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The Home Life Insurance Company based in Brooklyn, New York was the first life insurer to be authorized by the newly formed New York State Insurance Department in 1860. Superintendent Barnes supervised the filings of 155 fire insurance companies and 16 life insurance companies during his first year in office. [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]
In the second session a model law was passed; many states adopted a standard fire insurance policy known as the New York Standard Fire Policy of 1886. [5] It has been argued that the policy was designed to favor the industry, as it contains various conditions which, if not adhered to, render the policy void.
The New York Codes, Rules and Regulations (NYCRR) contains New York state rules and regulations. [1] ... Insurance: 4 volumes 12: Labor: 5 volumes 13: Law: 1 volume 14:
In 1820, there were 17 stock life insurance companies in the state of New York, many of which would subsequently fail. Between 1870 and 1872, 33 US life insurance companies failed, in part fueled by bad practices and incidents such as the Great Chicago Fire of 1871. 3,800 property-liability and 2,270 life insurance companies were operating in ...
The first state commissioner of insurance was appointed in New Hampshire in 1851 and the state-based insurance regulatory system grew as quickly as the insurance industry itself. [4] Prior to this period, insurance was primarily regulated by corporate charter, state statutory law and de facto regulation by the courts in judicial decisions.
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]
Insurance companies based in New York City (4 C, 18 P) Pages in category "Insurance companies based in New York (state)" The following 2 pages are in this category, out of 2 total.