NY Approves Merger Of Insurance, Bank Regulators

Law360, New York (March 31, 2011, 12:34 PM EDT) -- With the passage of the 2011-2012 budget by New York lawmakers late Wednesday, the state is moving forward with Gov. Andrew Cuomo's plan to combine insurance and banking regulators into a single office with new fraud-fighting authority.

The newly minted Department of Financial Services merges the New York Department of Insurance and the Department of Banking under the authority of a single superintendent, creating new consumer protection and fraud fighting units aimed to modernize and streamline regulation, cast a wider net to catch unscrupulous activity, and...
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