May 4, 2015
To the Governor and Legislature:
I am pleased to submit the 2014 Annual Report of the New York State Department of Financial
Services, as required by Article 2, Section 207 of the Financial Services Law. Throughout 2014, the
Department carried out its mission to protect consumers and to promote the development of sound, fair
financial services. The Department’s work is varied and is detailed in the report.
As its charter instructs, the Department has and will continue to work aggressively to foster the growth
of a fair, robust financial services industry and to protect consumers.
I hope you find the report useful.
Respectfully submitted,
Benjamin M. Lawsky
Superintendent
.
2014 Annual Report
Benjamin M. Lawsky, Superintendent
. INTRODUCTION ............................................................................................................................................................. 1
MAJOR ACCOMPLISHMENTS ......................................................................................................................................... 2
SUMMARY OF MAJOR ENFORCEMENT ACTIONS SINCE AGENCY’S INCEPTION ................................................................ 7
INSURANCE DIVISION OVERVIEW ................................................................................................................................. 11
.
BANKING DIVISION OVERVIEW ..................................................................................................................................... 13
CAPITAL MARKETS DIVISION OVERVIEW ....................................................................................................................... 14
REAL ESTATE FINANCE DIVISION OVERVIEW ................................................................................................................ 15
.
FINANCIAL FRAUDS AND CONSUMER PROTECTION DIVISION ...................................................................................... 16
LIQUIDATION BUREAU OVERVIEW ................................................................................................................................ 18
REGULATORY AND LEGISLATIVE ACTIVITIES ................................................................................................................. 19
REGULATIONS ................................................................................................................................................................ 19
INDUSTRY AND CIRCULAR LETTERS ............................................................................................................................... 19
CHANGES TO THE BANKING, INSURANCE AND FINANCIAL SERVICES LAWS ................................................................. 19
LEGISLATIVE RECOMMENDATIONS FOR 2015 ............................................................................................................... 19
BANKING STATISTICS ................................................................................................................................................... 20
SUMMARY OF SUPERVISED INSTITUTIONS ................................................................................................................... 20
CONDITION OF ALL PRINCIPAL BANKING AND LENDING FACILITIES IN NEW YORK ...................................................... 20
NEW YORK STATE CHARTERED AND LICENSED BANKING, LENDING AND FINANCIAL SERVICES INSTITUTIONS ........... 22
CONVERSION FROM FEDERAL CHARTER TO STATE CHARTER ....................................................................................... 23
BANK MERGERS AND ACQUISITIONS ............................................................................................................................ 23
LIQUIDATIONS ............................................................................................................................................................... 23
CONDITION OF SUPERVISED INSTITUTIONS .................................................................................................................. 24
CONDITION OF COMMERCIAL BANKS, TRUSTS AND PRIVATE BANKERS ...................................................................... 24
CONDITION OF SAVINGS BANKS AND THRIFTS ............................................................................................................. 31
CONDITION OF SAVINGS BANKS AND THRIFTS ............................................................................................................. 32
CONDITION OF SAFE DEPOSIT COMPANIES .................................................................................................................. 33
CONDITION OF CREDIT UNIONS .................................................................................................................................... 34
CONDITION OF CREDIT UNIONS .................................................................................................................................... 35
CONDITION OF ARTICLE XII INVESTMENT COMPANIES ................................................................................................. 36
CONDITION OF LICENSED LENDERS ............................................................................................................................... 37
INSURANCE COMPANY STATISTICS ............................................................................................................................... 39
GENERAL STATISTICS ..................................................................................................................................................... 39
LICENSES ISSUED DURING YEAR .................................................................................................................................... 39
CHANGES IN AUTHORIZED INSURERS ........................................................................................................................... 40
.
REPORTS FILED ON EXAMINATION OF AUTHORIZED INSURERS ................................................................................... 46
LIQUIDATION, CONSERVATION AND REHABILITATION PROCEEDINGS ......................................................................... 46
INSURANCE COMPANY PROCEEDINGS .......................................................................................................................... 46
DOMESTIC ESTATES AND CONSERVATION ESTATES †ASSETS & LIABILITIES ................................................................. 46
DOMESTIC ESTATES IN REHABILITATION †ASSETS & LIABILITIES .................................................................................. 46
LIQUIDATION AND REHABILITATION ACTIVITIES ........................................................................................................... 46
PROPERTY AND CASUALTY INSURANCE ........................................................................................................................ 51
PROPERTY/CASUALTY INSURANCE ENTITIES SUPERVISED BY THE DEPARTMENT ........................................................ 51
LICENSED PROPERTY/CASUALTY INSURER SELECTED DATA 2010â€2013 ....................................................................... 52
.
. PROPERTY/CASUALTY INSURER DIRECT PREMIUMS WRITTEN 2010â€2013 ................................................................... 53
PROPERTY/CASUALTY NET PREMIUMS WRITTEN ......................................................................................................... 54
FINANCIAL GUARANTY INSURERS SELECTED DATA ....................................................................................................... 54
MORTGAGE GUARANTY INSURERS SELECTED ANNUAL STATEMENT DATA ................................................................. 55
MORTGAGE GUARANTY INSURERS NET PREMIUMS WRITTEN AND SURPLUS ............................................................. 55
TITLE INSURANCE COMPANIES SELECTED DATA ........................................................................................................... 55
ADVANCE PREMIUM AND ASSESSMENT CORPORATIONS SELECTED DATA .................................................................. 56
HEALTH INSURANCE ...................................................................................................................................................... 56
HEALTH INSURANCE ASSETS, LIABILITIES AND PREMIUMS WRITTEN ........................................................................... 56
LIFE INSURANCE ............................................................................................................................................................ 57
LIFE INSURANCE COMPANIES REGULATED BY THE DEPARTMENT ................................................................................ 57
LIFE INSURANCE COMPANY ADMITTED ASSETS ............................................................................................................ 57
LIFE INSURER ASSETS, LIABILITIES, CAPITAL & SURPLUS ............................................................................................... 58
TOTAL LIFE INSURANCE IN FORCE (COMPANIES LICENSED IN NEW YORK STATE) ........................................................ 58
LIFE INSURANCE IN FORCE IN THE STATE OF NEW YORK .............................................................................................. 58
DOMESTIC LIFE INSURANCE COMPANIES ADMITTED ASSETS/INSURANCE IN FORCE .................................................. 59
FRATERNAL BENEFIT SOCIETIES ADMITTED ASSETS/INSURANCE IN FORCE ................................................................. 59
PRIVATE PENSION FUNDS ADMITTED ASSETS/INSURANCE IN FORCE .......................................................................... 59
PUBLIC RETIREMENT SYSTEMS AND PENSION FUNDS ADMITTED ASSETS/INSURANCE IN FORCE ............................... 60
SEGREGATED GIFT ANNUITY FUNDS ADMITTED ASSETS/INSURANCE IN FORCE 2001â€2011 ........................................ 60
FUNDS HELD BY OR DEPOSITED WITH THE SUPERINTENDENT ...................................................................................... 61
UNCLAIMED FUNDS FROM VOLUNTARY OR INVOLUNTARY BANK LIQUIDATIONS ...................................................... 61
PUBLIC MOTOR VEHICLE LIABILITY SECURITY FUND ..................................................................................................... 61
PROPERTY CASUALTY INSURANCE SECURITY FUND ...................................................................................................... 62
WORKERS COMPENSATION SECURITY FUND ................................................................................................................ 62
STATE TRANSMITTER OF MONEY INSURANCE FUND (STMIF) ....................................................................................... 63
DEPARTMENT ORGANIZATION AND MAINTENANCE .................................................................................................... 64
2014 DEPARTMENT RECEIPTS ....................................................................................................................................... 64
2013â€2014 STATE FISCAL YEAR INSURANCE EXPENDITURES ......................................................................................... 65
2013â€2014 STATE FISCAL YEAR BANKING EXPENDITURES............................................................................................. 66
. INTRODUCTION
The Department is responsible for supervising and regulating the activities of over 1,600 insurance
companies with assets exceeding $3.4 trillion and nearly 1,700 banking and other financial institutions
with assets of more than $3.2 trillion. The Department is organized into five divisions:
The Insurance Division supervises all insurance companies that do business in New York. The
Division includes the Property, Life and Health Bureaus.
The Banking Division supervises, through chartering, licensing, registering, and examining safety and
soundness of banking and other financial institutions. The division is composed of the following
groups: Foreign & Wholesale Banks, Community & Regional Banks and Licensed Financial Services.
The Financial Frauds and Consumer Protection Division is responsible for protecting and educating
consumers and fighting consumer fraud.
The FFCPD encompasses the Civil Investigations Unit, the
Criminal Investigations Unit; the Consumer Assistance Unit; the Disciplinary Unit; the Consumer
Examinations Unit; the Student Protection Unit; and the Holocaust Claims Processing Office.
The Capital Markets Division provides the Department's expertise in capital markets (bonds, equities,
credit, derivatives, commodities), Enterprise Risk Management, financial analysis, IT, internal controls
and audit, research, fiduciary controls, regulatory accounting, Bank Secrecy Act, anti-money
laundering and new financial products. Capital Markets works with all the other Divisions in
examinations and also conducts target examinations independently. The Division has the primary
regulatory responsibility for the New York State based public retirement systems and financial
guaranty insurance companies.
The Real Estate Finance Division is responsible for regulating all real estate and homeowner issues,
as well as such financial services as title insurance and mortgage insurance.
The division includes
Mortgage Banking and the Mortgage Assistance Unit.
Data in this report are for the year 2014, unless stated otherwise. Financial data for the Department is
for the fiscal year 2013-2014.
To reduce reproduction costs, data that is posted on the Department website in the normal course of
business, and that has been included in prior reports, is now instead referenced only on the website.
DEPARTMENT OF FINANCIAL SERVICES 2014 ANNUAL REPORT | Page 1
. MAJOR ACCOMPLISHMENTS
Four years ago, in the wake of a devastating financial crisis, Governor Cuomo proposed creating
the New York State Department of Financial Services (NYDFS) and appointed Benjamin M.
Lawsky as the agency’s first superintendent. NYDFS supervises approximately 3,800 financial
firms with assets totaling more than $7 trillion, including most of the large foreign banks operating
in New York; the major U.S. and foreign insurance companies operating in New York; and other
non-bank financial companies. In the four years since its creation, by employing a number of
innovative and aggressive enforcement strategies, NYDFS has become recognized as an
international leader in (1) policing Wall Street, (2) protecting consumers, and (3) regulating
financial markets.
INNOVATIVE AND AGGRESSIVE APPROACH TO WALL STREET ENFORCEMENT
ï‚·
Record $6 Billion in Penalties, Individual Accountability for Senior Executives.
NYDFS has
brought significant, civil enforcement actions against a number of the world’s largest banks,
insurers, and mortgage companies for misconduct, including money laundering and foreclosure
abuse. (To view a list of major NYDFS enforcement actions, please visit, link.) While NYDFS
has levied nearly $6 billion in monetary penalties against financial firms (more than any state
agency in history), it has also repeatedly stressed the importance of individual accountability
for senior executives in its settlements, including through the termination of employees who
engaged in misconduct. As Superintendent Lawsky noted in a 2014 speech in Washington, DC:
“If we’re just getting large fines from the corporations .
. . are we really deterring future bad
conduct? .
. . To get real deterrence, we need to have individuals who are personally held to
account.” (See Financial Times: “Lawsky to step up assault on Wall Street’s corporate
wrongdoing,” March 2014.)
ï‚·
Penalties for Senior Executives, Up to and Including the C-Suite.
While NYDFS does not
have authority to bring criminal prosecutions, it took a number of actions to expose and
penalize misconduct by individual senior executives – including all the way up to the C-Suite,
when appropriate. Among other actions, NYDFS required the Chief Operating Officer of
France’s largest bank, BNP Paribas, and the Chairman of one of the United States’ largest
mortgage companies, Ocwen Financial, to step down as part of enforcement actions brought
against those companies. The Department has also banned multiple senior executives from
participating in the operations of NYDFS-regulated institutions for engaging in misconduct.
(See The New Republic: “Finally, a Financial Executive Is Sacked for His Company's
Misdeeds,” December 2014; Bloomberg News, “Falcone Banned at Fidelity for 7 Years by
N.Y.’s Lawsky,” October 2013.)
ï‚·
Accountability for Bank Consultants through a Century-old Statute.
NYDFS became the first
financial regulator to bring successful enforcement actions against bank consulting companies
– including “Big 4” firms PwC and Deloitte – for their roles in helping large financial
institutions whitewash misconduct. While other regulators stated that they did not have the
DEPARTMENT OF FINANCIAL SERVICES 2014 ANNUAL REPORT | Page 2
. ability to investigate and punish bank consultants, NYDFS unearthed and used a more than
century-old statute to ban those firms from doing work at institutions regulated by the
Department, among other penalties. (See New York Magazine: The Regulator Who’s Not
Afraid of Wall Street, June 2013; New York Times: “Albany May Tighten Reins on Bank
Consultants,” June 2013.)
ï‚·
Disrupting Terrorist Financing for Iran and Other Rogue Nations. Through enforcement
actions against Standard Chartered Bank, BNP Paribas, Bank of Tokyo Mitsubishi-UFJ, RBS,
and other major, international financial firms, NYDFS helped significantly raise the bar and
stiffen the penalties imposed on financial institutions for illegally doing business with Iran,
Sudan, and other rogue nations. (See Newsweek: “Regulator Benjamin Lawsky is the Man
Banks Fear Most,” May 2014; Village Voice: “Benjamin Lawsky: The Main Who Picked a
Fight with Wall Street,” September 2013; Politico: “Cuomo Aide Turned Wall Street Hammer”
June 2013.)
ï‚·
Identifying and Investigating a New Front in Foreclosure Abuse.
In the wake of the financial
crisis, a number of large banks sold off their rights to service mortgages to more lightly
regulated firms known as “non-bank mortgage servicers.” NYDFS commenced an aggressive
and wide-ranging investigation – including “surprise” examinations – into non-bank mortgage
servicers, shining a spotlight on foreclosure abuses in this industry and bringing enforcement
actions to deliver relief to homeowners. (See Bloomberg News, “New York’s Lawsky Catches
Mortgage Servicers by Surprise,” April 2014. The New Republic, “The Toughest Cop on Wall
Street You’ve Never Heard Of: How Benjamin Lawsky is Making the Big Banks Pay,” April
2014.)
CREATING A STATE-LEVEL CONSUMER FINANCIAL PROTECTION BUREAU AT
NYDFS
ï‚·
Creating a State-level Consumer Financial Protection Bureau.
One of the key missions that
Governor Cuomo gave NYDFS was to protect consumers better than ever before. The
Department moved quickly to create and build an aggressive consumer protection unit that won
a number of victories for New Yorkers against abusive lenders and insurance companies.
NYDFS work in this area has been cited as “nation-leading” and helped establish the agency as
an “energetic consumer watchdog.” (See American Banker, “The Long Arm of Benjamin
Lawsky,” August 2013.)
ï‚·
Combatting Illegal, Online Payday Lending Charging Interest Rates Over 1,000%. Payday
lending is illegal in New York for good reason.
Those predatory short-term loans, with interest
rates as high as 1,000 percent, often trap borrowers in destructive cycles of debt from which
they cannot escape. In some cases, however, lenders attempt to do an end run around New
York’s prohibition on payday lending by offering loans over the Internet – and collecting on
them using electronic payment and debit networks – in an effort to avoid prosecution. The
Cuomo Administration has taken a series of steps to help stop illegal online payday lending in
New York through a multi-faceted, full-court press.
These include measures to cut off online
DEPARTMENT OF FINANCIAL SERVICES 2014 ANNUAL REPORT | Page 3
. payday lenders access to the bank payment system, which has helped lead a majority of the
firms that NYDFS targeted to stop lending into New York. NYDFS was also the first regulator
to bring a successful enforcement action against a payday loan “lead generation” firm, which
market those illegal loans. (See National Memo, “Making Too Big to Fail Banks Help Poor
Borrowers,” August 2013; New York Post, “Lawsky Cracks Down on Lender Backed by
Montel Williams, March 2015.)
ï‚·
Helping Consumers Fight Back Against Abusive and Harassing Debt Collection Practices. In
2014 alone, New York consumers filed more than 20,000 complaints regarding debt collection
practices.
To help combat this problem, Governor Cuomo and NYDFS announced new, nationleading reforms. These new NYDFS regulations will provide consumers with important
disclosures to help combat aggressive and deceptive practices that take advantage of confusion
or fear; help stop attempts to sue to collect "zombie debts" where the statute of limitations has
expired; establish a new debt "substantiation" requirement so that consumers can request
information to avoid paying what they do not owe; and address other widespread abuses in the
debt collection industry. (New York Daily News, “State will unveil new regulations on debt
collectors, December 2014.)
