State of NY Insurance Department
The Insurance Department is responsible for supervising and regulating all insurance business in New York State.
The Department's mission is to:
Ensure the continued sound and prudent conduct of insurers financial operations;
Provide fair, timely and equitable fulfillment of insurer obligations
Protect policyholders from financially impaired or insolvent insurers
Eliminate fraud, other criminal abuse and unethical conduct in the industry
Foster growth of the insurance industry in the State
The Department carries out its supervisory function by issuing licenses to agents, brokers, consultants, reinsurance intermediaries, adjusters, and bail bondsmen; conducting examinations of insurers to determine their financial condition, treatment of policyholders and claimants, and underwriting practices; and auditing each company's annual reports.
The Department carries out its regulatory function by determining qualifications of insurers; regulating rates, certain retirement systems and pension funds; reviewing policyholders' complaints; supervising the liquidation, rehabilitation, and conservation of insolvent insurers; and approving corporate formations, mergers, and consolidations.
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