The System Of Insurance Regulation In The United States.” “The Big ’I’ has been […]
By Mike Nelson and Susan Stead, Nelson Levin FIO Long Awaited Report Calls for “Hybrid” Regulatory System Devoted to exploring the progress of the modernization of the insurance industry, FIO Focus provides information and insights about the organizations and issues that are driving change and influencing the future of the industry. The Federal Insurance Office […]
NAD Finds Advertiser Can Support Certain Claims, Following Progressive Challenge NEW YORK, NY– The National Advertising Division of the BBB has just recommended that Allstate discontinue certain advertising claims made in its “Mayhem” advertising campaign, and modify additional claims. NAD determined, however, that the company could support one challenged claim, as well as the tagline: […]
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