ï‚·
Recovered $1 Billion in Unpaid Life Insurance Benefits for Consumers.
In 2012, NYDFS
launched an investigation that uncovered many insurance companies regularly received a list of
recent deaths from the Social Security Administration, but were not using that list to determine
if a policy holder had died. That means that if a family member did not know there was a life
insurance policy or simply forgot to file a claim to the insurance company, the policy went
unpaid. As a result, thousands of families did not receive life insurance benefits to which they
were entitled.
Working with those insurers, NYDFS helped recover more than $1 billion in
unpaid life insurance benefits for consumers stuck on the books of insurers, including nearly
$400 million for New Yorkers. (Associated Press, N.Y. find $1.1B in Unpaid Life Insurance
Nationwide, July 2013)
ï‚·
Reforming “Force-Placed” Home Insurance Practices That Pushed Borrowers over the
Foreclosure Cliff.
NYDFS helped reform and clean up a little-known area of the financial
industry – rife with kickbacks and consumer abuses – called force-placed insurance, which
stuck already struggling borrowers with inflated home insurance costs, threatening to push
them over the foreclosure cliff. (New York Times, “New York Investigates Home Insurance
Payments to Banks,” May 2012.)
ï‚·
Stopping Surprise, Out-of-Network Medical Bills That Slam Consumers. NYDFS helped
push for passage of legislation in the 2014-15 state budget that Governor Cuomo proposed to
protect consumers from surprise, out-of-network medical bills.
(New York Times, New York
Curbs Medical Bills Containing Surprises, March 2014.)
ï‚·
Reforming Inflated Title Insurance Costs. NYDFS conducted an extensive investigation into
the title insurance industry, which was sticking consumers with the bill for lavish entertainment
expenses and other inflated costs. That investigation led to reforms that will help provide
DEPARTMENT OF FINANCIAL SERVICES 2014 ANNUAL REPORT | Page 4
.
significant savings to homeowners – in some cases, as much as 60 percent on their title
insurance bill. (See New York Post, Cuomo plan would slash title fees by up to 60 percent,
January 2014.)
ï‚·
Helping New Yorkers Recover after Natural Disasters. NYDFS has helped consumers recover
and deal with their insurance companies and other financial institutions in the wake of natural
disasters, such as Superstorm Sandy and Irene. Governor Cuomo has deployed DFS Mobile
Command Centers to more than 100 locations throughout New York in the aftermath of major
disasters, as well as taken a number of steps through the Department to help speed up relief
payments owed to affected New Yorkers from banks and insurers.
(See New York Daily News,
State: 10 slow banks holding onto millions in Sandy relief funds, March 2013.)
ï‚·
An Innovative Use of the Federal Dodd-Frank Law to Protect New York Consumers. In 2014,
NYDFS brought a lawsuit against Condor Capital Corporation, a subprime auto lender based in
Long Island, after a Department investigation uncovered that the company deceptively retained
millions of dollars owed to vulnerable borrowers and overcharged them for interest in violation
of the Truth in Lending Act. The lawsuit against Condor (Lawsky v.
Condor) was the first legal
action initiated by a state regulator under section 1042 of the federal Dodd-Frank Wall Street
Reform and Consumer Protection Act, which empowers state regulators to bring civil actions in
federal court for violations of Dodd-Frank’s consumer protection requirements. After the
lawsuit, Condor agreed to make full restitution plus nine percent interest to all aggrieved
customers nationwide (an estimated $8-9 million), pay a $3 million penalty, and admit
violations of New York and federal law. (See, New York Times, New York Financial Regulator
Uses Dodd-Frank to Sue Auto Lender, April 2014)
ADDRESSING NEW FINANCIAL PRODUCTS AND RISKS
ï‚·
Helping Strengthen Bank Cyber Hacking Defenses.
NYDFS has been an international leader
in sounding the alarm on the threat cyber hacking poses to consumers and financial markets. In
response to those risks, NYDFS has undertaken a number of actions to help propel banks and
insurance companies to strengthen their cyber defenses, including targeted examinations and
proposing new regulations requiring stronger cyber security preparedness. (See, UK Guardian,
“US regulator raises alarm for 'Armageddon-type' cyber attack,” September 2014; Financial
Times, “NY bank regulator steps up online security demands,” December 2014.)
ï‚·
Blowing the Whistle on “Shadow Insurance.” In 2012, NYDFS commenced a multi-year
investigation into “Shadow Insurance” — a little-known loophole putting taxpayers and
policyholders at greater risk.
Insurance companies use shadow insurance to shift blocks of
insurance policy claims to special entities — often in states outside where the companies are
based, or else offshore (e.g., the Cayman Islands) — in order to take advantage of looser
reserve and regulatory requirements. Reserves are funds that insurers set aside to pay
policyholder claims. This financial alchemy, however, does not actually transfer the risk for
those insurance policies off the parent company’s books because, in many instances, the parent
company is ultimately still on the hook for paying claims if the shell company’s weaker
DEPARTMENT OF FINANCIAL SERVICES 2014 ANNUAL REPORT | Page 5
.
reserves are exhausted through a “parental guarantee.” NYDFS’ investigation uncovered and
exposed that New York-based insurers and their affiliates are on the hook for at least $48
billion in hidden ‘shadow insurance’ transactions through shell companies in other states and
offshore. What’s worse, many of these companies are using this scheme to avoid billions of
dollars in taxes. (New York Times, “Insurers Inflating Their Books, New York Regulator Says,
June 2013; New York Times, Life Insurers Use State Laws to Avoid as Much as $100 Billion in
U.S. Taxes, December 2014.)
ï‚·
Virtual Currency Regulation.
In 2013, NYDFS launched an extensive inquiry into the
appropriate regulatory guidelines for the virtual currency industry, including
public hearings that the Department held in January 2014. Using the information gathered
during that inquiry, NYDFS proposed a first-in-the nation, comprehensive regulatory
framework for firms dealing in virtual currency, including Bitcoin. The regulatory framework
contains key consumer protection, anti-money laundering compliance, and cyber security rules
tailored for virtual currency firms.
(See Forbes, “New York's Financial Regulator, Benjamin
Lawsky, Maintains Lead on Bitcoin Regulation,” July 2014.)
ï‚·
Strengthening Retirement Protections by Cracking Down on Private Equity Companies. As
part of its regulatory work, NYDFS uncovered and highlighted a spike in private equity firms
moving into the annuity business. This trend raised concerns since private equity firms
typically have a more short-term oriented business model than traditional insurers, and the
annuity business is focused on ensuring long-term security for policyholders.
As such, NYDFS
reached agreements with a number of the largest private equity firms involved in the annuity
business requiring those firms to put in place a set of heightened policyholder protections.
These policyholder protections include heightened capital standards; the establishment of a
separate, additional “backstop” trust account dedicated to further safeguarding policyholder
claims; enhanced regulatory scrutiny of investments, operations, dividends, and reinsurance;
and other strengthened disclosure and transparency requirements. (Huffington Post, Ben
Lawsky Weighs Crackdown on Private Equity Firms, May 2013.)
DEPARTMENT OF FINANCIAL SERVICES 2014 ANNUAL REPORT | Page 6
. SUMMARY OF MAJOR ENFORCEMENT ACTIONS SINCE AGENCY’S
INCEPTION
Date
Company
Misconduct
Monetary
Penalty
Notable Terms
4/23/2015
Deutsche Bank
(Germany's
Largest Bank)
$600,000,000
Manipulation of
Benchmark Interest
Rates, Including
LIBOR
Bank moves to terminate and ban
multiple executives who engaged in
misconduct; installs independent
monitor
3/12/2015
Commerzbank
(Germany's 2nd
Largest Bank)
$610,000,000
Sanctions/
Antiâ€Money
Laundering
Compliance (Iran,
Sudan, & Other
Sanctioned Clients)
Bank moves to terminate multiple
executives who engaged in
misconduct, including the individual
serving as the head of regional
compliance for the New York
branch during relevant period;
installs independent monitor
3/11/2015
MoneyMutual
(Payday Loan
"Lead
Generator")
Marketing Payday
Loans in Excess of
NY's Interest Rate
Caps
$2,100,000
First successful enforcement action
nationwide against a payday loan
"lead generator;" Montel Williams
withdraws endorsement of NY
payday loans
12/22/2014 Bank Leumi
(Israel's Largest
Bank)
Facilitating Tax
Evasion
$130,000,000
Bank moves to terminate three
individual senior employees; ban
Chief Administrative Officer from
compliance activities; install
monitor
12/22/2014 Ocwen
(Largest
Subprime
Mortgage
Servicer in the
U.S.)
Mortgage
Misconduct
$150,000,000
Chairman of Ocwen and related
companies steps down; company
appoints two independent board
members; $10,000 in restitution for
each foreclosed New York
borrower; access to loan files for all
borrowers; continued ban on
acquiring mortgage servicing rights;
extend monitorship for three years
12/19/2014 Condor Capital
(Subprime Auto
Lender)
Consumer Abuses
in Subprime Auto
Lending
$3,000,000
First state regulator to bring federal
suit under new consumer
protection authority provided in
Doddâ€Frank; obtained $8â€9 million
in restitution for abused consumers;
company surrenders license and
liquidates
DEPARTMENT OF FINANCIAL SERVICES 2014 ANNUAL REPORT | Page 7
. Date
Company
11/18/2014 Bank of Tokyo
Mitsubishi II
(Japan's Largest
Bank)
Misconduct
Monetary
Penalty
Deceived NYDFS on $315,000,000
Antiâ€Money
Laundering
Consulting Report
regarding
Iran/Sudan/
Myanmar
Transactions
Notable Terms
The additional $315 million penalty
was imposed after an original $250
million penalty from June 2013,
after NYDFS discovered the bank
deceived the Department during
the previous settlement
negotiations (bringing the total
monetary penalty to $565 million).
Bank terminates a senior employee
and NYDFS bans two additional
senior employees from conducting
business with New York banks.
Independent monitor's term
extended an additional 18 months
10/31/2014 AIG
$35,000,000
Unlicensed
insurance activity;
intentional
misrepresentations
to regulators
The $35 million penalty is in
addition to the $50 million penalty
previously imposed on MetLife â€â€
the company to which AIG sold the
subsidiaries involved in the
misconduct
8/19/2014
Standard
Violations of 2012
Chartered Bank II Consent Order
Regarding Antiâ€
money Laundering
Compliance
$300,000,000
The additional $300 million penalty
was imposed after an original $340
million penalty in August 2012, after
NYDFS discovered the Bank violated
its consent order (bringing the total
monetary penalty to $640 million).
The Bank was also required to
suspend dollar clearing through its
New York Branch for highâ€risk retail
business clients at its SCB Hong
Kong subsidiary; exit highâ€risk client
relationships within certain
business lines at its branches in the
United Arab Emirates; and not
accept new dollarâ€clearing clients or
accounts across its operations
without prior approval from NYDFS.
The term of NYDFS' independent
monitor was also extended two
years.
DEPARTMENT OF FINANCIAL SERVICES 2014 ANNUAL REPORT | Page 8
. Date
Company
Misconduct
Monetary
Penalty
Notable Terms
8/18/2014
Pricewaterhouse
Coopers("Big
Four" Auditing &
Consulting Firm)
Whitewashing
Report to
Regulators on
Money Laundering
at Bank of Tokyo
Mitsubishi
$25,000,000
PwC Regulatory Advisory Services
unit was banned from regulatory
consulting work at NYDFSâ€regulated
institutions for 24 months; PwC
claws back compensation for
partner involved in the engagement
and implements new code of
conduct on consulting
independence
6/30/2014
BNP Paribas
(France's Largest
Bank)
Sanctions/
Antiâ€Money
Laundering
Compliance
(Sudan; Iran, Cuba)
$2,243,400,000 13 senior employees, including
Chief Operating Officer, terminated
or separated from Bank; suspend
U.S. dollarâ€clearing operations
through its New York Branch or its
other U.S. affiliates for one year at
BNPP business lines on which the
misconduct centered; extend
independent monitor's term an
additional two years
5/19/2014
Credit Suisse
Facilitating Tax
Evasion
$715,000,000
Terminate three senior employees
involved in the misconduct; install
independent monitor at the Bank
for up to two years
3/31/2014
MetLife
Unlicensed
Insurance Activity
$50,000,000
NYDFS later imposed an additional
$35 million fine on AIG (the
company that sold MetLife the
subsidiaries involved in this
misconduct)
3/17/2014
AXA Equitable
Violating Consumer $20,000,000
Protection Laws on
Annuity Products
Largest insuranceâ€related fine in
Department history for Insurance
Law consumer protection violations
$50,000,000
Sanctions/
Antiâ€Money
Laundering
Compliance (Iran,
Sudan, & Other
Sanctioned Clients)
Bank required to terminate four
senior employees, including RBS’s
Head of Global Banking Services for
Asia, Middle East and Africa, and
Head of the Money Laundering
Prevention Unit for Corporate
Markets
12/11/2014 RBS
DEPARTMENT OF FINANCIAL SERVICES 2014 ANNUAL REPORT | Page 9
. Date
Company
Misconduct
Monetary
Penalty
Notable Terms
6/20/2013
Bank of Tokyo
Mitsubishi
(Japan's Largest
Bank)
Sanctions/
Antiâ€Money
Laundering
Compliance (Iran,
Sudan, &
Myanmar)
$250,000,000
Bank later penalized an additional
$315 million in November 2014 for
deceiving the Department during
the course of settlement
negotiations
6/18/2013
Deloitte
$10,000,000
Whitewashing
Report to
Regulators on Antiâ€
money Laundering
Compliance at
Standard Chartered
Bank
5/30/2013
American
Modern; Chubb,
Fidelity and
Deposit Company
of Maryland,
FinSecure
Forceâ€placed
Insurance
Kickbacks;
Insurance Law
Violations
$1,000,000
Extended NYDFS forceâ€placed
insurance reforms banning
kickbacks and other consumer
abuses to 100 percent of the New
York market
4/18/2013
QBE
(2nd Largest
Forceâ€placed
Insurer in the
U.S.)
Forceâ€placed
Insurance
Kickbacks;
Insurance Law
Violations
$10,000,000
Company implements NYDFS forceâ€
placed insurance reforms banning
kickbacks and other consumer
abuses
3/21/2013
Assurant
(Largest Forceâ€
placed Insurer in
the Country)
Forceâ€placed
Insurance
Kickbacks;
Insurance Law
Violations
$14,000,000
Company implements NYDFS forceâ€
placed insurance reforms banning
kickbacks and other consumer
abuses
8/14/2012
Standard
Chartered Bank
$340,000,000
Sanctions/
Antiâ€Money
Laundering
Compliance (Iran &
Other Sanctioned
Clients)
First successful enforcement action
in the country against a consultant
by a bank regulator. Deloitte
banned from regulatory consulting
work at NYDFSâ€regulated
institutions for 12 months;
implements new code of conduct
on consulting independence
Bank subsequently paid an
additional $300 million penalty in
August 2014 for violating the
August 2012 consent order
DEPARTMENT OF FINANCIAL SERVICES 2014 ANNUAL REPORT | Page 10
. INSURANCE DIVISION OVERVIEW
Property Bureau
The Property Bureau supervises more than 882 regulated entities, writing net premiums totaling more
than $369 billion.
The Property Bureau oversees the financial condition and market conduct of property and casualty
insurance companies in order to monitor the financial solvency of licensees and to maintain an
equitable marketplace for policyholders.
The Property Bureau’s Financial Section conducts examinations and analyses, which includes
reviewing and monitoring the financial condition of regulated entities; reviewing mergers, acquisitions
and transactions within holding company systems; reviewing applications for licensing of domestic
and foreign insurers; reviewing applications for accreditation of foreign and alien reinsurers; reviewing
applications to qualify as a certified reinsurer; and reviewing applications for registration as a service
contract provider.
The Property Bureau Market Section reviews policy forms and rate filings for all lines of business,
including workers’ compensation, private passenger and public automobile and medical malpractice
insurance rates. In addition, the Bureau oversees the American Arbitration Association’s (AAA)
administration of conciliation and arbitration of no-fault auto insurance claims disputes and monitors
the excess and surplus lines insurance market, as well as risk retention groups and purchasing groups
organized pursuant to the Federal Risk Retention Act.
The Bureau conducts investigations of property and casualty insurers' underwriting, rating and claims
practices for compliance with New York statutes and Department Regulations. The findings of these
investigations may require that the Department take disciplinary action against these insurers. As a
result of investigations completed in 2014, New York policyholders and claimants were refunded
premiums and interest in excess of $1.8 million.
Companies also stipulated to enforcement penalties of
$2,845,750.
Health Bureau
The Health Bureau regulates health insurers with total assets of $38.4 billion and premiums totaling
$34.3 billion. The Health Bureau has responsibility for all aspects of health insurance regulation,
including the premium rates and policy forms; legal aspects of health insurance, including compliance,
drafting regulations and legislation; and reviewing discontinuances of health insurance coverage.
