July 2018
The New York Department of Financial Services’ (“DFS”) recently announced an extraordinary regulatory action in which two insurers have entered into a Consent Order with the DFS under which one of the insurers will pay a $15 million fine and the second insurer will provide approximately $40 million in remediation for alleged violations of New York insurance laws and regulations.

According to the DFS, the regulatory actions taken against the insurers were the result of a market conduct examination which found that required information such as premium notices, annual reports, cash surrender value notices, and annual privacy notices were not provided to approximately 15,000 policyholders from 2015 to 2017.

View the full alert here.