Get Application By An Individual, Partnership Or Trust For Change Of Control ... - Dfs Ny

The Department is responsible for regulating the financial condition, market conduct activities, corporate conduct and administration of the Insurance Law for the following types of insurers: life insurance companies, life insurance departments of savings banks, public pension funds, fraternal benefit societies, ...

To reform the regulation of financial services in New York to keep pace with the rapid and dynamic evolution of these industries, to guard against financial crises and to protect consumers and markets from fraud.

The Department is responsible for regulating the financial condition, market conduct activities, corporate conduct and administration of the Insurance Law for the following types of insurers: life insurance companies, life insurance departments of savings banks, public pension funds, fraternal benefit societies, ...

The Department of Financial Services supervises many different types of institutions. Supervision by DFS may entail chartering, licensing, registration requirements, examination, and more.

Digital financial services (DFS) are banking and payment services (including savings, loans, remittances, bill payments) that are enabled via electronic channels. Services can be accessed using mobile phones, electronic cards (credit, debit, prepaid cards), computers, and other electronic instruments.

The Department requires limited purpose trust companies to at all times maintain their Tier 1 capital at a level no less than 0.25% of discretionary assets under administration.

The Department of Financial Services supervises and regulates the activities of approximately 1,500 banking and other financial institutions with assets totaling more than $2.6 trillion and more than 1,400 insurance companies with assets of more than $4.7 trillion.

As stated in Section 641(1) of the Banking Law, “No person shall engage in the business of selling or issuing checks, or engage in the business of receiving money for transmission or transmitting the same, without a license therefor obtained from the superintendent as provided in this article, nor shall any person ...