Financial Regulators Gain Punitive Powers Under NY Budget Plan

February 14, 2020 by John Hilton

New York Gov. Andrew Cuomo gives financial regulators the ability to levy stiffer fines and restitution under his preliminary budget proposal.

With the Department of Financial Services having recently enacted fiduciary like rules for all sales of life insurance and annuities, Cuomo’s proposal has implications for insurers.

The biggest change would add a new section to the Financial Services Law authorizing the DFS superintendent to order individuals or entities subject to administrative proceedings or judicial actions to pay restitution to all consumers harmed by their conduct.

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Originally Posted at InsuranceNewsNet on February 10, 2020 by John Hilton.