The New York State Insurance Department (NYSID) was the state agency responsible for supervising and regulating all insurance business in New York State . It was regarded in the industry as one of the most state-of-the-art insurance regulatory agencies.
24-949: Continuing education for insurance professionals is regulated by each state's Department for Insurance, although there are commonalties across the states. See Insurance Continuing Education . Effective October 3, 2011, Governor Andrew Cuomo and the New York State Legislature consolidated the New York State Insurance Department and the New York State Banking Department and created the New York State Department of Financial Services . Until 1849, insurance companies doing business in New York State were chartered by special acts of
48-467: A bill. However, the veto may be overridden by the Legislature if there is a two-thirds vote in favor of overriding in each House. Furthermore, it has the power to propose New York Constitution amendments by a majority vote , and then another majority vote following an election. If so proposed, the amendment becomes valid if agreed to by the voters at a referendum . The legislature originated in
72-538: A member of either house, one must be a citizen of the United States , a resident of the state of New York for at least five years, and a resident of the district for at least one year prior to election. The Assembly consists of 150 members; they are each chosen from a single-member district . The New York Constitution allows the number of Senate seats to vary; as of 2014 , the Senate had 63 seats. The Assembly
96-538: A set credit hour requirement for a period of year(s), sometimes with specific hour requirements for special topics including but not limited to ethics , long term care and other topics. Since late 1990s, all states allow insurance continuing education classes to be taken on-line. Often, a portion of the requirements may be satisfied through reading and other self-study as well. The number of credit hours of study required to get insurance licenses renewed vary from state to state. All online courses are prepared based on
120-460: Is headed by the speaker , while the Senate is headed by the president, a post held ex officio by the State lieutenant governor . the lieutenant governor, as president of the Senate, has only a tie-breaking " casting vote ". More often, the Senate is presided over by the temporary president, or by a senator of the majority leader's choosing. The assembly speaker and Senate majority leader control
144-618: The Great Depression , the Insurance Department promoted new rules clarifying insurer investment requirements, setting more equitable determination of cash surrender values and forfeitures, and recognizing up-to-date values and improvements in mortality tables. They also carried out liquidations, such as the 1934 liquidation of the Consolidated Indemnity and Insurance Company . After World War II ,
168-723: The New York State Department of Financial Services . James J. Wrynn was the fortieth and last Superintendent of Insurance. Following the creation of the New York Department of Financial Services Benjamin Lawsky (2011–2015) and Maria Vullo (2016--) were each appointed and confirmed as Superintendent of Financial Services thereby assuming the powers and duties formerly held by the Superintendent of Insurance. Insurance Continuing Education Insurance Continuing Education are requirements for insurance agents in
192-601: The New York State Legislature created the New York State Insurance Department, and assumed the functions of the Comptroller and Secretary of State relating to insurance. The department began operations in 1860 and William F. Barnes was the first Superintendent of Insurance. The Home Life Insurance Company based in Brooklyn, New York was the first life insurer to be authorized by the newly formed New York State Insurance Department in 1860. Superintendent Barnes supervised
216-608: The New York State Legislature . In 1849, the Legislature passed a law 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 statements and to deny a company the right to operate if capital securities and investments did not remain secure. In 1859,
240-503: The September 11, 2001 terrorist attacks. During the financial crisis of 2008, the Insurance Department helped stabilize financial guaranty insurers and worked with federal regulators to ensure that AIG did not collapse when it experienced a liquidity crisis. In 2011, Governor Andrew M. Cuomo and the New York State Legislature consolidated the New York State Insurance Department and the New York State Banking Department and created
264-511: The United States to maintain their ability to sell different types of insurance products after getting licensed by the state department of insurance (DOI). There is no nationwide accreditation since insurance agents are licensed by individual states. CFP , CPA , and CLU/ChFC (PACE) are an exception since these designations are administered by a national board. Insurance continuing education , CFP, CPA and CLU / ChFC usually have
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#1732780763307288-546: The two houses that act as the state legislature of the U.S. state of New York : the New York State Senate and the New York State Assembly . The Constitution of New York does not designate an official term for the two houses together; it says only that the state's legislative power "shall be vested in the senate and assembly". Session laws passed by the Legislature are published in
