As expected, New York Governor Andrew Cuomo announced during his State of the State address plans to merge the Insurance Department with the Banking Department and Consumer Protection Board in order to create a new Department of Financial Regulation. Governor Cuomo stated that the merger is necessary to properly regulate modern financial services organizations and the “primary mission of this new agency will be to stand up for consumers, protect them against predatory lending and unlawful foreclosure practices, and provide access to good, honest and capable financial services at competitive rates.” It is unclear at this time how soon the necessary legislation will be introduced and how much support it has in the legislature.
We will continue to follow these developments and provide updates on InsureReinsure.com.
Click here to view the entire State of the State address.
Click here to view the summary press release.
