Insurance News
Regulatory updates in plain English
Stay current with the latest from CMS, state departments of insurance, NAIC, the Federal Register, and Congress — rewritten so you can actually understand what it means for your practice.
New York State Department of Financial Services and European Banking Authority Sign MOU to Enable Cross-Border Collaboration on Stablecoin Activity
The New York State Department of Financial Services has signed an agreement with the European Banking Authority to work together on stablecoin activities. This collaboration will help both organizations share information and best practices regarding stablecoins, which are digital currencies designed...
State Comptroller DiNapoli and DFS Acting Superintendent Kaitlin Asrow Designate New Banking Development District to Support Community Banking in the Butternut Valley
The State Comptroller and the Acting Superintendent of Financial Services have announced a new Banking Development District in the Butternut Valley. This district is aimed at promoting and supporting community banking in the area. Insurance agents should be aware of this development as it may impact...
State Comptroller DiNapoli and Department of Financial Services Acting Superintendent Asrow Designate New Banking Development District to Support Community Banking in the towns of Shandaken and Olive
A new Banking Development District has been created in the towns of Shandaken and Olive to help support local community banking. This initiative is led by State Comptroller DiNapoli and Acting Superintendent Asrow from the Department of Financial Services. Insurance agents should stay informed about...
Unsafe and Unsound Banking Practices: Brokered Deposits and Interest Rate Restrictions; Correction
The FDIC has made a correction to a rule regarding brokered deposits and interest rate limits that was originally published on January 22, 2021. This change affects banks and financial institutions that deal with these types of deposits. Agents should stay informed about this correction as it may im...
Regulatory Capital Rule: Category I and II Banking Organizations, Banking Organizations With Significant Trading Activity, and Optional Adoption for Other Banking Organizations
The regulatory agencies are updating the capital rules for certain banks, specifically those classified as Category I and II, and those with significant trading activities. These changes aim to make the capital requirements more sensitive to risks and easier to understand, which should help ensure t...