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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]
Banking Regulation and Supervision Agency of Turkey (BRSA) ; Capital Markets Board (SPK) ; Insurance and Private Pension Regulation and Supervision Agency (IPRSA) Turks and Caicos: Turks and Caicos Islands Financial Services Commission (TCIFSC) Uganda: Bank of Uganda ; Capital Markets Authority (CMA) ; Insurance Regulatory Authority of Uganda ...
Formal regulation of the insurance industry began in earnest when the first state commissioner of insurance was appointed in New Hampshire in 1851. In 1859, the State of New York appointed its own commissioner of insurance and created a state insurance department to move towards more comprehensive regulation of insurance at the state level. [8]
The NAIC is not a regulator; while its members are the insurance commissioners (i.e., the chief insurance regulators) of each U.S. state and six territories, [1] the NAIC is a non-governmental organization that concerns itself with insurance regulatory matters but does not actually regulate. The states have not delegated their regulatory ...
The New York Codes, Rules and Regulations (NYCRR) contains New York state rules and regulations. [1] The NYCRR is officially compiled by the New York State Department of State's Division of Administrative Rules. [2]
The New York State Constitution, Art.X, sec. 5, provides that public benefit corporations may only be created by special act of the legislature. In City of Rye v. MTA, 24 N.Y.2d 627 (1969), the court of appeals explained that "The debates of the 1938 Convention indicate that the proliferation of public authorities after 1927 was the reason for the enactment of section 5 of article X....
The Banking Board was established in 1932 by N.Y.S. Banking Law § 13 and 14, and was a quasi-legislative body. The Banking Board was created to advise and cooperate with the Banking Department in the formulation of banking standards and regulations and to exercise power to approve or disapprove the issuance of bank charters and licenses and the establishment of branch banks.