August 6, 2019

STATEMENT BY FINANCIAL SERVICES SUPERINTENDENT LINDA A. LACEWELL REGARDING INSURANCE REGULATION 208 RULING

NEW YORK – Statement by Superintendent of Financial Services Linda A. Lacewell on Judge Eileen Rakower’s decision on Insurance Regulation 208:

“The Department of Financial Services (DFS) believes the decision fails to follow the Appellate Division’s ruling to uphold DFS’s regulatory authority to promulgate Insurance Regulation 208 for the protection of consumers from excessive title insurance rates and to enforce New York’s anti-inducement statute. DFS will continue to fight for consumers to preserve this valid and important regulation. We continue to maintain that the cost of using high-priced tickets, meals, lavish gifts and strip clubs as inducements for title insurance business should not be passed on to consumers.”