The Health Bureau also regulates the fiscal solvency of accident and health insurance companies,
Article 43 not-for-profit health plans, health maintenance organizations (HMOs), municipal
cooperative health benefits plans and continuing care retirement communities, including review of
financial statements and holding company transactions.
The Health Bureau conducts financial and market conduct examinations to ensure compliance with
statutory and financial solvency requirements, as well as proper treatment of policyholders. The
financial examinations focus on high-risk areas of an entity’s operations and include corporate
governance, internal controls, current and prospective risk assessment, and review of material
transactions.
DEPARTMENT OF FINANCIAL SERVICES 2014 ANNUAL REPORT | Page 11
.
The Health Bureau also runs the Healthy NY program and the COBRA program which provide
insurance coverage to vulnerable small businesses and individuals meeting certain eligibility criteria.
In addition, the Health Bureau oversees the Market Stabilization Pools, the Healthy NY Stop Loss
Funds and the Direct Payment Stop Loss Funds which are risk adjustment mechanisms for individual,
small group and Medicare Supplement coverage.
In conjunction with the Department of Health, the Health Bureau also oversees the NYS Medical
Indemnity Fund which provides the cost of health care needs of patients with neurological impairments
deemed by the courts to be birth-related.
In addition, the Bureau is responsible for implementing New York’s landmark out-of-network surprise
bill legislation and works closely with the Governor’s Office and the Department of Health on
implementing federal health care reform.
Life Bureau
The Life Bureau supervises more than 637 regulated entities, including 133 licensed life insurance
companies with assets of more than $2.9 trillion and premiums of more than $227 billion.
The 133 life insurers supervised by the bureau include 79 domiciled in New York and 54 foreign
domiciled insurers. In addition, the bureau supervises: 36 fraternal benefit societies; 12 retirement
systems, including four private pension funds and eight governmental systems; nine governmental
variable supplements funds; 358 charitable annuity funds; 22 employee welfare funds; 30 life
settlement providers; 28 accredited reinsurers and nine certified reinsurers.
The Life Bureau regulates financial condition through: the establishment and application of financial
standards (risk-based capital, reserves, accounting, etc.); the periodic examination of insurance
companies’ financial activities; the evaluation of reserve adequacy and liquidity and other risks; the
review of life products for self-support and potentially excessive risk; and the analysis of financial
statements and actuarial reports and opinions submitted by regulated entities. Such Bureau processes
are performed to verify that statutory and regulatory financial standards are met and to ensure that
insurers can meet their financial and contractual obligations.
The Life Bureau regulates market conduct through: the establishment of market conduct standards
(product provisions, replacements, claims practices, etc.); the periodic examination of insurance
companies’ sales and marketing practices and treatment of policyholders; the investigation of specific
or targeted market activities; and the analysis of market data. These processes are performed to: ensure
compliance with statutory and regulatory requirements; ensure that policyholders are treated fairly and
equitably by insurers in accordance with prescribed standards of conduct; and protect the marketplace
by preventing and/or limiting practices that constitute unfair trade practices or unfair methods of
competition.
The Life Bureau reviews and approves life insurance policies, annuity contracts, funding agreements,
and all other agreements and policy forms relating thereto submitted by authorized life insurers and
other regulated entities for sale in New York to individual or group consumers for compliance with
applicable laws, rules and regulations.
Legal and actuarial reviews are performed to ensure that New
York consumers receive the protection afforded by New York law and regulations and to ensure that
such consumers are treated in a fair and equitable manner by authorized life insurers and other
regulated entities.
DEPARTMENT OF FINANCIAL SERVICES 2014 ANNUAL REPORT | Page 12
. The Life Bureau regulates the corporate conduct of authorized insurers through: the establishment of
corporate standards (corporate governance, holding company, licensing requirements, etc.); the
enforcement of statutory and regulatory corporate governance standards; and the review and approval
of activities including licensing, corporate reorganizations, mergers, acquisitions, demutualization and
holding company transactions. In so doing, the Bureau verifies that statutory and regulatory
requirements are met; ensures the prudent conduct of insurers; and protects policyholder interests.
BANKING DIVISION OVERVIEW
Community and Regional Banks
Community and Regional Banks (CRB) is responsible for the prudential regulation of community and
regional banks, credit unions, and other depository institutions through annual and periodic target
examinations and continuous supervision. CRB staff review the compliance of the supervised
institutions with applicable New York State and Federal laws and regulations. CRB partners with the
FDIC, the Federal Reserve Bank of New York (FRB), and the National Credit Union Administration
(NCUA) in joint supervision.
In 2014, CRB had supervisory oversight of a total of 86 banks and savings institutions, including 54
commercial banks, 22 savings banks, 8 limited-purpose commercial banks and 2 savings and loan
associations.
CRB also provides regulatory supervision for 20 credit unions with total assets ranging
from $1 million to $1.8 billion, limited purpose trust companies, charitable foundations, bank holding
companies, and three New York State regulated corporations. The aggregate assets of institutions
supervised by CRB are more than $264 billion.
During 2014, the economic environment continued to improve. No CRB institutions were closed
during the year.
Foreign and Wholesale Banks
During 2014, Foreign and Wholesale Banks (FWB) was active in the areas of recovery and resolution
planning of Foreign Banking Organization branches and agencies.
The purpose of recovery and
resolution planning is to “end Too-Big-To-Fail” by developing regulatory tools and establishing
regulatory cooperation necessary to resolve a global systemically important bank (“G-SIB”) without
recourse to taxpayer funds and without imperiling the orderly functioning of financial markets. The
Department participated in the several crisis management group meetings, which are multilateral
meetings among regulators and G-SIBs on recovery and resolution planning. Additionally, it
maintained active dialogue with fellow US and foreign regulators and hosted a meeting with
representatives of the Canadian Deposit Insurance Corporation on resolution planning.
On February 18, 2014, the Department submitted a comment letter to the Federal Deposit Insurance
Corporation regarding its proposed single point of entry strategy for the resolution of systemically
important financial institutions.
The letter concurred with the FDIC’s focus on developing a SPOE
strategy to carry out the resolution of a G-SIB and classed the FDIC’s work in this regard as an
important contribution to ending “Too Big To Fail.” The letter advocated that, in order to be workable,
a global resolution strategy be structured to accommodate the supervisory concerns of host country
regulators who would likely engage their supervisory authority in the period prior to a resolution to
protect the interests of domestic creditors and depositors and highlighted practical challenges that a
host regulator may have to consider when a SPOE resolution strategy is proposed.
DEPARTMENT OF FINANCIAL SERVICES 2014 ANNUAL REPORT | Page 13
. Finally, DFS put this theory into practice, when one of our institutions, Banco Espirito Santo, was
resolved by its home authority. On August 4th, 2014, the Portuguese authorities announced the going
concern resolution of Banco Espirito Santo, the country’s second largest lender. The mechanism by
which this was accomplished was a bridge bank, a structure into which the “good assets” of the bank
were placed, creating a new legal entity. The equity and certain long term debt remained behind in a
“bad bank,” forcing the former owners and certain subordinated creditors to take losses and the new
entity to recapitalize using the resolution fund provided by industry.
Legally, placing an institution
into a bridge structure in this manner creates an entirely new legal entity and requires an entirely new
license. DFS worked closely with our Federal regulatory partners, the Portuguese authorities and the
bank in the period prior to the resolution as well as over the weekend as the decision to resolve the
bank was taken. We were able to protect the interests of New York creditors and issue a license to the
successor bank’s New York branch in time to allow it to open normally for business that Monday,
ensuring the new bank’s ability to continue to operate without disrupting the New York financial
system or the financial system in its home market.
Licensed Financial Services
The Licensed Financial Services Division (LFS) supervises budget planners, check cashers, licensed
lenders, money transmitters, premium finance agencies, and sales finance companies.
At year-end
2014, the Department had regulatory oversight of 42 budget planners, 128 check cashers, 19 licensed
lenders, 86 money transmitters, 51 premium finance agencies, and 104 sales finance companies.
Improvement in economic conditions continued in 2014, and with the exception of check cashers our
licensees remained stable in numbers. Check cashers declined due to compression of margins and
merger and acquisition activity favoring larger operators. As the number of check casher locations
declined by 21%, services to the non-banked community most likely have experienced some negative
impact.
CAPITAL MARKETS DIVISION OVERVIEW
The Capital Markets Division provides the Department's expertise in capital markets (bonds, equities,
credit, derivatives, commodities), Enterprise Risk Management, financial analysis, IT, internal controls
and audit, research, fiduciary controls, regulatory accounting, Bank Secrecy Act, anti-money
laundering and new financial products.
Capital Markets works with all the other Divisions in
examinations and also conducts target examinations independently.
The Division has the primary regulatory responsibility for the New York State based public retirement
systems and financial guaranty insurance companies. As the supervisor of New York State’s
actuarially funded public retirement systems, Capital Markets continued its examinations of the New
York State and Local Employee Retirement System, and the New York City Employee Retirement
System, and commenced examination of the New York City Teachers’ Retirement System, the New
York City Fire Department Pension Fund, and the New York City Board of Education Retirement
System.
After investigating acquisitions of life insurance companies with substantial annuity operations, and
reaching agreements with investment firms that agreed to put in place heightened policyholder
protections as part of acquisitions, the Department drafted revisions to add the protections obtained in
those agreements to existing regulations concerning insurance acquisitions. The revised regulation
took effect in November 2014.
DEPARTMENT OF FINANCIAL SERVICES 2014 ANNUAL REPORT | Page 14
.
Additionally, Capital Markets, together with the Banking and Insurance Divisions, continues to
monitor developments concerning the cyber security practices of regulated companies. Capital
Markets is in the process of updating and expanding the scope of examinations it conducts in this fastchanging area.
Also, Capital Markets held hearings concerning virtual currency activities in January 2014.
Regulations for virtual currency businesses were then drafted and published in July 2014. After
receiving and reviewing thousands of public comments on the initial version, a revised regulation was
published for public comment in February 2015.
REAL ESTATE FINANCE DIVISION OVERVIEW
The Real Estate Finance Division is responsible for regulating all real estate and homeowner issues,
ranging from mortgage origination and servicing to the foreclosure crisis. In addition, the Division
became the clearinghouse for Storm Sandy response operations, assisting homeowners whose lives
were upended by the storm.
The Division is responsible for the operation and oversight of three operating units: the Mortgage
Banking Unit, the Mortgage Assistance Unit, and the Mobile Command Center.
Mortgage Banking
The Mortgage Banking Unit is responsible for the licensing and supervision of mortgage bankers,
mortgage brokers, mortgage loan servicers, and mortgage loan originators conducting business in New
York State.
At year-end 2014, Mortgage Banking supervised 653 registered mortgage brokers and 177
licensed mortgage bankers operating through 154 and 512 branch offices, respectively. Mortgage
Banking also has supervisory authority for 38 registered mortgage loan servicers and 7003 licensed
mortgage loan originators.
Mortgage Assistance Unit
The mission of the Mortgage Assistance Unit (MAU) is to ensure that mortgage bankers, brokers,
servicers, and loan originators licensed by the Department are in compliance with applicable laws and
regulations in providing financial services to New York residents. To achieve this end, the MAU acts
as an intermediary between consumers and financial institutions to resolve requests for assistance and
answer inquiries concerning real estate-related financial products.
The MAU works together with the
Real Estate Finance Division to identify patterns of non-compliance and advise the Superintendent on
emerging policy issues.
Mobile Command Center
The Mobile Command Center (MCC) is a mobile office staffed with DFS specialists who assist
homeowners at various stages of pre-foreclosure and foreclosure. The MCC travels statewide to
communities hardest hit by the foreclosure crisis to help homeowners obtain mortgage loan
modifications or other alternatives short of foreclosure, to take complaints from homeowners who
believe that they have been subjected to lender or mortgage servicer abuses, and to provide information
to homeowners about other New York State resources that may be available. The MCC also deploys
DEPARTMENT OF FINANCIAL SERVICES 2014 ANNUAL REPORT | Page 15
.
statewide in response to emergencies and natural disasters to assist victims with homeowner and
insurance-related issues.
FINANCIAL FRAUDS AND CONSUMER PROTECTION DIVISION
The Department’s Financial Frauds and Consumer Protection Division (FFCPD) is responsible for
combating insurance and banking fraud, as well as frauds against users of financial products and
services including consumers and investors. The Division also conducts performance evaluations in
consumer compliance, fair lending and the Community Reinvestment Act.
As required by the Financial Services Law, the FFCPD submitted its 2014 Annual Financial Fraud and
Consumer Protection Division Report on March 15, 2015.
The FFCPD encompasses the Civil Investigation Unit, the Criminal Investigation Unit; the Consumer
Assistance Unit; the Consumer Examinations Unit; the Disciplinary Unit; the Student Protection Unit;
and the Holocaust Claims Processing Office.
Civil Investigations Unit
The Civil Investigations Unit includes a staff of attorneys investigating civil financial fraud and
misconduct, including violations of the financial services law, other consumer and fair lending laws,
the banking law and the insurance law. In 2014, the Civil Investigations Unit conducted investigations
in a number of areas including: payday lending (including payday loan lead generators and investors in
payday lenders), the student debt relief industry, providers of car sharing services, automobile
insurance pricing, variable annuity guaranteed living benefits, global group insurance benefits and the
debt collection and debt buying industries.
Criminal Investigations Unit
The Criminal Investigations Unit (CIU) conducts specialized investigations into criminal conduct
involving the financial services industry and works cooperatively with law enforcement and regulatory
agencies at the federal, state, county and local levels. The CIU handles banking criminal investigations
and insurance frauds.
Consumer Assistance Unit
The Consumer Assistance Unit (CAU) is responsible for receiving, investigating and resolving
consumer complaints involving insurance, banking and other financial issues through informal
mediation and negotiation.
CAU also includes a unit that investigates complaints against licensed
insurance producers. In 2014, the CAU recovered $40,804,348 for 6646 consumers, which included
refunds from insurers, reinstatement of lapsed coverage, payment for denied medical claims, and
coverage of disaster-related claims that had been previously denied.
Within CAU, the Producer Licensing Unit reviews applications, issues licenses and processes renewals
for insurance companies as well as licensed producers, including agents, brokers, adjusters, bail bond
DEPARTMENT OF FINANCIAL SERVICES 2014 ANNUAL REPORT | Page 16
. agents, life settlement brokers, providers and intermediaries. In 2014, the Producer Licensing Unit
issued 172,257 licenses.
Disciplinary Unit
The Disciplinary Unit oversees the activities of licensed individuals and entities who conduct
insurance business in New York State, including producers (agents and brokers), limited lines
producers, independent and public adjusters, reinsurance intermediaries, bail bond agents, and viatical
settlement brokers. The goals of the Unit are to protect the public and ensure that licensees act in
accordance with applicable insurance laws and Department regulations.
In collaboration with the Producer Licensing Unit of CAU, the Disciplinary Unit monitors the
insurance marketplace to determine if unlicensed activity is occurring and, if necessary, takes steps to
ensure that individuals or entities either achieve compliance or cease activities. The attorneys in the
Disciplinary Unit bring disciplinary proceedings against licensees for violations of the Insurance Law.
When a violation of the Insurance Law is proven, an administrative sanction may be imposed resulting
in license revocation or suspension, the denial of pending applications, or monetary penalties imposed
with corrective actions to address violations.
Consumer Examinations and Community Development Unit
The mission of the Consumer Examination Unit (CEU) is to maintain and enhance consumer
confidence in New York’s banking system by ensuring that regulated institutions abide by the State’s
consumer protection, Fair Lending and Community Reinvestment Act (CRA) regulations; increase
consumer access to traditional banking services in under-served communities by effectively
administering the Department’s Banking Development District program and other community
development initiatives; and harmonize the FFCPD’s examination and enforcement activities with
those of the Department’s federal counterparts.
Student Protection Unit
The mission of the newest unit within FFCPD is to serve as consumer watchdog for New York’s
students.
SPU is dedicated to investigating potential consumer protection violations and distributing
clear information that students and their families can use to help them make informed, long-term
financial choices.
Holocaust Claims Processing Office
The Holocaust Claims Processing Office (HCPO) helps Holocaust victims and their heirs recover
assets deposited in banks, unpaid proceeds of insurance policies issued by European insurers, and
artworks that were lost, looted or sold under duress. The HCPO accepts claims for Holocaust-era
looted assets from anywhere in the world and charges no fees for its services. HCPO has successfully
closed the cases of 2,127 individuals in which either an offer was accepted, the claims process to
which the claim was submitted issued a final determination, the assets claimed had been previously
compensated via a postwar restitution or compensation proceeding.
The combined total of offers extended to HCPO claimants for bank, insurance, and other asset losses
amounts to $171,720,702 and a total of 94 cultural objects have been restituted.
