The NY Department of Insurance oversees and provides regulation for all insurers in New York State. It was formed over 150 years ago and has played an integral part of maintaining a fair and sound insurance system in the State of New York. Their main responsibilities are as follows:

• Make certain that insurers are operation their businesses ethically, adhering to all pertinent laws and regulations.
• Ensure that insurance companies are fulfilling their responsibilities.
• Safeguard against fraud and any other criminal abuses of the insurance industry.
• Encourage and create growth within the field of insurance in New York State.

NY Department of Insurance – Supervisory Function

The department supervises insurance companies and agents by required that they be licensed brokers, agents, consultants etc. as well as providing continuing education and testing to foster an informed, uniform business environment. The NY Department of Insurance also is in charge of auditing insurance companies records on a yearly basis.

New York Department of Insurance – Regulatory Function

The department is able to regulate the insurance industry by requiring that insurers along with their agents/brokers etc. are all educated regarding products and any relating laws and regulations. The NY Department of Insurance also monitors rates, handles complaints and approves business transactions like mergers, consolidations and liquidations.

The New York Department of Insurance has a main office in NYC and has branches in such locations as Albany, Buffalo, Rochester, Syracuse, Oneonta and Long Island.

Contact Information:

New York Department of Insurance

25 Beaver Street

NY, NY 10004

(212) 480-6400 – Customer Service

(212) 480-6074 – For fraud related questions/concerns

Tags: General New York Insurance Topics