Tag: Department of Financial Services
Feds ordered to pay defunct Health Republic Insurance $222.8M
had offered low rates on health insurance plans and had enrolled 215,000 people statewide by 2015. But it was losing money, $77.5 million in 2014 and about $500 million in 2015.
New York state seeking $2B from opioid industry
The Department of Financial Services wants the money to make its way into the pockets of businesses and individuals, perhaps in the form of health insurance premium discounts.
New York chops requested rate hikes from state marketplace insurers
The private companies selling individual plans in the New York State of Health marketplace had asked for rate increases averaging 24 percent, but the state instead approved rate increases averaging 8.6 percent.
New York to liquidate Touchstone Health HMO
The company struggled to enroll enough people to achieve profitability.
New York proposes bitcoin regulations
New regulations would attempt to protect consumers and curb money laundering, and require businesses that broker virtual currency transactions to be licensed.
Cyberattacks pose threat to Westchester, Connecticut banks
Banks in New York and Connecticut have been advised by regulatory agencies and law enforcement to beware of threats to their data and computer systems.
BNP Paribas agrees to $8.9 billion in sanctions
The global banking giant agrees to plead guilty to violations of federal laws in the processing of transactions on behalf of countries sanctioned by the U.S.
New York state, Bank of America fight payday lending
Bank of America will use a new state Department of Financial Services database to help combat predatory loans.
MBIA and B of A end their legal battle
A long-running fight with roots in the mortgage crisis ends with adversaries now friends.
State settles with force-placed insurer
New York state has reached a $14 million settlement with Assurant Inc., a force-placed insurer.
$200M in Sandy insurance not released to homeowners
A New York State Department of Financial Services investigation has uncovered $200 million in insurance funds for Hurricane Sandy being held by banks has not been sent to homeowners who need the money.
Department of Financial Services cuts insurance increase requests
Gov. Andrew Cuomo announced that the Department of Financial Services has cut health insurance rate increases to control the cost of health care.
24-7 insurance hotline set up for Sandy victims
The Department of Financial Services disaster hotline will be open 24-7 to help New Yorkers in the wake of Hurricane Sandy.
Standard Chartered deal seen as ‘wake-up call’
Legal and financial experts say the settlement could affect Connecticut banks that operate in New York state, perhaps causing them to modify their compliance departments.