The 2014 HCPO
Annual Report is available on our website.
DEPARTMENT OF FINANCIAL SERVICES 2014 ANNUAL REPORT | Page 17
. LIQUIDATION BUREAU OVERVIEW
The New York Liquidation Bureau (NYLB) is the office that carries out the duties of the New York
Superintendent in his capacity as receiver of impaired or insolvent insurance companies under New
York Insurance Law Article 74.
The NYLB receives no funding from the State budget; rather, its costs are paid from the assets of the
estates under receivership, as well as expense reimbursements from the New York Property/Casualty
Insurance Security Fund and the Public Motor Vehicle Liability Security Fund, established under
Insurance Law Article 76, and the Workers’ Compensation Security Fund, established under New
York Workers’ Compensation Law Article 6-A, which are paid from assessments on industry.
For each estate, the Superintendent is appointed Receiver by the Supreme Court of the State of New
York. Thereafter, the Receivership Court approves the actions of the Receiver and, by extension, the
NYLB.
In 2014, the NYLB distributed $153 million in estate assets to insurance policyholders, claimants and
creditors, while also closing over 3,500 outstanding policyholder claims.
Acting as an agent of the Receiver, the NYLB maximizes the assets and resolves the liabilities of the
estates. The goal is to rehabilitate the companies and put them back into operation or, if that is not
possible, liquidate them in order to distribute their assets to policyholders and creditors. In addition,
the NYLB performs claims-handling and certain payment functions relating to the Security Funds.
The Security Funds pay eligible claims remaining unpaid if an insolvent insurer does not have
sufficient assets to meet its obligations to policyholders.
As of December 31, 2014, the NYLB was managing forty-one insurance company proceedings.
During 2014, two new proceedings were commenced; one was the conversion of a rehabilitation to a
liquidation (Professional Liability Insurance Company of America) and the other was a domestic
liquidation proceeding (UHAB Mutual Insurance Company).
During 2014, fifteen receivership proceedings were completed, of which eight were domestic
liquidation proceedings (Capital Mutual Insurance Company, Carriers Casualty Company, Colonial
Indemnity Insurance Company, Consolidated Mutual Insurance Company, Galaxy Insurance
Company, Home Mutual Insurance Company of Binghamton, N.Y., New York Merchant Bakers
Insurance Company, Whiting National Insurance Company); four were ancillary proceedings
(Acceleration National Insurance Company, Amwest Surety Insurance Company, Security Indemnity
Insurance Company, Shelby Casualty Insurance Company); two were conservation proceedings
(Folksam International Insurance Company (UK) Limited and Legion Indemnity Insurance Company);
and one rehabilitation proceeding was converted to a domestic liquidation proceeding (Professional
Liability Insurance Company of America).
DEPARTMENT OF FINANCIAL SERVICES 2014 ANNUAL REPORT | Page 18
.
REGULATORY AND LEGISLATIVE ACTIVITIES
REGULATIONS
Proposed, adopted on an emergency basis, and final adoptions of regulations completed during 2014
can be found on our website.
INDUSTRY AND CIRCULAR LETTERS
Banking Industry Letters and Insurance Circular Letters can be found on our website.
CHANGES TO THE BANKING, INSURANCE AND FINANCIAL SERVICES LAWS
Legislative Summaries regarding changes to Insurance, Banking, Financial Services and related laws
can be found on our website.
LEGISLATIVE RECOMMENDATIONS FOR 2015
ï‚·
Out of Network: This bill amends laws to provide several enhanced protections to consumers
regarding coverage for out-of-network services.
ï‚·
Title Agent Licensing: This bill would give DFS authority to issue licenses to title insurance
agents.
ï‚·
No-Fault Reform: This bill amends the Insurance Law to expand the authority of the
Superintendent of Financial Services to prohibit a provider of health services from demanding or
requesting payment for health services rendered under Article 51 of the Insurance Law if the
Superintendent determines that the provider has engaged in certain activities, and to permit the
Superintendent to request information from, and examine, a provider of health services.
ï‚·
Life Guaranty Fund: Article 77 of the Insurance Law sets up a mechanism to provide funds to
protect New York residents against a life insurer’s failure to perform its contractual obligations
under life insurance policies, annuity contracts, accident and health insurance policies, funding
agreements and supplemental contracts. Under current law, the Guaranty Corporation may
assess member insurers for the funds necessary to meet the contractual obligations of an
insolvent life insurer up to a $558 million cap for the entirety of all such failed insurers. This
bill permits the Guaranty Corporation to assess member insurers for amounts above the current
cap which will ensure the protection of New Yorkers in the event of a life insurer’s insolvency
in the future.
ï‚·
Bail Bond Reform: This bill amends the Insurance Law to enable DFS to more effectively
regulated licensed bail agents.
ï‚·
Omnibus (Insurance, Banking, Foreclosure): This bill amends the Insurance Law to meet
NAIC accreditation standards. The bill also extends various laws in the area of property
insurance and foreclosure relief that would otherwise expire during 2014 and 2015.
DEPARTMENT OF FINANCIAL SERVICES 2014 ANNUAL REPORT | Page 19
.
BANKING STATISTICS
SUMMARY OF SUPERVISED INSTITUTIONS
CONDITION OF ALL PRINCIPAL BANKING AND LENDING FACILITIES IN NEW YORK
Number of Institutions
Assets
Dollars in Thousands
New York State
NYC
Rest of State
All Institutions *
723
296
414
3,174,052,359
2,815,806,100
358,246,259
Commercial Banks **
129
59
70
804,119,815
576,017,502
228,102,313
Savings Banks
42
13
29
108,818,843
37,049,646
71,769,197
Savings & Loan Associations
8
1
7
3,035,606
1,740,528
1,295,078
384
84
300
68,597,057
11,612,257
56,984,800
Safe Deposit Companies
2
0
2
521
0
521
Investment Companies (Article XII)
6
5
1
1,050,159
1,050,156
3
Licensed Lenders ***
19
1
5
95,320
973
94,347
Foreign Branches
118
118
0
2,074,242,713
2,074,242,713
0
Foreign Agencies
15
15
0
114,092,325
114,092,325
0
723
296
414
3,174,052,359
2,815,806,100
358,246,259
State Charter *
253
157
83
2,684,406,553
2,496,721,621
187,684,932
Commercial Banks **
81
42
39
678,486,993
559,927,445
118,559,548
Savings Banks
22
4
18
80,522,765
16,270,364
64,252,401
Savings and Loan Associations
2
0
2
190,798
0
190,798
Credit Unions
20
4
16
7,558,977
2,971,663
4,587,314
Safe Deposit Companies
2
0
2
521
0
521
Investment Companies (Article XII)
6
5
1
1,050,159
1,050,156
3
Licensed Lenders ***
19
1
5
95,320
973
94,347
Credit Unions
New York State
NYC
Rest of State
DEPARTMENT OF FINANCIAL SERVICES 2014 ANNUAL REPORT | Page 20
. Number of Institutions
Assets
Dollars in Thousands
Foreign Branches
87
87
0
1,802,836,839
1,802,836,839
0
Foreign Agencies
14
14
0
113,664,181
113,664,181
0
Federal Charter *
475
138
337
$461,975,691
$302,708,782
$159,266,909
Commercial Banks **
41
9
32
114,880,877
13,575,200
101,305,677
Savings Banks
20
10
10
12,025,098
5,081,633
6,943,465
Savings and Loan Associations
8
2
6
18,690,352
17,470,062
1,220,290
375
86
289
58,206,631
8,409,154
49,797,477
Safe Deposit Companies
0
0
0
0
0
0
Investment Companies (Article XII)
0
0
0
0
0
0
Licensed Lenders
0
0
0
0
0
0
Foreign Branches
30
30
0
257,744,578
257,744,578
0
Foreign Agencies
1
1
0
428,155
428,155
0
Credit Unions
*Dollars may not add to total due to rounding.
**Banks, trust companies, limited purpose trust companies, and private bankers.
*** 14 licensed institutions located outside New York State
DEPARTMENT OF FINANCIAL SERVICES 2014 ANNUAL REPORT | Page 21
. NEW YORK STATE CHARTERED AND LICENSED BANKING, LENDING AND FINANCIAL SERVICES INSTITUTIONS
Type of Institution
Number of Institutions
Number of Domestic Offices
Banks
Trust Companies
Limited Purpose Trust Companies
Private Bankers
Savings Banks
Savings & Loans
Credit Unions
Safe Deposit Companies
Investment Companies (Article XII)
Licensed Lenders
Foreign Branches
Foreign Agencies
Holding Companies †One Bank
Holding Companies †Multi Bank
Mutual Holding Companies
Foreign Representative Offices
Sales Finance Companies
Premium Finance Agencies
Check Cashers (including Commercial)
Money Transmitters
Budget Planners
Mortgage Bankers
Mortgage Brokers
Mortgage Loan Servicers
Common Trust Funds
NYS Regulated Corporations
Charitable Foundations
45
24
11
1
22
2
20
2
6
19
87
14
40
10
1
32
104
51
127
86
42
178
663
36
60
3
3
303
1069
12
9
590
4
52
2
8
67
100
14
40
10
1
32
146
81
559
369
143
512
817
36
60
3
3
Total
1,689
5,042
DEPARTMENT OF FINANCIAL SERVICES 2014 ANNUAL REPORT | Page 22
. CONVERSION FROM FEDERAL CHARTER TO STATE CHARTER
Name
Location
Name After Change
Effective Date
Cohoes City Employees Community Credit Union Cohoes, NY
Cohoes City Employees Community Credit Union
July 1, 2014
BANK MERGERS AND ACQUISITIONS
Name
Institution Type
Locations
Acquiring Bank
Effective Date
BPD Bank
Commercial Bank
New York, NY
Grupo Popular Investments Corporation
March 31, 2014
Berkshire Bank Municipal Bank Commercial Bank
Albany, NY
Berkshire Bank
Riverside Bank
Commercial Bank
Poughkeepsie, NY
Salisbury Bank and Trust Company
December 5, 2014
Suffolk Trust Company
Trust Company
Bohemia, NY
Beacon Trust Company
October 31, 2014
Cohoes City Employees
Community Credit Union
Credit Union
Cohoes, NY
Hudson River Community Credit Union
June 30, 2014
July 1, 2014
LIQUIDATIONS
Name
Institution Type
Locations
The Bank of Nova Scotia Trust Company of
New York
Limited Purpose Trust
Company
New York, NY
Effective Date
9/26/2014
DEPARTMENT OF FINANCIAL SERVICES 2014 ANNUAL REPORT | Page 23
. CONDITION OF SUPERVISED INSTITUTIONS
CONDITION OF COMMERCIAL BANKS, TRUSTS AND PRIVATE BANKERS
COMMERCIAL BANKS, TRUSTS
AND PRIVATE BANKERS
Assets
Cash and Due
from Banks
Total Securities
Loans and
Leases Net
Premises and
Equipment
All Other
Assets*
Total Assets
Dollars in Thousands
Commercial Banks
Adirondack Bank
Alden State Bank
Alma Bank
Alpine Capital Bank
Amerasia Bank
American Community Bank
Bank of Akron
Bank of Cattaraugus
Bank of Holland
Berkshire Bank Municipal Bank
BPD Bank
Catskill Hudson Bank
Cattaraugus County Bank
Citizens Bank of Cape Vincent
Country Bank
Emigrant Mercantile Bank
Empire State Bank
First American International Bank
Flushing Bank
Genesee Regional Bank
Global Bank
Gold Coast Bank
Greene County Commercial Bank
Hanover Community Bank
Interaudi Bank
Federal Funds
Sold and Repos
$12,824
3,605
138,603
62,574
23,941
19,377
6,201
2,623
5,641
11,847
3,236
8,399
12,661
4,157
18,665
3,637
4,298
64,171
33,083
23,416
9,152
28,067
1,626
13,915
547,348
$191,224
66,277
56,734
31,533
9,299
27,377
49,527
4,886
18,588
27,516
0
180,043
48,619
17,516
170,643
0
19,953
93,545
980,220
117,708
9,233
47,860
188,260
23
352,406
$1,221
558
144
0
20,000
8,600
0
0
52
16,709
0
0
3,000
4,500
0
0
0
0
0
0
0
858
0
7,293
0
$410,048
168,422
730,040
137,847
311,922
106,410
184,851
7,776
60,591
0
0
195,843
109,532
30,082
313,609
0
119,234
354,637
3,402,827
231,256
98,157
162,801
0
95,903
537,208
$6,210
1,848
9,819
785
7,786
1,225
4,301
311
2,593
0
0
3,026
6,157
1,079
568
0
2,285
17,507
20,356
778
174
1,944
0
3,357
3,622
$22,143
10,108
14,688
1,680
6,443
8,697
9,500
652
1,576
114
1,450
8,749
9,509
785
11,485
13
3,308
21,635
288,697
4,661
2,939
2,606
727
481
12,115
$643,670
250,818
950,028
234,419
379,391
171,686
254,380
16,248
89,041
56,186
4,686
396,060
189,478
58,119
514,970
3,650
149,078
551,495
4,725,183
377,819
119,655
244,136
190,613
120,972
1,452,699
DEPARTMENT OF FINANCIAL SERVICES 2014 ANNUAL REPORT | Page 24
. COMMERCIAL BANKS, TRUSTS
AND PRIVATE BANKERS
Assets
Jeff Bank
Mahopac Bank
New York Commercial Bank
NewBank
Pathfinder Commercial Bank
PCSB Commercial Bank
Pioneer Commercial Bank
Riverside Bank
Savoy Bank
Shinhan Bank America
Signature Bank
Spring Bank
State Bank of Chittenango
The Berkshire Bank
The Westchester Bank
Tioga State Bank
United International Bank
United Orient Bank
USNY Bank
Victory State Bank
Woori America Bank
WSB Municipal Bank
Trust Companies
Amalgamated Bank
Banco Popular North America
Bank Leumi USA
Bank of Millbrook
Bank of Richmondville
Bank of Utica
Chemung Canal Trust Company
Deutsche Bank Trust Company Americas
Cash and Due
from Banks
Total Securities
Federal Funds
Sold and Repos
Loans and
Leases Net
Premises and
Equipment
All Other
Assets*
19,621
13,071
190,300
54,745
2,486
4,131
11,366
9,208
18,834
100,387
237,929
2,841
31
92,586
46,459
6,331
38,129
14,021
14,913
67,633
169,054
11,749
110,325
271,177
874,095
294
57,694
29,905
48,441
20,385
6,648
113,248
7,740,345
13,242
184,228
334,625
42,939
111,148
15,368
2,846
5,414
154,663
100,519
49,128
0
0
1,564
0
0
154
17
208
0
0
0
0
0
0
2,683
0
0
1,000
0
456
0
0
269,132
634,747
2,245,566
120,757
0
0
0
184,085
74,453
737,119
13,805,159
79,029
0
309,184
320,134
256,283
117,582
72,668
154,496
71,987
857,532
0
3,682
16,021
25,648
1,160
0
0
0
1,178
519
10,134
31,467
498
0
2,797
2,712
4,760
1,308
94
1,742
1,893
4,316
0
27,044
55,202
347,312
5,393
1,204
85
103
6,279
500
24,094
561,763
3,380
2,624
27,524
11,577
16,703
4,279
1,592
3,284
2,934
24,995
717
192,622
211,067
542,678
18,125
7,446
6,296
52,633
18,979,000
1,450,709
2,042,213
675,834
86,212
35,699
883,693
351,090
14,000
0
0
0
2,155
293
0
0
15,323,000
1,927,540
5,614,910
3,677,643
98,406
81,970
49,868
983,781
19,838,000
32,870
60,601
35,940
3,228
988
962
30,031
43,000
161,304
826,414
259,035
6,156
3,767
10,711
60,356
1,562,000
Total Assets
429,804
990,218
3,684,485
182,349
61,384
34,275
59,927
221,343
100,954
984,982
22,376,663
98,990
186,883
766,716
426,504
395,225
176,666
92,221
179,849
299,566
1,156,416
61,594
3,765,045
8,755,205
5,191,130
214,282
130,163
951,530
1,477,891
55,759,000
DEPARTMENT OF FINANCIAL SERVICES 2014 ANNUAL REPORT | Page 25
. COMMERCIAL BANKS, TRUSTS
AND PRIVATE BANKERS
Assets
Fiduciary Trust Company International
Five Star Bank
Goldman Sachs Bank USA
Habib American Bank
Israel Discount Bank of New York
Manufacturers and Traders Trust
Metropolitan Commercial Bank
Mitsubishi UFJ Trust & Banking
Mizuho Bank (USA)
Mizuho Trust & Banking Co. USA
Orange County Trust Company
Solvay Bank
Steuben Trust Company
The Adirondack Trust Company
The Bank of Castile
The Bank of New York Mellon
Tompkins Trust Company
Limited Purpose Trust Companies
American Stock Transfer & Trust
Anthos Trust Company, LLC
Continental Stock Transfer & Trust
Genesee Valley Trust Company
Law Debenture Trust Company of New
Market Street Trust Company
New York Life Trust Company
OFI Global Trust Company
The Bank of Nova Scotia Trust Company
The Depository Trust Company
The Northern Trust Company of New
The Warehouse Trust Company LLC
Private Bankers
Cash and Due
from Banks
Total Securities
Federal Funds
Sold and Repos
Loans and
Leases Net
Premises and
Equipment
All Other
Assets*
501,446
56,592
51,102,000
334,529
695,298
3,142,891
39,965
237,230
427,500
742,198
10,267
10,594
13,913
63,767
17,890
136,341,000
45,610
73,708
859,184
0
33,702
3,864,412
8,461,784
70,391
0
117,948
0
286,442
250,360
161,483
295,855
288,616
94,757,000
561,463
0
0
1,539,000
0
0
231,673
0
0
0
0
0
357
0
0
0
3,282,000
0
196,177
1,810,264
22,775,000
477,975
4,645,563
62,652,518
494,430
0
4,520,722
0
318,660
404,437
239,513
558,696
752,704
30,576,000
901,815
3,639
34,216
0
2,703
34,854
616,937
4,691
550
0
4,889
13,724
7,999
7,181
27,169
14,934
1,191,000
16,882
143,248
161,761
30,200,000
10,712
359,958
9,240,830
25,715
20,601
153,508
35,439
37,909
12,282
16,936
46,117
31,421
30,479,000
76,399
6,871
24
544
5,517
50,466
390
532
0
16,926
2,708,358
1,159
5,676
0
5,087
1,592
0
0
3,545
13,719
7,319
0
0
5,660
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
40,896
0
693
27
10
1,833
0
0
0
87,921
0
0
558,984
23
2,229
11,421
3,094
552
2,748
3,315
752
148,253
306
5,906
Total Assets
918,218
2,922,017
105,616,000
859,621
9,600,085
84,346,633
635,192
258,381
5,219,678
782,526
667,002
686,029
439,026
991,604
1,105,565
296,626,000
1,602,169
606,751
5134
5,058
16,965
53,570
6,320
16,999
10,634
17,678
2,944,532
7,125
11,582
DEPARTMENT OF FINANCIAL SERVICES 2014 ANNUAL REPORT | Page 26
. COMMERCIAL BANKS, TRUSTS
AND PRIVATE BANKERS
Assets
Cash and Due
from Banks
Total Securities
Federal Funds
Sold and Repos
Brown Brothers Harriman & Co.
