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The law was enacted in 19th century and is contained in New York State Labor Law § 240/241. [1] [2 ... increasing insurance costs, and creating barriers to entry for ...
In 1859, the New York State Legislature created the New York State Insurance Department, and assumed the functions of the Comptroller and Secretary of State relating to insurance. [1] The department began operations in 1860 and William F. Barnes was the first Superintendent of Insurance. [1]
The New York State Legislature unanimously confirmed Benjamin M. Lawsky on May 24, 2011, as New York State's first Superintendent of Financial Services. [9] From May 24, 2011, until October 3, 2011, Lawsky also was appointed, and served as, Acting Superintendent of Banks for the former New York State Banking Department. [9]
At various times in the past, the New York state government has taken money from NYSIF's reserves to cover other budget shortfalls. Between 1982 and 1990, $1.3 billion was transferred to the state's general fund under Governor Mario Cuomo. In 1996 the practice was banned by state law.
[3] [4] Unlike civil law codes, the Consolidated Laws are systematic but neither comprehensive nor preemptive, and reference to other laws and case law is often necessary. [1] The Consolidated Laws were printed by New York only once in 1909–1910, but there are 3 comprehensive and certified updated commercial private versions.
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