New York State Insurance Department
Encyclopedia
The New York State Insurance Department (NYSID) is the State regulating agency responsible for supervising and regulating all insurance
business in New York State. It is regarded in the industry as one of the most state-of-the-art insurance regulating agencies. The Superintendent is James J. Wrynn.
. A law was passed in 1849 requiring prospective insurance companies to file incorporation papers with the New York Secretary of State. The law also vested regulatory power over insurance companies with the State Comptroller
, who was authorized to require the companies to submit annual financial statement
s and to deny a company the right to operate if capital securities and investments did not remain secure.
The Insurance Department was created in 1859 by the New York State Legislature, and assumed the functions of the Comptroller and Secretary of State relating to insurance. The Department began operations in 1860. The Home Life Insurance Company based in Brooklyn, New York is the first life insurer to be authorized by the newly-formed New York Insurance Department in 1860.
It continued unchanged after a 1925 constitutional reorganization of State Government.http://www.ins.state.ny.us/hp97wel.htm
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 report
s.
The Department carries out its regulatory function by determining qualifications of insurers; regulating rates, certain retirement systems, and pension fund
s; reviewing policyholders’ complaints; supervising the liquidation, rehabilitation, and conservation of insolvent insurers; and approving corporate formations, mergers, and consolidations.http://www.ins.state.ny.us/hp97wel.htm
.
The Superintendent is James J. Wrynn. His Deputy Superintendents are: Kermitt Brooks, Susan Donnellan, Robert Easton
, Dr. Hampton Finer, Michael Moriarty
, Steven Nachman, David Neustadt, Troy Oechsner, Louis Pietroluongo, and Christopher Rulon.http://www.ins.state.ny.us/hp97wel.htm
and New York City with several other, smaller locations scattered throughout greater New York.
Insurance
In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...
business in New York State. It is regarded in the industry as one of the most state-of-the-art insurance regulating agencies. The Superintendent is James J. Wrynn.
History
Until 1849, insurance companies doing business in New York State were chartered by special acts of the New York LegislatureNew York Legislature
The New York State Legislature is the term often used to refer to the two houses that act as the state legislature of the U.S. state of New York. The New York Constitution does not designate an official term for the two houses together...
. A law was passed in 1849 requiring prospective insurance companies to file incorporation papers with the New York Secretary of State. The law also vested regulatory power over insurance companies with the State Comptroller
New York State Comptroller
The New York State Comptroller is a state cabinet officer of the U.S. state of New York. The duties of the comptroller include auditing government operations and operating the state's retirement system.-History:...
, who was authorized to require the companies to submit annual financial statement
Financial statement
A financial statement is a formal record of the financial activities of a business, person, or other entity. In British English—including United Kingdom company law—a financial statement is often referred to as an account, although the term financial statement is also used, particularly by...
s and to deny a company the right to operate if capital securities and investments did not remain secure.
The Insurance Department was created in 1859 by the New York State Legislature, and assumed the functions of the Comptroller and Secretary of State relating to insurance. The Department began operations in 1860. The Home Life Insurance Company based in Brooklyn, New York is the first life insurer to be authorized by the newly-formed New York Insurance Department in 1860.
It continued unchanged after a 1925 constitutional reorganization of State Government.http://www.ins.state.ny.us/hp97wel.htm
Mission, supervisory function, and regulatory function
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; and foster growth of the insurance industry in New York State.The Department carries out its supervisory function by issuing licenses to agents, brokers, consultants, reinsurance
Reinsurance
Reinsurance is insurance that is purchased by an insurance company from another insurance company as a means of risk management...
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 report
Annual report
An annual report is a comprehensive report on a company's activities throughout the preceding year. Annual reports are intended to give shareholders and other interested people information about the company's activities and financial performance...
s.
The Department carries out its regulatory function by determining qualifications of insurers; regulating rates, certain retirement systems, and pension fund
Pension fund
A pension fund is any plan, fund, or scheme which provides retirement income.Pension funds are important shareholders of listed and private companies. They are especially important to the stock market where large institutional investors dominate. The largest 300 pension funds collectively hold...
s; reviewing policyholders’ complaints; supervising the liquidation, rehabilitation, and conservation of insolvent insurers; and approving corporate formations, mergers, and consolidations.http://www.ins.state.ny.us/hp97wel.htm
Staff
The Department is headed by a Superintendent appointed by the GovernorGovernor
A governor is a governing official, usually the executive of a non-sovereign level of government, ranking under the head of state...
.
The Superintendent is James J. Wrynn. His Deputy Superintendents are: Kermitt Brooks, Susan Donnellan, Robert Easton
Robert Easton (government official)
Robert H. Easton is the Deputy Superintendent and General Counsel of the New York State Insurance Department. He advises the Superintendent of Insurance and oversees the Deppartment's office of general counsel....
, Dr. Hampton Finer, Michael Moriarty
Michael Moriarty
Michael Moriarty is an American-Canadian actor of stage and screen, and a jazz musician. He played Benjamin Stone for four seasons on the TV series Law & Order.-Early life:...
, Steven Nachman, David Neustadt, Troy Oechsner, Louis Pietroluongo, and Christopher Rulon.http://www.ins.state.ny.us/hp97wel.htm
Offices
The Department has two primary operating locations in AlbanyAlbany, New York
Albany is the capital city of the U.S. state of New York, the seat of Albany County, and the central city of New York's Capital District. Roughly north of New York City, Albany sits on the west bank of the Hudson River, about south of its confluence with the Mohawk River...
and New York City with several other, smaller locations scattered throughout greater New York.