Total
2,548,763
$221,326,675
616,128
$129,270,515
0
$20,447,495
Loans and
Leases Net
Premises and
Equipment
2,116,615
$193,792,116
All Other
Assets*
39,957
$2,565,985
Total Assets
902,452
$77,154,963
6,223,915
$644,557,749
*Includes FDIC Call Report items: other assets, trading assets, goodwill and intangible assets and other real estate owned
COMMERCIAL BANKS, TRUSTS
AND PRIVATE BANKERS
Liabilities And Equity
Total Deposits
Federal
Funds
Bought and
Sold
Trading
Liabilities &
Other
Borrowed
Money
Subordinated
Notes &
Debentures
Total Liabilities
Total Equity
Capital
Total
Liabilities and
Capital
All Other
Liabilities
Dollars in Thousands
Adirondack Bank
557,931
20,030
39,164
0
5,628
622,753
53,249
676,002
Alden State Bank
236,871
0
0
0
388
237,259
33,349
270,608
Alma Bank
822,466
0
0
0
2,378
824,844
115,285
940,129
Alpine Capital Bank
246,034
0
0
0
2,741
248,775
38,895
287,670
Amerasia Bank
384,133
0
0
0
2,316
386,449
43,973
430,422
American Community Bank
126,632
0
2,000
0
1,780
130,412
23,362
153,774
4,401,029
0
24,340
90,000
144,168
4,659,537
543,172
5,202,709
229,788
0
8,525
0
3,559
241,872
26,464
268,336
Bank of Cattaraugus
15,206
0
0
0
4
15,210
1,574
16,784
Bank of Holland
83,695
0
0
0
138
83,833
8,118
91,951
Catskill Hudson Bank
379,719
0
0
1,800
529
382,048
30,897
412,945
Cattaraugus County Bank
174,420
0
0
0
4,018
178,438
17,296
195,734
48,356
0
0
0
305
48,661
5,688
54,349
442,363
19,000
20,000
0
2,043
483,406
42,395
525,801
500
0
0
0
50
550
3,069
3,619
150,632
0
19,000
0
758
170,390
15,136
185,526
Commercial Banks
Bank Leumi USA
Bank of Akron
Citizens Bank of Cape Vincent
Country Bank
Emigrant Mercantile Bank
Empire State Bank
DEPARTMENT OF FINANCIAL SERVICES 2014 ANNUAL REPORT | Page 27
. Total Deposits
Federal
Funds
Bought and
Sold
Trading
Liabilities &
Other
Borrowed
Money
Subordinated
Notes &
Debentures
First American International Bank
436,509
0
61,000
0
Genesee Regional Bank
359,255
0
18,000
Global Bank
105,599
0
Gold Coast Bank
294,901
Greene County Commercial Bank
Hanover Community Bank
COMMERCIAL BANKS, TRUSTS
AND PRIVATE BANKERS
Liabilities And Equity
Total Liabilities
Total Equity
Capital
Total
Liabilities and
Capital
5,356
502,865
72,926
575,791
0
2,593
379,848
35,292
415,140
0
0
343
105,942
17,748
123,690
0
0
0
476
295,377
28,474
323,851
158,450
0
40,061
0
172
198,683
18,758
217,441
145,239
0
0
0
242
145,481
23,540
169,021
1,471,761
10,000
100,000
0
2,804
1,584,565
113,435
1,698,000
Jeff Bank
378,599
0
0
0
6,163
384,762
51,024
435,786
Mahopac Bank
822,437
0
101,600
0
7,503
931,540
116,968
1,048,508
Metropolitan Commercial Bank
618,174
0
63,923
0
5,466
687,563
78,943
766,506
2,635,479
75,000
1,042,252
0
7,812
3,760,543
588,986
4,349,529
164,075
0
0
0
9,588
173,663
27,680
201,343
Pathfinder Commercial Bank
63,476
0
0
0
297
63,773
7,849
71,622
PCSB Commercial Bank
27,250
0
0
0
66
27,316
7,556
34,872
Pioneer Commercial Bank
62,283
0
0
0
104
62,387
5,126
67,513
Savoy Bank
108,931
0
0
0
765
109,696
12,567
122,263
Shinhan Bank America
811,233
0
0
0
12,242
823,475
142,443
965,918
22,621,783
1,535,000
515,163
0
150,456
24,822,402
2,496,238
27,318,640
Spring Bank
102,241
0
0
0
558
102,799
14,435
117,234
State Bank of Chittenango
170,487
0
0
0
11,772
182,259
18,951
201,210
The Berkshire Bank
617,192
30,000
0
0
5,527
652,719
102,665
755,384
The Westchester Bank
437,065
0
28,145
0
1,966
467,176
55,158
522,334
Tioga State Bank
302,920
12,670
28,799
0
3,449
347,838
48,720
396,558
United International Bank
149,647
0
6,429
0
691
156,767
20,246
177,013
Interaudi Bank
New York Commercial Bank
NewBank
Signature Bank
All Other
Liabilities
DEPARTMENT OF FINANCIAL SERVICES 2014 ANNUAL REPORT | Page 28
. Total Deposits
Federal
Funds
Bought and
Sold
Trading
Liabilities &
Other
Borrowed
Money
Subordinated
Notes &
Debentures
84,383
0
2,000
0
USNY Bank
188,436
0
8,402
Victory State Bank
256,760
0
Woori America Bank
1,054,303
WSB Municipal Bank
Trust Companies
COMMERCIAL BANKS, TRUSTS
AND PRIVATE BANKERS
Liabilities And Equity
Total Liabilities
Total Equity
Capital
Total
Liabilities and
Capital
615
86,998
11,333
98,331
0
706
197,544
19,707
217,251
0
0
956
257,716
28,014
285,730
0
0
0
6,936
1,061,239
146,297
1,207,536
72,694
0
0
0
2,927
75,621
6,955
82,576
Amalgamated Bank
2,523,816
119,645
686,468
0
58,607
3,388,536
340,049
3,728,585
Banco Popular North America
3,458,931
321,140
239,529
0
117,287
4,136,887
1,366,684
5,503,571
Bank of Millbrook
187,674
0
0
0
1,757
189,431
22,310
211,741
Bank of Richmondville
112,425
0
1,500
0
741
114,666
15,585
130,251
Bank of Utica
779,300
0
4,000
0
17,612
800,912
180,219
981,131
1,284,215
29,652
53,116
0
19,962
1,386,945
128,483
1,515,428
41,082,000
2,109,000
86,000
0
1,396,000
44,673,000
8,874,000
53,547,000
549
0
653
0
32,772
33,974
196,243
230,217
Five Star Bank
2,457,199
39,504
295,300
0
16,784
2,808,787
256,322
3,065,109
Flushing Bank
3,515,586
116,000
911,721
0
56,358
4,599,665
482,996
5,082,661
73,134,000
6,578,000
8,555,000
2,000,000
6,404,000
96,671,000
21,543,000
118,214,000
819,353
0
25,000
0
7,874
852,227
89,731
941,958
7,787,618
1,021,215
74,327
0
126,302
9,009,462
774,004
9,783,466
74,827,501
1,592,676
5,388,039
1,368,434
1,229,188
84,405,838
11,514,726
95,920,564
63,217
0
0
0
2,821
66,038
221,248
287,286
3,815,694
0
606,860
0
137,810
4,560,364
1,174,943
5,735,307
United Orient Bank
Chemung Canal Trust Company
Deutsche Bank Trust Company
Americas
Fiduciary Trust Company
International
Goldman Sachs Bank USA
Habib American Bank
Israel Discount Bank of New York
Manufacturers and Traders Trust
Company
Mitsubishi UFJ Trust & Banking
Corporation (U.S.A.)
Mizuho Bank (USA)
All Other
Liabilities
DEPARTMENT OF FINANCIAL SERVICES 2014 ANNUAL REPORT | Page 29
. Total Deposits
Federal
Funds
Bought and
Sold
Trading
Liabilities &
Other
Borrowed
Money
Subordinated
Notes &
Debentures
Mizuho Trust & Banking Co. USA
731,267
0
0
0
Orange County Trust Company
539,174
0
70,000
Solvay Bank
656,588
0
Steuben Trust Company
384,029
The Adirondack Trust Company
COMMERCIAL BANKS, TRUSTS
AND PRIVATE BANKERS
Liabilities And Equity
Total Liabilities
Total Equity
Capital
Total
Liabilities and
Capital
28,490
759,757
59,625
819,382
0
16,017
625,191
90,398
715,589
23,700
0
4,036
684,324
70,068
754,392
0
38,500
0
5,296
427,825
47,124
474,949
904,293
4,190
0
0
17,770
926,253
107,428
1,033,681
1,028,271
11,313
35,300
0
8,944
1,083,828
87,370
1,171,198
257,479,000
5,645,000
12,723,000
765,000
6,284,000
282,896,000
21,270,000
304,166,000
1,364,965
104,442
59,761
0
37,371
1,566,539
115,714
1,682,253
0
0
20,486
22,635
571,114
593,749
Anthos Trust Company, LLC
Continental Stock Transfer &
Trust Company
0
0
0
0
5,156
5,156
0
0
0
0
1,444
1,444
3,480
4,924
Genesee Valley Trust Company
Law Debenture Trust Company of
New York
0
0
0
0
1,534
1,534
16,178
17,712
0
0
0
0
3,289
3,289
50,193
53,482
Market Street Trust Company
0
0
0
1,771
2,337
3,992
6,329
New York Life Trust Company
0
0
0
0
2,924
2,924
14,197
17,121
OFI Global Trust Company
The Northern Trust Company of
New York
0
0
0
0
2,807
2,807
14,910
17,717
0
0
0
0
7,117
7,117
0
0
0
0
The Bank of Castile
The Bank of New York Mellon
Tompkins Trust Company
Limited Purpose Trust Companies
American Stock Transfer & Trust
Company, LLC
The Depository Trust Company
The Warehouse Trust Company
LLC
Private Bankers
2,149
566
51,126
0
All Other
Liabilities
0
0
0
0
0
2,280,990
2,332,116
446,912
2,779,028
0
0
960
960
10,265
11,225
DEPARTMENT OF FINANCIAL SERVICES 2014 ANNUAL REPORT | Page 30
. COMMERCIAL BANKS, TRUSTS
AND PRIVATE BANKERS
Liabilities And Equity
Brown Brothers Harriman & Co.
