The Department of Financial Services supervises and regulates the activities of nearly 1,800 insurance companies with assets of $5.5 trillion and more than 1,400 banking and other financial institutions with assets totaling more than $2.9 trillion, as of Dec. 31, 2020. The institutions regulated by the Department include 132 life insurance companies, 864 property/casualty insurance companies, 94 health insurers and managed care organizations, more than 388,000 individual insurance licensees, 162 state-chartered banks, 74 foreign branches, 10 foreign agencies, 17 credit unions, 20 credit rating agencies, 382 financial services companies, and more than 9,399 mortgage loan originators and servicers.
To reform the regulation of financial services in New York to keep pace with the rapid and dynamic evolution of these industries, to guard against financial crises and to protect consumers and markets from fraud.
The Superintendent, in order to better supervise financial products and services, including those subject to the provisions of the Insurance Law and the Banking Law may take any actions necessary to:
- foster the growth of the financial industry in New York and spur state economic development through judicious regulation and vigilant supervision;
- ensure the continued solvency, safety, soundness and prudent conduct of the providers of financial products and services;
- ensure fair, timely and equitable fulfillment of the financial obligations of such providers;
- protect users of financial products and services from financially impaired or insolvent providers of such services;
- encourage high standards of honesty, transparency, fair business practices and public responsibility;
- eliminate financial fraud, other criminal abuse and unethical conduct in the industry; and
- educate and protect users of financial products and services and ensure that users are provided with timely and understandable information to make responsible decisions about financial products and services.