312-404: The Insurance Department pioneered many consumer protections, including comprehensive mandated health insurance benefits, open enrollment, and prohibitions against insurers arbitrarily dropping an individual's health insurance coverage. The New York State Insurance Department was the first insurance department or agency in the United States to establish a capital markets group to examine and measure
336-530: The United States by enacting the Field Code . The Code inspired the enactment of similar codes in 26 other states, and gave birth to the term " code pleading " for the system of civil procedure it created. The first African-American elected to the legislature was Edward A. Johnson , a Republican, in 1917. The first women elected to the legislature were Republican Ida Sammis and Democrat Mary Lilly , both in 1919. The first African-American woman elected to
360-526: The assignment of committees and leadership positions, along with control of the agenda in their chambers. The two are considered powerful statewide leaders and along with the governor of New York control most of the agenda of state business in New York. The Legislative Bill Drafting Commission (LBDC) aids in drafting legislation; advises as to the constitutionality, consistency or effect of proposed legislation; conducts research; and publishes and maintains
384-650: The beginning of the 2019–2020 legislative session, the Senate Democratic Conference held 39 of the chamber's 63 seats and the Assembly Democratic Conference held 106 of the 150 seats in that chamber. The Senate Democratic Conference increased to 40 seats after Democratic senator Simcha Felder was re-accepted into the Conference. The Legislature is empowered to make law, subject to the governor's power to veto
408-425: The credit hour requirements set by the state's department of insurance . Only those courses that are approved are accepted towards fulfilling the state requirements of insurance continuing education . This insurance -related article is a stub . You can help Misplaced Pages by expanding it . New York State Legislature Minority caucus Minority caucus The New York State Legislature consists of
432-634: The documents of the Legislature, such as the Laws of New York . The LBDC consists of two commissioners, the commissioner for administration and the commissioner for operations, each appointed jointly by the temporary president of the Senate and the speaker of the Assembly. In the 2018 elections, Democrats won control of the State Senate and increased their majority in the State Assembly. At
456-533: The filings of 155 fire insurance companies and 16 life insurance companies during his first year in office. By the 1870s, each state regulated insurance in some manner and most had an insurance department or agency. However, because different state requirements led to confusion in the insurance industry, New York State Superintendent George W. Miller, in 1871, invited the heads of insurance departments or agencies from other states to meet in New York to strive for more uniform regulation. Eighteen states met that year for
480-538: The first session of what is now the National Association of Insurance Commissioners ("NAIC"). Mismanagement in the life insurance business, including exorbitant salaries and questionable investments, resulted in a 1905 investigation led by Charles Evans Hughes . The investigation, known as the " Armstrong Investigation ", led to the passage of a law that set forth a series of reforms, including mandatory periodic examinations of all life insurers. During
504-577: The legislature was Bessie A. Buchanan in 1955. Five assemblymen were expelled in 1920 for belonging to the Socialist Party . In 2008, when the U.S. Supreme Court reluctantly affirmed the constitutionality of a statute enacted by the New York legislature, Justice John Paul Stevens wrote in a concurring opinion : "[A]s I recall my esteemed former colleague, Thurgood Marshall , remarking on numerous occasions: 'The Constitution does not prohibit legislatures from enacting stupid laws. ' " There
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#1732780763307528-740: The official Laws of New York . Permanent New York laws of a general nature are codified in the Consolidated Laws of New York . As of January 2021 , the Democratic Party holds supermajorities in both houses of the New York State Legislature, which is the highest paid state legislature in the country. Legislative elections are held in November of every even-numbered year. Both Assembly members and Senators serve two-year terms. In order to be
552-620: The revolutionary New York Provincial Congress , assembled by rebels when the New York General Assembly would not send delegates to the Continental Congress . The New York State Legislature has had several corruption scandals during its existence. These include the Black Horse Cavalry and Canal Ring . In the 1840s, New York launched the first great wave of civil procedure reform in
576-458: The risks in insurer investment practices, and was the first state to recognize the importance of segregating multiple lines insurance from financial guaranty insurance as a means of preventing systemic risk. In 2001, New York was the first state to establish an Insurance Emergency Operations Center ("IEOC"), which was designed to accelerate disaster assessments and expedite claims payments to disaster victims. The IEOC helped New Yorkers recover from
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