The DFS examines domestic insurers and HMOs and has the authority to examine any insurer doing business in the state.
The DFS examines banks for CRA performance and assigns each institution a CRA rating based on performance.
The DFS requires that insurers file fraud reports, we also issue statistics on fraud arrests, convictions and IFBs.
The Weekly Bulletin is a public notification of receipt by the Department of applications and notices.
The DFS issues Comment Letters in response to requests for comment relating to rulemaking and regulatory actions.
Read reports required to be submitted by the DFS to the Governor and Legislature at certain intervals.
Health Care - Payment Reform Survey
This report summarizes the findings of DFS’s survey of health insurers’ pilot programs to move to value-based provider payments and other initiatives to reduce health care costs and improve quality. The report will help state agencies, legislators and other stakeholders identify successes, consider reforms that encourage innovation, increase standardization and multipayer alignment, and bring successful efforts to scale. In particular, this report will provide a baseline for the State Health Innovation Plan (SHIP), New York’s blueprint for achieving the Triple Aim that is being developed by the New York State Department of Health (DOH), New York State Department of Financial Services (DFS), New York State Department of Civil Service, the New York State Division of Budget, and other agencies, in consultation with payers, providers, brokers, businesses and consumers.
Payment Reform Survey - Issued July, 2014
Community Banking Report
The Community Banking Report shows that community banks provide most of the loans for New York’s small businesses and farms and are thus essential to job growth and the strength of the state economy. Even though community banks have less than a quarter of all bank assets in New York and are competing against much larger national banks, they generate more than half of all small business loans and almost all the small farm loans in the State.
Community Banking Report - Issued February 7, 2013
Unexpected Out-of-Network Medical Bills Report
The Department of Financial Services is investigating unexpected out-of-network medical costs affecting New Yorkers across the state, many of whom cannot afford to pay out-of-pocket expenses. In addition, DFS released the following report that finds an overwhelming need for increased transparency from insurers and medical service providers, and improved consumer protection measures to ensure that New Yorkers stop receiving unexpected bills. The investigation was sparked by an overwhelming amount of consumer complaints. DFS found that unexpected out-of-network medical bills are one of the most common complaints received by the agency.
- AN UNWELCOME SURPRISE: How New Yorkers Are Getting Stuck with Unexpected Medical Bills from Out-of-Network Providers - Issued March 7, 2012
Working Group Report
This report, required under Section 205 of the Financial Services Law, summarizes select issues that the DFS working group, formed to examine ways to improve the efficiency and effectiveness of banking regulation and insurance regulation, found to be the top recommendations provided from the banking, insurance and financial services industries. In addition, this report highlights DFS accomplishments to date, as well as the steps DFS has taken and will take to make regulation more efficient and effective.
- Ways to Improve Efficiency and Effectiveness of Regulation - Issued December 30, 2011
- Automobile Insurance Policies and the 2% Rule - March 2014
- Cyber Security Reports
- Shining A Light On Shadow Insurance - June 2013
- Report on the Hospital Excess Liability Pool - December 2012
- Report on Municipal Cooperatives and Community Rating - December 2011
- Municipal Cooperative Reserve Requirements Report - December 2011
- The Insurance Industry and the Economies of Central and Eastern Europe, 1918 - 1945 - Holocaust Claims Processing Office - October 2011