The new New York State Department of Financial Services (DFS) becomes effective on October 3. There will be a press kickoff event to announce the merger.
The new Superintendent of DFS, Benjamin Lawsky, was confirmed in May. James Wrynn, current Superintendent of the Insurance Department, will become the DFS deputy overseeing insurance.
Governor Cuomo merged the banking and insurance departments to save money. There is concern there could be layoffs that would increase the insurance regulators workload. This could result in a longer turn-around time to issue licenses. There is also concern that banking regulators are not as knowledgeable as insurance regulators about insurance products.
It is estimated it will take at least six months for the merger to streamline the DFS and eliminate duplicate services.
The insurance licensing information provided on this blog is not legal advice and the reader is advised to consult an attorney regarding application of this information in any particular situation.
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