Total
Total Deposits
4,701,750
526,659,752
Trading
Liabilities &
Other
Borrowed
Money
Federal
Funds
Bought and
Sold
0
19,393,477
Subordinated
Notes &
Debentures
569,738
32,630,156
All Other
Liabilities
0
4,225,234
Total Equity
Capital
Total Liabilities
Total
Liabilities and
Capital
518,627
5,790,115
804,632
6,594,747
19,281,985
602,190,604
76,296,372
678,486,976
All Other
Assets*
Total Assets
CONDITION OF SAVINGS BANKS AND THRIFTS
SAVINGS BANKS AND THRIFTS
Assets
Savings Banks
Apple Bank for Savings
CMS Bank
Cross County Savings Bank
Elmira Savings Bank
Emigrant Bank
Fairport Savings Bank
First Central Savings Bank
Fulton Savings Bank
New York Community Bank
NorthEast Community Bank
PathFinder Bank
Pioneer Savings Bank
Putnam County Savings Bank
Rhinebeck Bank
Ridgewood Savings Bank
Rondout Savings Bank
Sawyer Savings Bank
The Dime Svgs. Bank of Williamsburgh
The North Country Savings Bank
The Oneida Savings Bank
Total
Securities &
Trading
Assets
Cash and Due
from Banks
747,736
2,412
46,346
7,960
118,036
4,119
44,606
49,266
242,366
24,237
11,167
38,309
72,835
30,573
114,536
9,969
5,705
78,436
16,289
18,923
Federal Funds
Sold and
Repos
1,379,251
39,302
63,604
73,013
1,628,764
36,470
114,538
143,387
6,234,207
6,635
128,583
71,340
386,818
75,218
2,126,425
39,005
70,921
31,350
3,625
309,628
Loans and
Leases Net
Dollars in Thousands
0
9,023,477
0
218,891
0
258,958
606
414,235
0
4,136,704
0
191,791
0
301,445
1,229
158,659
253,657
32,712,135
0
421,966
0
382,209
2,362
654,109
4,242
503,273
0
485,588
0
2,574,456
0
236,340
0
115,964
0
4,100,747
100
195,222
12,014
367,911
Premises &
Equipment
33,318
2,522
7,147
9,475
82,114
2,836
935
823
292,357
11,718
13,200
17,145
4,931
18,344
13,361
6,983
3,810
25,065
5,449
20,392
475,589
4,359
12,988
40,743
347,735
7,731
35,720
19,123
4,547,147
39,413
25,475
37,709
18,949
41,259
258,627
9,117
4,664
244,965
18,678
69,000
11,659,371
267,486
389,043
546,032
6,313,353
242,947
497,244
372,487
44,281,869
503,969
560,634
820,974
991,048
650,982
5,087,405
301,414
201,064
4,480,563
239,363
797,868
DEPARTMENT OF FINANCIAL SERVICES 2014 ANNUAL REPORT | Page 31
. Ulster Savings Bank
Watertown Savings Bank
Savings & Loans
Gouverneur Savings and Loan Association
Medina Savings and Loan Association
Total
20,937
44,926
2,447
12,533
$1,764,669
128,792
110,189
17,312
10,140
$13,228,517
0
0
0
885
$275,095
533,916
344,745
109,467
23,950
$58,466,158
21,910
16,707
2,644
756
$613,942
54,503
41,024
9,965
699
$6,365,182
760,058
557,591
141,835
48,963
$80,713,563
*Includes FDIC Call Report items: other assets, trading assets, goodwill and intangible assets and other real estate owned
CONDITION OF SAVINGS BANKS AND THRIFTS
SAVINGS BANKS AND THRIFTS
Liabilities And Equity
Total Deposits
Federal Funds Bought
& Repos
Other
All Other
Borrowed
Liabilities
Money
Dollars in Thousands
Total
Liabilities
Total Equity
Capital
Total Liabilities
and Capital
Savings Banks
Apple Bank for Savings
10,521,610
0
24,791
134,129
10,680,530
978,841
11,659,371
CMS Bank
214,705
0
28,367
2,249
245,321
22,165
267,486
Cross County Savings Bank
344,247
0
0
2,637
346,884
42,159
389,043
4,536,203
72,000
590,000
75,758
5,273,961
1,039,392
6,313,353
Fairport Savings Bank
175,307
0
47,925
2,108
225,340
17,607
242,947
First Central Savings Bank
430,767
0
5,000
3,290
439,057
58,187
497,244
Fulton Savings Bank
234,610
0
38,000
10,086
282,696
89,791
372,487
New York Community Bank
25,863,066
3,610,000
9,153,668
204,524
38,831,258
5,450,611
44,281,869
NorthEast Community Bank
377,435
0
33,647
3,952
415,034
88,935
503,969
PathFinder Bank
428,584
0
66,100
4,228
498,912
61,722
560,634
Pioneer Savings Bank
699,104
3,231
15,816
8,014
726,165
94,809
820,974
Putnam County Savings Bank
855,052
0
20,000
3,641
878,693
112,355
991,048
Rhinebeck Bank
582,189
0
7,500
8,198
597,887
53,094
650,981
3,923,752
0
413,399
84,318
4,421,469
665,936
5,087,405
Rondout Savings Bank
254,360
0
10,721
3,161
268,242
33,172
301,414
Sawyer Savings Bank
150,291
0
24,000
3,198
177,489
23,575
201,064
2,809,871
0
1,176,947
39,650
4,026,468
454,095
4,480,563
186,451
0
19,028
1,993
207,472
31,891
239,363
Emigrant Bank
Ridgewood Savings Bank
The Dime Svgs. Bank of Williamsburgh
The North Country Savings Bank
DEPARTMENT OF FINANCIAL SERVICES 2014 ANNUAL REPORT | Page 32
. The Oneida Savings Bank
691,504
0
0
11,913
703,417
94,451
797,868
Ulster Savings Bank
629,609
0
29,500
3,979
663,088
96,969
760,057
Watertown Savings Bank
463,294
0
12,300
3,568
479,162
78,429
557,591
Elmira Savings Bank
423,238
26,000
36,000
5,301
490,539
55,493
546,032
Gouverneur Savings and Loan Association
83,716
0
25,550
4,486
113,752
28,083
141,835
Medina Savings and Loan Association
44,865
0
0
231
45,096
3,867
48,963
$54,923,830
$3,711,231
$11,778,259
$624,612
$71,037,932
$9,675,629
$80,713,561
Savings & Loans
Total
CONDITION OF SAFE DEPOSIT COMPANIES
SAFE DEPOSIT COMPANIES
Assets
Cash and
Due from
Banks
Total
Securities
Federal
Funds Sold
and Repos
Loans and
Leases Net
Akron Safe Deposit Company
Zurich Depository
Corporation*
SAFE DEPOSIT COMPANIES
Liabilities And Equity
Premises
Vault and
Equipment
Investment in
Unconsolidate
d Subsidiaries
Other
Assets
Total
Assets
Dollars In Thousands
181
283
0
0
0
56
0
0
521
0
0
0
0
0
0
0
0
0
Key &
Box
Deposits
Unearned
Deferred
Income
Other
Borrowed
Money
Subordinated
Acceptances
Notes and
Outstanding
Debentures
Akron Safe Deposit Company
Zurich Depository
Corporation*
Customers'
Liability on
Acceptances
All
Other
Liabilities
Total
Total
Liabilities
Equity
and
Capital
Capital
Total
Liabilities
Dollars In Thousands
0
0
0
0
0
0
0
521
521
0
0
0
0
0
0
0
0
0
DEPARTMENT OF FINANCIAL SERVICES 2014 ANNUAL REPORT | Page 33
. CONDITION OF CREDIT UNIONS
Cash and
Due from
Banks
CREDIT UNIONS
Assets
Total
Investments
Loans Held For
Sale
Branch 6000 NALC Credit Union
Buffalo Service Credit Union
CFCU Community Credit Union
Bank Premises
& Equipment
NCUSIF
Deposit
Other Assets
Total Assets
Dollars In Thousands
AmeriCU Credit Union
Loans and
Leases Net
139,380
1,773
1,715 1,049,471
31,960
10,934
29,118
1,264,351
1,899
3,160
0
2,743
2
82
555
8,441
14,796
13,728
0
18,651
55
391
308
47,929
138,785
152,860
0
592,802
8,290
7,196
9,117
909,050
Directors Choice Credit Union
Empire Branch 36 National Association of
Letter Carriers Credit Union
272
1,155
0
4,748
0
60
161
6,396
712
1,442
0
2,962
4
45
35
5,200
Empire State Credit Union
566
4,216
0
2,232
5
70
26
7,115
1,256
2,326
0
12,926
659
164
134
17,465
973
14,529
0
7,781
37
199
122
23,641
10,864
14,345
0
146,825
9,807
1,549
2,069
185,459
52
3,130
0
1,325
5
44
54
4,610
Melrose Credit Union
7,956
100,821
0 1,931,820
22,409
15,021
10,903
2,088,930
Montauk Credit Union
5,359
609
158,004
2,473
1,302
1,196
168,943
356,126
237,726
0 1,320,497
17,400
18,402
146,259
2,096,410
439
0
0
369
0
6
0
814
Encompass Niagara Credit Union
Erie County Employees Credit Union
Hudson River Community Credit Union
Jamestown Post Office Employees' Credit
Union
Municipal Credit Union
0
Newspaper Employees Credit Union
Niagara Falls Penn Central Employees Credit
Union
The Niagara Frontier Federal Employees
Credit Union
41
1,624
0
2,068
6
36
20
3,795
242
846
0
1,704
7
24
8
2,831
Nortonâ€Troy Employees Credit Union
552
5,428
0
2,605
7
81
10
8,683
4,320
32,405
0
632,411
11,686
2,455
17,833
701,110
614
4,940
0
2,169
20
61
0
7,804
685,204
597,063
1,715 5,894,113
104,832
58,122
217,928
7,558,977
Progressive Credit Union
Yonkers Postal Employees Credit Union
Total
DEPARTMENT OF FINANCIAL SERVICES 2014 ANNUAL REPORT | Page 34
. CONDITION OF CREDIT UNIONS
CREDIT UNIONS
Liabilities And Equity
AmeriCU Credit Union
Branch 6000 NALC Credit Union
Buffalo Service Credit Union
CFCU Community Credit Union
Total
Shares and
Deposits
Federal
Funds
Bought and
Repos
Borrowings
Plus
Interest
Payable
Subordinated
Notes and
Debentures
All Other
Liabilities
1,134,892
0
0
0
12,201
1,147,093
117,258
1,264,351
7,780
0
0
0
4
7,783
658
8,441
42,010
0
0
0
94
42,104
5,825
47,929
786,495
0
0
0
3,388
789,882
119,168
909,050
Total
Liabilities
Total Equity
Capital
Total
Liabilities
and Capital
Directors Choice Credit Union
Empire Branch 36 National Association of Letter
Carriers Credit Union
5,327
0
0
0
1
5,328
1,068
6,396
4,440
0
0
0
6
4,446
754
5,200
Empire State Credit Union
6,643
0
0
0
10
6,654
461
7,115
Encompass Niagara Credit Union
15,609
0
0
0
23
15,636
1,829
17,465
Erie County Employees Credit Union
20,500
0
0
0
119
20,624
3,017
23,641
157,368
0
0
0
2,592
159,960
25,499
185,459
3,961
0
19
0
4
3,984
626
4,610
1,617,337
0
80,000
0
249
1,697,586
391,344
2,088,930
145,679
0
0
0
1,031
146,937
22,006
168,943
1,937,943
0
0
0
50,165
1,988,188
108,222
2,096,410
Hudson River Community Credit Union
Jamestown Post Office Employees' Credit Union
Melrose Credit Union
Montauk Credit Union
Municipal Credit Union
Newspaper Employees Credit Union
Niagara Falls Penn Central Employees Credit
Union
The Niagara Frontier Federal Employees Credit
Union
500
0
0
0
0
499
315
814
3,227
0
32
0
1
3,261
534
3,795
2,378
0
0
0
4
2,381
450
2,831
Nortonâ€Troy Employees Credit Union
7,676
0
0
0
8
7,687
996
8,683
288,677
20,000
127,108
0
15,186
430,970
270,140
701,110
6,428
0
0
0
22
6,451
1,353
7,804
6,194,870
20,000
207,159
0
85,108
6,487,454
1,071,523
7,558,977
Progressive Credit Union
Yonkers Postal Employees Credit Union
Total
DEPARTMENT OF FINANCIAL SERVICES 2014 ANNUAL REPORT | Page 35
. CONDITION OF ARTICLE XII INVESTMENT COMPANIES
ARTICLE XII INVESTMENT COMPANIES
Assets
Cash and
Due from
Banks
Federal
Funds
Sold &
Repos
Total
Securities
Loans and
Leases Net
345,932
N/A
6,029
0
0
0
0
600
0
0
0
48,070
0
0
0
1,369
0
0
174,497
6,905
Total
253,224
101,181
ARTICLE XII INVESTMENT COMPANIES
Liabilities And Equity
Total
Deposits
Community Building Fund, LLC
Fiduciary Investment Corporation
French American Banking
Corporation
Sterling Banking Corporation
Western Union Financial Holdings,
L.L.C.
30,621
93,676
0
0
46,737
Federal
Funds
Sold and
Repos
0
73,368
549,626
0
3
3
111
0
17,280
64,728
0
552
88,250
165
137,037
0
0
0
0
0
1,369
0
9,004
N/A
5,758
0
33,504
297,396
0
354,936
0
11,898
0
124,152
1,050,159
Other
Borrowed
Money
Due to
Affiliates
American Express Banking Corp
Community Building Fund, LLC
Fiduciary Investment Corporation
French American Banking Corporation
Total Assets
Dollars In Thousands
American Express Banking Corp
Customer's Premises Investment in
Liability on
&
Unconsolidated Other Assets
Acceptance Equipment Subsidiaries
Subordinated
Notes and
Debentures
All Other
Liabilities
0
Total
Liabilities
Total Equity
Capital
Total
Liabilities
and Capital
Dollars In Thousands
196,829
0
58,848
0
0
0
0
0
0
0
0
0
0
20
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Sterling Banking Corporation
0
Western Union Financial Holdings, LLC 64,823
Total
261,652
0
58,868
167,261
422,938
126,688
549,626
0
11,894
0
11,914
3
52,814
3
64,728
34,625
0
112,883
292,038
34,625
0
177,706
612,558
102,412
1,369
119,690
300,561
137,037
1,369
297,396
913,119
DEPARTMENT OF FINANCIAL SERVICES 2014 ANNUAL REPORT | Page 36
. CONDITION OF LICENSED LENDERS
LICENSED LENDERS
Assets
Applicable to NY Business
Loans and
Leases Net
Advantage Funding Commercial Capital Corp.
Cash and
Due From
Banks
Furniture,
Fixtures &
Equipment
Other
Assets
Total Assets
Not
Applicable to
Total Assets
NY Business
Dollars in Thousands
Total Assets
$38,810
$16,793
$364
$3,167
$59,134
$231,938
$291,072
1,008
149
448
82
1,687
8,447
10,134
640,308
70,509
212,390
39,186
962,393
25,617,262
26,579,655
Beneficial New York Inc.
0
50
0
105,844
105,894
0
105,894
Capital Financial Services, Inc.
0
50
0
0
50
31,252
31,302
CarFinance Capital LLC U/A/N CarFinance.com
0
0
33
42
75
10,256
10,331
Household Finance Corporation III
305
50
0
7
362
2,794,210
2,794,572
JCB International Credit Card Co., Ltd.
417
4,601
87
9,158
14,263
54,594
68,857
31,470
41
158
50
31,719
473,527
505,246
1,633,254
7,011
1,469,967
125,974
3,236,206
40,181,972
43,418,178
31,497
1,043
1,288
234
34,062
15,390
49,452
0
102
0
8
110
0
110
189,287
28
3,204
1,311
193,830
4,590,355
4,784,185
179
59
0
518
756
0
756
836,250
156,809
3,308
518,947
1,515,314
30,826,862
32,342,176
Springleaf Financial Services of New York, Inc.
865
603
11
5,527
7, 006
0
7,006
Stones Funding LLC
742
225
0
6
973
0
973
88
197
0
0
285
0
285
5,824
45
10
584
6,463
179,475
185,938
$3,410,304
$258,365
$1,691,268
$810,645
AmeriCredit Consumer Loan Company, Inc.
AmeriCredit Financial Services, Inc.
Mariner Finance, LLC
Mercedesâ€Benz Financial Services USA LLC
New City Funding Corporation
Omni Financial of New York, Inc.
OneMain Financial, Inc.
Retail Charge Financial Services Corp.
Santander Consumer USA Inc.
Sunrise Capital Management, Inc.
TMG Financial Services, Inc.
Total
$6,163,576 $104,995,540 $111,186,122
DEPARTMENT OF FINANCIAL SERVICES 2014 ANNUAL REPORT | Page 37
. LICENSED LENDERS
Liabilities And Equity
Other
Borrowed
Money
All Other
Liabilities
Total
Liabilities
Advantage Funding Commercial Capital Corp.
Valuation
Reserves
Capital Stock
Surplus
Total
Liabilities and
Capital
Dollars in Thousands
$111,699
$144,298
$255,997
$0
$35,075
$291,072
637
7,733
8,370
0
1,764
10,134
1,699,922
20,634,484
22,334,406
0
4,245,249
26,579,655
Beneficial New York Inc.
0
0
0
0
105,894
105,894
Capital Financial Services, Inc.
0
826
826
0
30,476
31,302
1,278
5,063
6,341
0
3,990
10,331
0
2,376,629
2,376,629
0
417,943
2,794,572
24,558
34,959
59,517
0
9,340
68,857
(562)
434,279
433,717
0
71,529
505,246
18,178,598
23,281,955
41,460,553
0
1,957,625
43,418,178
8,547
32,359
40,906
0
8,546
49,452
9
0
9
0
101
110
3,553,185
297,516
3,850,701
0
933,484
4,784,185
1
0
1
0
755
756
2,457,478
26,326,349
28,783,827
0
3,558,349
32,342,176
28
109
137
0
6,869
7,005
380
0
380
0
593
973
0
29
29
0
257
285
26,850
145,248
172,098
0
13,840
185,938
$26,062,608
$73,721,836
$99,784,444
$0
$11,401,678
$111,186,122
AmeriCredit Consumer Loan Company, Inc.
AmeriCredit Financial Services, Inc.
CarFinance Capital LLC U/A/N CarFinance.com
Household Finance Corporation III
JCB International Credit Card Co., Ltd.
Mariner Finance, LLC
Mercedesâ€Benz Financial Services USA LLC
New City Funding Corporation
Omni Financial of New York, Inc.
OneMain Financial, Inc.
Retail Charge Financial Services Corp.
Santander Consumer USA Inc.
Springleaf Financial Services of New York, Inc.
Stones Funding LLC
Sunrise Capital Management, Inc.
TMG Financial Services, Inc.
Total
DEPARTMENT OF FINANCIAL SERVICES 2014 ANNUAL REPORT | Page 38
. INSURANCE COMPANY STATISTICS
GENERAL STATISTICS
LICENSES ISSUED DURING YEAR
2014
181,381
2013
168,739
10,268
14,456
Public
385
680
Agents
Life/Accident and Health
88,043
92,217
Property and Casualty
42,263
32,005
131
40
5
1
164
168
6
5
1,309
8,239
Property and Casualty
9,718
19,100
Excess Line (Regular and Limited)
26,000
1,208
Life Settlement
2,488
130
84
127
General
88
153
Reinsurance Intermediaries
252
29
Service Contract Registrants
167
181
10
Total
Adjusters
Independent
Limited Rental/Wireless Communications
Mortgage Guaranty Insurance
Bail Bond
Limited Lines
Brokers
Life
Consultants
Life
A list of general insurance license terms of issuance and renewal requirements can be found on our website.
DEPARTMENT OF FINANCIAL SERVICES 2014 ANNUAL REPORT | Page 39
. CHANGES IN AUTHORIZED INSURERS
Life Insurance Companies
Name Changes
“Aviva Life and Annuity Company of New York” to “Athene Life Insurance Company of New York”
“The First Rehabilitation Life Insurance Company of America” to “ShelterPoint Life Insurance Company”
“Sun Life Insurance and Annuity Company of New York” to “Delaware Life Insurance Company of New York”
“ING Life Insurance and Annuity Company” to “Voya Retirement Insurance and Annuity Company”
Merger Agreements Filed
Transamerica Advisors Life Insurance Company of New York into Transamerica Financial Life insurance Company
Balboa Life Insurance Company of New York into Securian Life Insurance Company
Withdrawn
MetLife Insurance Company of Connecticut
Accident and Health Insurance Companies
Incorporated
Montefiore Insurance Company, Inc.
