Watch out for anybody who states they could keep your house so you can catch up on your mortgage payments or refinance your loan if you sign or transfer the deed to your house over to them. Never ever submit your home loan repayments to anybody except that your home loan business without its approval.

The Department is delivering property foreclosure prevention experts to aid home owners at over at this site web web sites throughout the state, specially where you will find high levels of property owners in or prone to property property foreclosure. The Department’s property property foreclosure avoidance effort was released in February and contains checked out significantly more than a dozen internet sites within the state included in its outreach work.

news release – 19, 2017: DFS Issues Final Regulation to Protect New Yorkers from Unjustified Life Insurance Premium Increases september

brand New Regulation needs Life Insurers to inform DFS at the least 120 Days Before A change that is adverse in components of a preexisting Life Insurance Policy

Beginning March 19, 2018, Life Insurers Must Now inform customers at the least 60 times just before A change that is adverse in aspects of an In-Force Life Insurance or Annuity Policy

Financial Services Superintendent Maria T. Vullo today announced that the Department of Financial Services (DFS) has adopted a brand new regulation regulating life insurance coverage business techniques pertaining to increases when you look at the premiums or costs of particular term life insurance and annuity policies. The ultimate regulation provides DFS the capacity to review increases ahead of execution and make sure compliance with law, by needing life insurers to alert DFS at the very least 120 times just before a bad improvement in non-guaranteed components of an in-force life insurance coverage. Annuity issuers must now register yearly with DFS to tell the Department of every undesirable changes to annuity policies built in the previous 12 months. Nyc Insurance Law forbids life insurers from changing non-guaranteed elements in a way that is discriminatory people in the exact same course of policyholders. Just specific enumerated facets, that do not add revenue, can be considered whenever trying to alter non-guaranteed elements.

“This legislation is made to protect New Yorkers from unjust and inequitable price increases in in-force policies — especially the numerous elderly people who possess dutifully compensated premiums for many years, and who can minimum afford increased expenses to keep up insurance plan,” said Superintendent Vullo. “With this brand new legislation, DFS will have a way to review increases by life insurers and guarantee any increases conform to legislation, and customers should be supplied advance notice of every undesirable modifications with their premiums.”

Specific life insurers dramatically increased the expense of insurance coverage on older term life insurance policies as a result of decreased profitability stemming from low interest and, in some instances, unfavorable mortality experience. DFS drafted the regulation in reaction to issues raised by customer teams that some insurers haven’t been applying these increases prior to DFS authorized policy provisions while the appropriate provisions regarding the brand brand New York Insurance Law.

The final regulation requires life insurers to notify consumers at least 60 days prior to an adverse change in non-guaranteed elements of an in-force life insurance or annuity policy in addition to notifying DFS.

The brand new guideline used by DFS today takes under consideration feedback which were submitted because of the insurance coverage industry through the two remark durations for the proposed legislation posted in November 2016.

A duplicate associated with the regulation that is final be located right right here.

pr release – 18, 2017: DFS Urges Financial Institutions to Take Immediate Steps to Protect Sensitive Consumer Data in Light of Equifax Cyberattack september

Guidance Instructs Financial Institutions to examine I . T, ID Theft and Fraud Prevention Products

Data Sharing with Equifax as well as other Credit Reporting Agencies Should get advanced level of Review and awareness of Determine Potential danger

Financial solutions Superintendent Maria T. Vullo today announced that the Department of Financial Services (DFS) has given guidance to urge nyc State chartered and licensed finance institutions to simply simply simply take action that is immediate consider precautions to safeguard customers in light for the cybersecurity assault at Equifax that compromised the non-public information of an incredible number of People in america. The knowledge accessed by code hackers includes names, Social Security Numbers, delivery times, details, and, in a few situations, motorists’ permit numbers. The guidance given today supports DFS’s first-in-the-nation cybersecurity legislation, which went into impact earlier in 2010, and needs banking institutions, insurance vendors, along with other services that are financial controlled by DFS to ascertain and continue maintaining a cybersecurity system made to protect consumers and make sure the security and soundness of the latest York State’s monetary solutions industry.

“The range and scale with this cyberattack is unprecedented and DFS is willing to simply just take all actions essential to protect New York’s customers and monetary areas,” Superintendent Vullo stated. “Given the severity of the breach, the possibility problems for customers and our finance institutions, plus in light to the fact that a quantity of finance institutions have actually arrangements with Equifax under which financial institutions offer customer account and financial obligation information to Equifax and get comparable information from Equifax, DFS is issuing this guidance to ensure this event receives the greatest amount of attention and vigilance at brand brand New York’s regulated organizations.”

Initial reports suggest that hackers might have exploited a website application vulnerability to get unauthorized use of really sensitive customer and commercial information, which highlights the reality that banking institutions can not any longer simply depend on personally recognizable information (PII) as a way of confirming a person’s identity. PII will be purchased and offered as a consequence of occasions like this incident that is latest, which increasingly necessitates consideration of Multi-Factor Authentication and Risk-Based Authentication methods, as motivated underneath the DFS’s cybersecurity legislation.

DFS is asking brand new York State chartered and licensed institutions that are financial consider the annotated following:

• Make sure that all given information technology and information safety spots have now been set up;
• Ensure that appropriate ID theft and fraudulence avoidance programs have been in destination and accompanied for client due diligence/Know Your Customer (“KYC”) purposes and before a free account is opened, or a charge card is given, or any loan or other kind of funding is authorized, whether for brand new candidates or current consumers, and, if appropriate, consider utilizing an identification verification/fraud service for identity verification;
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