Bank Insurance Agency Management
Community Banks and Insurance
Compliance and Risk Management
Wealth Management
Insurance Product Marketing

Tuesday, April 8, 2014

New York Fines Insurer $60m for Unlicensed Insurance Sales Activities

By: ABIA Outside Counsel Chrys D. Lemon and Adam D. Maarec, McIntyre & Lemon, PLLC

In a recent enforcement action, the New York Department of Financial Services (NYDFS) fined an insurance holding company for its subsidiaries’ engaging in insurance activities in the state without being properly licensed. The consent order issued by the NYDFS provides significant detail on the activities that do and do not require licensure, which is a frequent area of concern for banks with affiliated insurance agencies. Read more about this enforcement action and an analysis of the scope of activities that require an insurance license.

Indicates ABIA members-only material. Not an ABIA member? Contact Jennifer Hatten to learn about the benefits of membership and ways to join here. Visit our membership page to learn more.

Are you an ABIA member but not yet on our ABIA Network? Contact Deanne Marino for an invitation or fill out the registration form here.