Healthfirst Insurance Company, Inc.
Domestic Company Licensed
Crystal Run Health Insurance Company, Inc.
Foreign Companies Licensed
Tufts Insurance Company, Watertown, MA
Sierrra Health and Life Insurance Company, Inc., Las Vegas, NV
Name Changes
“Freelancers Health Service Corporation, Inc.” to “Health Republic Insurance of New York, Corp.”
March 3
July 15
July 21
September 5
July 3
December 24
January 1
March 5
January 6
December 31
July 7
October 28
October 21
DEPARTMENT OF FINANCIAL SERVICES 2014 ANNUAL REPORT | Page 40
. Charter Amendments
Oxford Health Insurance, Inc. – To recapitalize so that it now has two classes of common stock outstanding.
Medco Containment Insurance Company of New York
Merger Agreements Filed
Preferred Assurance Company, Inc. into MVP Health Services Corp.
Property and Casualty Insurance Companies
Foreign Companies Licensed
Key Risk Insurance Company, Greensboro, NC
Triâ€State Insurance Company of Minnesota, Luverne, MN
Merchants National Bonding, Inc., Des Moines, IA
Bondex Insurance Company, Florham Park, NJ
The Gray Casualty & Surety Company, Metairie, LA
First Founders Assurance Company, Chester, NJ
Mount Vernon Specialty Insurance Company, Wayne, PA
Travelers Commercial Casualty Company, Hartford, CT
Alien Company Licensed
Tokio Millennium Re Ag (U.S. Branch), Stamford, CT
Name Changes
“HSBC Insurance Company of Delaware” to “Pavonia Insurance Company of Delaware”
“BancInsure Inc.” to “Red Rock Insurance Company”
“Fidelity National Insurance Company” to “Stillwater Insurance Company”
“American Mining Insurance Company, Inc.” to “American Mining Insurance Company”
“ACA Insurance Company” to “CSAA Fire & Casualty Insurance Company”
“Maiden Reinsurance Company” to “Maiden Reinsurance North America, Inc.”
“American Fuji Fire and Marine Insurance Company” to “Ashmere Insurance Company”
“Northbrook Indemnity Company” to “Allstate Northbrook Indemnity Company”
“Western United Insurance Company” to “CSAA General Insurance Company”
August 11
April 16
March 3
February 5
February 5
February 21
August 18
October 20
October 22
December 16
December 16
June 2
February 14
February 25
March 14
March 27
April 15
June 9
June 10
June 27
July 1
DEPARTMENT OF FINANCIAL SERVICES 2014 ANNUAL REPORT | Page 41
. “Stonebridge Casualty Insurance Company” to “Transamerica Casualty Insurance Company”
“Stonewood National Insurance Company” to “Falls Lake National Insurance Company”
“Stonewood General Insurance Company” to “Falls Lake General Insurance Company”
“Bituminous Casualty Corporation” to “BITCO General Insurance Corporation”
“Bituminous Fire and Marine Insurance Company” to “BITCO National Insurance Company”
“United National Casualty Insurance Company” to “CGB Insurance Company”
“Pathfinder Insurance Company” to “BlueShore Insurance Company”
Redomestications Filed
Plaza Insurance Company (from Missouri to Iowa)
Discover Property & Casualty Company (from Illinois to Connecticut)
St. Paul Protective Insurance Company (from Illinois to Connecticut)
American Mining Insurance Company (from Alabama to Iowa)
Victoria Automobile Insurance Company (from Indiana to Ohio)
ProCentury Insurance Company (from Texas to Michigan)
OneBeacon America Insurance Company (from Massachusetts to Pennsylvania)
The Employers’ Fire Insurance Company (from Massachusetts to Pennsylvania)
Arch Reinsurance Company (from Nebraska to Delaware)
Merger Agreements Filed
OneBeacon Midwest Insurance Company into OneBeacon America Insurance Company
The Northern Assurance Company of America into OneBeacon America Insurance Company
The Camden Fire Insurance Association into OneBeacon Insurance Company
Houston General Insurance Company into OneBeacon Insurance Company
Pavonia Insurance Company of Delaware into SeaBright Insurance Company
CNL/Insurance America, Inc. into Securian Casualty Company
Withdrawn
Alfa Mutual Insurance Company
Infinity Safeguard Insurance Company
Germantown Insurance Company
July 31
October 29
October 29
October 27
October 27
December 10
December 23
January 27
March 5
March 5
March 27
June 13
August 18
September 8
September 8
October 2
March 11
March 11
March 11
March 11
April 30
June 17
April 23
April 24
August 15
DEPARTMENT OF FINANCIAL SERVICES 2014 ANNUAL REPORT | Page 42
.
Liquidated
UHAB Mutual Insurance Company
Accredited Reinsurers
Name Changes
Generali USA Life Reassurance Company to SCOR Global Life USA Reinsurance Company
SCOR Global Life Re Insurance Company of Texas to SCOR Global Reinsurance Company of Delaware
Redomestications Filed
SCOR Global Life USA Reinsurance Company (from Missouri to Delaware)
SCOR Global Life Reinsurance Company of Delaware (from Texas to Delaware)
Merger Agreement Filed
Scottish Re Life Corporation into Scottish Re (U.S.), Inc.
Withdrawn
Sun Life Assurance Company of Canada (U.S. Branch)
The Philadelphia Contributionship for the Insurance of Houses From Loss by Fire
UNUM Life Insurance Company of America
Genworth Mortgage Reinsurance Corporation
American International Overseas Limited
Charitable Annuity Societies
Permits Issued
The Heritage Foundation, Washington, DC
Prison Fellowship Ministries Foundation, Lansdowne, VA
Northwestern University, Evanston, IL
Hillel: The Foundation for Jewish Campus Life, Washington, DC
The Gideons International, Nashville, TN
The Birthright Israel Foundation, New York, NY
December 16
May 19
May 28
May 19
May 28
May 21
March 3
August 15
October 31
November 13
December 24
January 6
January 29
February 11
April 15
May 30
July 14
DEPARTMENT OF FINANCIAL SERVICES 2014 ANNUAL REPORT | Page 43
. Rochester General Hospital Foundation, Inc., Rochester, NY
The Arthritis Foundation, Inc., Atlanta, GA
Population Connection, Washington, DC
Girl Scouts of the United States of America, New York, NY
The Trustees of the Lawrenceville School, Lawrenceville, NJ
The University of Arizona Foundation, Tucson, AZ
The Omaha Home for Boys, Omaha, NE
Masonic Medical Research Laboratory, Utica, NY
Name Change
“Billy Graham Evangelistic Association” to “BGEA, MN”
Withdrawn
Watchtower Bible and Tract Society of New York, Inc.
The General Board of Global Ministries of the United Methodist Church
Mortgage Guaranty Insurance Companies
Name Changes
“CMG Mortgage Assurance Company” to “Arch Mortgage Assurance Company”
“PMI Mortgage Assurance Co.” to “Arch Mortgage Guaranty Company”
Merger Agreements Filed
Genworth Home Equity Insurance Corporation into Genworth Residential Mortgage Insurance Corporation of North Carolina
Genworth Residential Mortgage Assurance Corporation into Genworth Mortgage Insurance Corporation
Financial Guaranty Insurance Companies
Merger Agreement Filed
Assured Guaranty Mortgage Insurance Company into Assured Guaranty Municipal Corp.
Captive Insurance Companies
Incorporated
July 22
August 14
September 9
October 23
October 24
October 24
November 14
December 4
March 11
June 5
August 14
January 30
March 28
July 1
December 30
March 3
DEPARTMENT OF FINANCIAL SERVICES 2014 ANNUAL REPORT | Page 44
. National Grid Insurance USA LTD
Nonâ€Profit Health Service Corporations
Name Change
“Freelancers Health Service Corporation” to “Health Republic Insurance of New York, Corp.”
Merger Agreement Filed
Preferred Assurance Company, Inc. into MVP Health Services Corporation
Title Insurance Companies
Name Change
“United General Title Insurance Company” to “First American Title Guaranty Company”
Redomestication Filed
First American Title Guaranty Company (from California to Texas)
Fraternal Benefit Societies Nonâ€Opting
Merger Agreement Filed
Slovak Gymnastic Union “Sokol” of the United States of America into Greater Beneficial Union of Pittsburgh
July 24
October 21
April 21
October 6
October 6
November 12
DEPARTMENT OF FINANCIAL SERVICES 2014 ANNUAL REPORT | Page 45
. REPORTS FILED ON EXAMINATION OF AUTHORIZED INSURERS
Reports on Examinations can be found on our website in the Examination Reports section.
LIQUIDATION, CONSERVATION AND REHABILITATION PROCEEDINGS
INSURANCE COMPANY PROCEEDINGS
Domestic Estates in Liquidation
21
Domestic Estates in Rehabilitation
1
Conservation Estates
1
Ancillary Receivership Estates
18
Shell Estates in Liquidation
0
Total
41
DOMESTIC ESTATES AND CONSERVATION ESTATES †ASSETS & LIABILITIES
Total Assets
$979,379,782
Total Liabilities
$5,968,173,910
Total Insolvency
$4,988,794,128
DOMESTIC ESTATES IN REHABILITATION †ASSETS & LIABILITIES
Total Assets
$167,982
Total Liabilities
$9,187
Total Insolvency/(Surplus)
($158,795)
LIQUIDATION AND REHABILITATION ACTIVITIES
Domestic Estates
Commenced
Professional Liability Insurance Company of America
UHAB Mutual Insurance Company
Continued
Atlantic Mutual Insurance Company
DEPARTMENT OF FINANCIAL SERVICES 2014 ANNUAL REPORT | Page 46
. Centennial Insurance Company
Colonial Cooperative Insurance Company
Cosmopolitan Mutual Insurance Company
Executive Life Insurance Company of New York
First Central Insurance Company
Frontier Insurance Company
Group Council Mutual Insurance Company
ICM Insurance Company
Ideal Mutual Insurance Company
Long Island Insurance Company
Midland Insurance Company
Nassau Insurance Company
Realm National Insurance Company
The Insurance Corporation of New York
Transtate Insurance Company
Union Indemnity Insurance Company of New York
United Community Insurance Company
Washington Title Insurance Company
Completed
Capital Mutual Insurance Company
Carriers Casualty Insurance Company
Colonial Indemnity Insurance Company
Consolidated Mutual Insurance Company
Galaxy Insurance Company
Home Mutual Insurance Company of Binghamton, New York
New York Merchant Bankers Insurance Company
Whiting National Insurance Company
Shell Estates
Commenced
None
DEPARTMENT OF FINANCIAL SERVICES 2014 ANNUAL REPORT | Page 47
. Completed
Grand Central Assurance Corporation
Domestic Estates in Rehabilitation
Commenced
None
Continued
Lion Insurance Company
Converted
Professional Liability Insurance Company of America
Ancillary Receiverships
Commenced
None
Continued
American Manufacturers Mutual Insurance Company
American Motorists Insurance Company
American Mutual Insurance Company of Boston
American Mutual Liability Insurance Company
Commercial Compensation Casualty Company
Credit General Insurance Company
Eagle Insurance Company
First Sealord Surety, Inc.
Fremont Indemnity Company
Legion Insurance Company
LMI Insurance Company
Lumbermens Mutual Casualty Company
Newark Insurance Company
PHICO Insurance Company
Reliance Insurance Company
The Home Insurance Company
Ullico Casualty Company
DEPARTMENT OF FINANCIAL SERVICES 2014 ANNUAL REPORT | Page 48
. Villanova Insurance Company
Completed
Acceleration National Insurance Company
Amwest Surety Insurance Company
Security Indemnity Insurance Company
Shelby Casualty Company
Conservations
Commenced
None
Continued
Northumberland General Insurance Company
Completed
Folksam International Insurance Company (UK) Ltd.
Legion Indemnity Company
Fraternal Benefit Societies
Commenced
Arion Sick and Benevolent Society of the City of NY
Benjamin Storch Association, Inc.
Chevra Ohev Sholem Anshei Bukaczowce
Chevra Rodfe Zedek Ansche Bolszowce
Congregation Bnei Isaac Anshei Lechowitz
First Krakowitzer Society
Metropole Association, Inc.
Tarnopoler (Yadâ€Charitzem) Workingmen Sick and Benevolent Association
The First Solotwiner Sick & Benevolent Society
United Brothers Benevolent and Fraternal Society Inc.
Victory Foundation, Inc.
Continued
Brooklyn First, Inc.
Chevra Bnei Solomon Jezierner
DEPARTMENT OF FINANCIAL SERVICES 2014 ANNUAL REPORT | Page 49
. Chevra Neir Tomid Anshei Lubashow, Inc.
Congregation Agudath Bnai Kodesh Anshei, Kroz
First Koshovater Benevolent Society of New York
Laurelton Welfare Association, Inc.
New Kosintiner Young & Old Men’s Society, Inc.
Order of Lions, Inc.
Plonsker Young Men’s Benevolent Society, Inc.
Senate Association, Inc.
Completed
Adolph Ullman’s Aid Society
Association Mordecai Becher, Lieb Appel and Rubin
B’nai Jacob and Bertha Landy Society
Congregation Ahavas Achim Anshei Tamashauer Petrokov
Congregation Anshe Kesser of Corona
First Boberka Sick and Benevolent Society
First Yagotiner Relief Association, Inc.
Friends of Zion of Harlem
Independent Novoselitzer Bessarabian K.U.V.
Independent Stryjer Benevolent Society
Janover Kowner Guberna Benevolent Association, Inc.
Malcher Young Men’s Benevolent Association, Inc.
Starasol Friends Association, Inc.
Tabernacle Benevolent Association, Inc.
The Cyril Maslow Family Circle, Inc.
DEPARTMENT OF FINANCIAL SERVICES 2014 ANNUAL REPORT | Page 50
. PROPERTY AND CASUALTY INSURANCE
PROPERTY/CASUALTY INSURANCE ENTITIES SUPERVISED BY THE DEPARTMENT
Class
Number
Accredited Reinsurers
91
Advance Premium Coâ€Operatives
17
Assessment Coâ€Operatives
23
Associations, Pools, And Syndicates
13
Captive Insurers
63
Financial Guaranty Insurers
15
Mortgage Guaranty Insurers
28
Property Insurance Underwriting Association (FAIR Plan)
1
Property/Casualty Insurers
795
Risk Retention Groups
16
Title Insurers (Including Two Accredited Reinsurers)
114
United States Branches
25
DEPARTMENT OF FINANCIAL SERVICES 2014 ANNUAL REPORT | Page 51
. LICENSED PROPERTY/CASUALTY INSURER SELECTED DATA 2010â€2013
2013
2012
2011
2010
Stock Companies
Number of Insurers
746
746
749
746
Dollars in Millions
Net Premiums Written
$272,826
$256,680
$246,260
$237,965
Admitted Assets
962,536
932,179
897,221
892,494
Unearned Premium & Loss Reserves
502,233
493,209
482,441
473,590
Other Liabilities
110,270
104,751
95,718
92,118
3,980
3,922
3,978
3,986
350,033
334,220
319,061
326,786
Capital
Surplus to Policyholders
Mutual Companies
Number of Insurers
67
69
71
72
Dollars in Millions
Net Premiums Written
$80,891
$77,938
$75,733
Admitted Assets
302,771
275,189
259,614
256,394
Unearned Premium & Loss Reserves
109,379
106,682
104,797
101,209
Other Liabilities
38,302
31,648
28,559
28,290
Surplus to Policyholders
$86,179
155,090
136,858
126,258
126,895
DEPARTMENT OF FINANCIAL SERVICES 2014 ANNUAL REPORT | Page 52
.
