§ 102 — Department of financial services

New York § 102

• Jurisdiction: New York
• Law FIS: Financial Services Law
• Art. 1: General Provisions

Text

§ 102. Department of financial services. The legislature hereby\ndeclares that the purpose of this chapter is to consolidate the\ndepartments of insurance and banking, and provide for the enforcement of\nthe insurance, banking and financial services laws, under the auspices\nof a single state agency to be known as the "department of financial\nservices" and to accomplish goals including the following:\n (a) To encourage, promote and assist banking, insurance and other\nfinancial services institutions to effectively and productively locate,\noperate, employ, grow, remain, and expand in New York state;\n (b) To establish a modern system of regulation, rule making and\nadjudication that is responsive to the needs of the banking and\ninsurance industries and to the needs of the state's consumers and\nresidents;\n (c) To provide for the effective and efficient enforcement of the\nbanking and insurance laws;\n (d) To expand the attractiveness and competitiveness of the state\ncharter for banking institutions and to promote the conversion of banks\nto such status;\n (e) To promote and provide for the continued, effective state\nregulation of the insurance industry;\n (f) To provide for the regulation of new financial services products;\n (g) To promote the prudent and continued availability of credit,\ninsurance and financial products and services at affordable costs to New\nYork citizens, businesses and consumers;\n (h) To promote, advance and spur economic development and job creation\nin New York;\n (i) To ensure the continued safety and soundness of New York's\nbanking, insurance and financial services industries, as well as the\nprudent conduct of the providers of financial products and services,\nthrough responsible regulation and supervision;\n (j) To protect the public interest and the interests of depositors,\ncreditors, policyholders, underwriters, shareholders and stockholders;\n (k) To promote the reduction and elimination of fraud, criminal abuse\nand unethical conduct by, and with respect to, banking, insurance and\nother financial services institutions and their customers; and\n (l) To educate and protect users of banking, insurance, and financial\nservices products and services through the provision of timely and\nunderstandable information.\n