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.
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