PROPERTY/CASUALTY INSURER DIRECT PREMIUMS WRITTEN 2010â€2013
Property/Casualty Lines
Percentage Change
Year
Dollars in Millions
2010
2011
2012
$33,014 $34,147 $35,907
10,147
10,431
10,811
6,771
7,025
7,279
3,376
3,406
3,532
1,748
1,718
1,826
4,138
4,089
4,466
2,986
3,057
3,249
3,623
4,157
4,755
4,336
4,500
4,704
1,380
1,374
1,354
962
1,032
1,139
440
449
445
463
455
442
277
344
387
546
574
564
126
138
135
804
643
431
195
192
177
324
342
366
14
63
47
72
75
84
115
151
152
19
21
23
301
344
349
All Premiums Written
Private Passenger Auto
Bodily Injury and Property Damage Liability
Comprehensive and Collision
Commercial Auto
General (Other) Liability
Commercial Multiâ€Peril
Workers' Compensation
Homeowners' Multiâ€Peril
Medical Malpractice
Inland Marine
Ocean Marine
Fidelity and Surety
Accident and Health
Fire
Product Liability
Financial Guaranty
Mortgage Guaranty
Allied Lines
Aircraft
Boiler and Machinery
Credit
Burglary and Theft
All Other
2009
$32,885
9,948
6,588
3,360
1,796
4,155
3,026
3,423
4,219
1,336
954
450
484
260
550
131
1,030
209
331
115
74
100
18
277
2013
$38,004
11,112
7,399
3,713
1,962
4,978
3,488
5,191
4,901
1,365
1,262
444
483
420
600
152
375
184
386
57
87
140
26
391
2009â€2013
16%
12%
12%
11%
9%
20%
15%
52%
16%
2%
32%
â€1%
0%
62%
9%
16%
â€64%
â€12%
17%
â€50%
18%
40%
44%
41%
2012â€2013
5.80%
2.80%
1.60%
5.10%
7.40%
11.50%
7.40%
9.20%
4.20%
0.80%
10.80%
â€0.20%
9.30%
8.50%
6.40%
12.60%
â€13.00%
4.00%
5.50%
21.30%
3.60%
â€7.90%
13.00%
12.00%
DEPARTMENT OF FINANCIAL SERVICES 2014 ANNUAL REPORT | Page 53
. PROPERTY/CASUALTY NET PREMIUMS WRITTEN
Stock Companies
No. of
Companies
Net Premiums Written
Mutual Companies
Surplus/
Policyâ€holders
746
$272,826
$350,033
No. of
Companies
Dollars in Millions
Ratio of Premiums
to Surplus
0.8
67
Net Premiums
Written
Surplus/
Policyâ€holders
Dollars in Millions
$86,179
$155,090
Ratio of Premiums
to Surplus
0.6
Aggregate Writings (in Billions): $359.0
% in Stock: 76.0%
FINANCIAL GUARANTY INSURERS SELECTED DATA
2013
Number of Companies
2012
2011
2010
15
14
16
15
Dollars in Millions
Exposure
Net premiums written
$1,481,807.25 $1,602,780.90 $2,140,822.60
$2,450,692.60
705.97
602.40
964.00
1,368.40
Admitted assets
31,457.99
27,309.00
34,051.30
36,476.40
Unearned premium & loss reserves
12,309.01
8,446.90
16,521.30
18,135.80
Other liabilities
7,704.31
8,884.90
11,455.50
12,257.70
Capital
1,066.82
739.30
1,069.30
1,069.30
$11,444.67
$9,977.10
$6,074.50
$6,083.00
Surplus to policyholders
DEPARTMENT OF FINANCIAL SERVICES 2014 ANNUAL REPORT | Page 54
. MORTGAGE GUARANTY INSURERS SELECTED ANNUAL STATEMENT DATA
2013
2011
2010
28
Number of companies
2012
32
32
31
Dollars in Millions
Net premiums written
$3,821.15
$3,436.20
$3,655.90
$3,624.50
Admitted Assets
19,101.32
19,483.40
21,437.10
24,344.90
Unearned premium & loss reserves
12,025.33
13,462.90
14,277.30
15,132.90
Other liabilities
1,386.47
2,740.50
3,537.40
1,748.10
Capital
76.78
86.20
87.20
85.40
Surplus
$5,689.52
$3,227.90
$3,622.40
$7,463.90
MORTGAGE GUARANTY INSURERS NET PREMIUMS WRITTEN AND SURPLUS
Net Premiums Written
(During Year)
Surplus to Policyholders
(End of Year)
Ratio of Premiums
to Surplus
Dollars in Millions
$3,821.15
$5,689.52
0.67
TITLE INSURANCE COMPANIES SELECTED DATA
Number of Companies
2013
2012
2011
2010
23
25
23
24
Net premiums written
Dollars in Millions
$10,569.99
$10,742.90
$8,912.20
$9,050.80
Admitted assets
7,638.33
8,803.90
8,160.00
8,170.40
Liabilities
4,252.53
5,143.10
5,388.70
5,399.10
Capital
404.07
315.40
314.90
315.20
Surplus
$3,385.80
$3,660.80
$2,771.30
$2,771.30
DEPARTMENT OF FINANCIAL SERVICES 2014 ANNUAL REPORT | Page 55
. ADVANCE PREMIUM AND ASSESSMENT CORPORATIONS SELECTED DATA
Total
2013
Number of companies
Advance Premium
Corporations
Assessment
Corporations
40
17
23
Dollars in Millions
Total assets
$2,856.29
$2,422.24
$434.06
Net premiums written
1,012.78
868.19
144.59
Surplus funds
$1,234.48
$1,071.76
$162.73
HEALTH INSURANCE
HEALTH INSURANCE ASSETS, LIABILITIES AND PREMIUMS WRITTEN
Assets
Liabilities
Premiums Written in New York
Dollars in Thousands
Continuing Care Retirement Community (CCRC)*
$ 1,056,080
$ 1,430,103
n/a (see note below)
Article 42 Insurer
23,415,741
14,773,290
$ 9,457,612
Article 43 Corporation
7,570,955
4,481,898
10,758,084
HMO**
6,019,185
2,066,424
13,434,681
384,667
187,310
695,657
$ 38,446,628
$22,939,025
$34,346,034
Muniâ€Coop.***
Total
* Numbers as of 2013. 2014 statements for CCRCs are due May 1. CCRCs do not have premiums. Residents pay a monthly fee.
**HMO data is as of 2013 as the HMOs have not yet filed their 2014 Annual Statements, due April 1st.
** Muniâ€coop statements are due 120 days after the end of their fiscal year.
DEPARTMENT OF FINANCIAL SERVICES 2014 ANNUAL REPORT | Page 56
. LIFE INSURANCE
LIFE INSURANCE COMPANIES REGULATED BY THE DEPARTMENT
Type
Number
Life – New York
79
Life – Other States
54
Accredited Reinsurers
28
Fraternals – New York
3
Fraternals – Other States
32
Fraternals – Canadian, U.S. Branch
1
Charitable Annuities
358
Retirement Systems
21
Life Settlement Providers
30
Welfare Funds
22
Certified Reinsurers
9
Total
637
LIFE INSURANCE COMPANY ADMITTED ASSETS
2013
2012
2008
Dollars in Billions
Total
$2,950.9
$2,768.8
$2,315.7
Percent Increase From 2003
54.2%
44.7%
21.0%
Type of Asset
Bonds
$1,202.7
$1,170.5
$1,016.7
Stocks
66.0
60.0
64.4
Mortgage Loans
202.7
190.9
195.1
Real Estate
11.4
10.9
13.0
Policy Loans/Liens
72.2
69.2
65.8
Shortâ€Term Holdings
22.3
21.1
38.9
Other
1,373.7
1,118.2
921.9
Note: Detail may not add to totals due to rounding.
2003
$1,913.3
â€
$881.3
52.6
149.8
12.7
55.4
23.1
738.4
DEPARTMENT OF FINANCIAL SERVICES 2014 ANNUAL REPORT | Page 57
. LIFE INSURER ASSETS, LIABILITIES, CAPITAL & SURPLUS
2013
2012
Dollars in Billions
Assets
$2,950.9
$2,768.8
Liabilities
2,767.3
2,594.1
Capital & Surplus
183.6
174.6
TOTAL LIFE INSURANCE IN FORCE (COMPANIES LICENSED IN NEW YORK STATE)
2013
2012
2008
2003
Dollars in Billions
Total Insurance In Force
$15,986.3
$14,929.7
$13,638.1
$10,529.7
Percent increase from 2003
51.8%
41.8%
29.5%
â€
Type of Business
Dollars in Billions
Ordinary
$8,465.8
$8,085.4
$7,419.4
$5,801.1
Group
7,488.7
6,811.0
6,170.4
4,668.0
Credit
27.1
28.2
42.5
53.9
Industrial
4.7
5.1
5.8
6.6
LIFE INSURANCE IN FORCE IN THE STATE OF NEW YORK
Insurance In Force
2012
2011
Total
2007
2002
Dollars in Billions
$1,923.0
$1,934.7
$1,690.7
$1,387.0
38.6%
39.5%
21.9%
$1,290.6
$1,287.9
$1,123.2
$830.2
Group
627.7
642.0
560.4
548.5
Credit
4.2
4.4
6.6
7.6
Industrial
0.4
0.5
0.5
0.8
Percent increase from 2002
Class of Business
Ordinary
DEPARTMENT OF FINANCIAL SERVICES 2014 ANNUAL REPORT | Page 58
. DOMESTIC LIFE INSURANCE COMPANIES ADMITTED ASSETS/INSURANCE IN FORCE
Domestic Life Insurers
2013
2012
2008
2003
Dollars in Billions
Admitted Assets
$1,179.4
$1,115.1
$896.1
$716.2
Percent Increase from 2003
64.7%
55.7%
25.1%
â€
Dollars in Billions
Insurance in Force
$6,910.1
$6,770.2
$6,309.4
$4,245.1
Percent Increase from 2003
62.8%
59.5%
48.6%
â€
FRATERNAL BENEFIT SOCIETIES ADMITTED ASSETS/INSURANCE IN FORCE
2013
2012
2008
2003
Dollars in Billions
Admitted Assets
$105.6
$102.9
$78.4
$69.1
Insurance in Force
$378.6
$369.9
$323.7
$280.0
PRIVATE PENSION FUNDS ADMITTED ASSETS/INSURANCE IN FORCE
2013
2012
2008
2003
Dollars in Millions
Fair value of assets
$242,805
$211,623
$153,075
$162,044
Payments to Annuitants and Beneficiaries
$21,443
$22,627
$23,230
$9,098
Note: Prior to 2007, assets were Total Admitted Assets, when the annual statement was prepared on a
statutory basis.
DEPARTMENT OF FINANCIAL SERVICES 2014 ANNUAL REPORT | Page 59
.
PUBLIC RETIREMENT SYSTEMS AND PENSION FUNDS ADMITTED ASSETS/INSURANCE IN FORCE
2013
2012
2008
2003
Dollars in Millions
Fair Value of Assets
$384,408
$352,796
$353,446
$247,681
Payments to Annuitants and Beneficiaries
$26,202
$24,838
$20,401
$14,081
Note: Prior to 2007, assets were Total Admitted Assets, when the annual statement was prepared on a
statutory basis.
SEGREGATED GIFT ANNUITY FUNDS ADMITTED ASSETS/INSURANCE IN FORCE 2001â€2011
2013
2012
2008
2003
Dollars in Millions
Total admitted assets
$2,483.0
$1,899.9
$1,444.5
Annual payments to annuitants
$2,687.6
$215.4
$210.6
$192.3
$132.2
DEPARTMENT OF FINANCIAL SERVICES 2014 ANNUAL REPORT | Page 60
.
FUNDS HELD BY OR DEPOSITED WITH THE SUPERINTENDENT
UNCLAIMED FUNDS FROM VOLUNTARY OR INVOLUNTARY BANK LIQUIDATIONS
Date Funds Paid to
Superintendent
Name of
Institution
July 20, 2010
Deposits or
Dividends
Paid to
Claimants in
2012
Paid to Date
Balance
Dollars in Thousands
Middle Village Credit Union
$43,054.73
$0
$24,546.85
$18,507.88
Total
$43,054.73
$0
$24,546.85
$18,507.88
Note: All unclaimed Funds on deposit with the Superintendent are held by the Office of the State Comptroller.
PUBLIC MOTOR VEHICLE LIABILITY SECURITY FUND
Beginning Balance as of 4/01/2013
$64,633,734
Assessments Paid into the Fund
15,478,205
Net Interest income
52,427
Recoveries
24,263,716
Total Receipts
39,794,348
Subtotal
Disbursements:
Administrative Expenses
104,428,082
62,034
Awards & Expenses of companies in liquidation
2,851,488
Total Disbursements
2,913,522
Total in Fund as of 3/31/2014
$101,514,560
Note: The fund has an outstanding liability of $50 million for funds transferred from the Property Casualty Insurance
Security Fund, as permitted under Section 7603 (e) (2) of the Insurance Law.
DEPARTMENT OF FINANCIAL SERVICES 2014 ANNUAL REPORT | Page 61
.
PROPERTY CASUALTY INSURANCE SECURITY FUND
Beginning Balance as of 4/01/2013
$201,593,702
Assessments Paid into the Fund
(6,845)
Net Interest income
385,101
Recoveries
101,710,077
Total Receipts
102,088,333
Subtotal
303,682,035
Disbursements:
Administrative Expenses
427,791
Awards & Expenses of companies in liquidation
55,392,069
Total Disbursements
55,819,860
Total in Fund as of 3/31/2014
$247,862,175
Note: Total does not include transfer of $87 million to State General Purpose Fund,
or transfer of $50 million to the Public Motor Vehicle Liability Security Fund.
WORKERS COMPENSATION SECURITY FUND
Beginning Balance as of 4/01/2013
$143,926,532
Assessments Paid into the Fund
4,328,200
Net Interest income
153,097
Recoveries
90,212,581
Total Receipts
94,693,878
Subtotal
Disbursements:
Administrative Expenses
238,620,410
142,489
Awards & Expenses of companies in liquidation
77,369,339
Total Disbursements
77,511,828
Total in Fund as of 3/31/2014
$161,108,582
DEPARTMENT OF FINANCIAL SERVICES 2014 ANNUAL REPORT | Page 62
. STATE TRANSMITTER OF MONEY INSURANCE FUND (STMIF)
BALANCE SHEET
Assets
Cash in STMIF Account as of January 1, 2014
Cash Received in STMIF from 2013 Assessments
Interest Received in STMIF
Cash Expenses in 2013
TOTAL ASSETS
Amount
$19,415,410
0
22,436
0
19,437,846
DEPARTMENT OF FINANCIAL SERVICES 2014 ANNUAL REPORT | Page 63
. DEPARTMENT ORGANIZATION AND MAINTENANCE
2014 DEPARTMENT RECEIPTS
Assessments and Reimbursement of Department Expenses:
Amount
Banking Industry Assessment
$81,863,578
Insurance Industry Assessment
380,374,307
Banking Industry Specific Assessment
41,760
STMIF Assessment
0
Insurance Industry Examination Fees
13,695,818
Administrative Expense Reimbursement
326,025
Subtotal
476,301,488
Taxes Collected
Retaliatory Taxes †Insurance Law Section 1112
8,973,565
Excess Line Premium Taxes †Insurance Law Section 2118
87,900,873
Subtotal
96,874,438
Fees and Other Revenue Collected
Section 9110 †Motor Vehicle Law Enforcement Fee
120,095,151
Licensing and Accreditation Fees
18,554,516
Section 9108 †Fire Insurance Fee
19,478,297
Fines and Penalties
383,174,171
MLO Annual License Fees
1,691,740
Banking Industry Application Fees
911,003
Section 1212 †Summons and Complaints
728,410
Section 112 †Filing Annual Statements, Certificates of Authority and Admission Fees
727,915
Fingerprint Fees
172,134
DEPARTMENT OF FINANCIAL SERVICES 2014 ANNUAL REPORT | Page 64
. Section 9107 †Certification & Filing Fees
650
FOIL Requests
19,130
Miscellaneous Revenue
2,154
Subtotal
545,555,271
Foreign Fire Tax and Security Funds Receipts
Foreign Fire Tax †Insurance Law Sections 2118, 9104 and 9105
55,211,963
Property Casualty Insurance Security Fund †Article 76
102,088,333
Public Motor Vehicle Liability Security Fund †Article 76
39,794,348
Workers' Compensation Security Fund †Article 6A of WC Law
94,693,878
Subtotal
291,788,522
Total Department Receipts
$1,410,519,719
2013â€2014 STATE FISCAL YEAR INSURANCE EXPENDITURES
APPROPRIATIONS AVAILABLE
$552,196,823
Operating Budget
Banking
84,358,599
Insurance
122,270,966
Subtotal – Operating Budget
206,629,565
Other Programs
Banking Suballocations to other Agencies
Insurance Suballocations to other Agencies
Healthy NY, HMO Direct Pay, & Entertainment Workers Programs
227,000
84,190,114
200,814,330
Seized Assets
30,039
Settlement Enforcement
48,490
Subtotal – Other Programs
285,309,973
Total Expenditures
491,939,538
DEPARTMENT OF FINANCIAL SERVICES 2014 ANNUAL REPORT | Page 65
. 2013â€2014 STATE FISCAL YEAR BANKING EXPENDITURES
APPROPRIATIONS AVAILABLE
$92,113,000
Operating Budget
Personal Service
43,473,044
Nonâ€Personal Service
35,056,065
Total Banking Department Expenditures from Appropriations
78,529,109
Total Other Expenditures / Maintenance Undistributed (MU)
227,000
Total Expenditures from Banking Account
78,756,108
Seized Assets
Appropriations Available
50,000
Non Personal Service
32,477
Total Expenditure from Seized Assets Account
32,477
Settlement Enforcement
Appropriations Available
900,000
Nonâ€Personal Services
0
Total Expenditures from Aid to Localities
0
DEPARTMENT OF FINANCIAL SERVICES 2014 ANNUAL REPORT | Page 66
.