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Annuity Information

New York Department of Financial Services

The Department of Financial Services supervises many different types of institutions. Supervision by DFS may entail chartering, licensing, registration requirements, examination, etc.  The DFS also supervises all insurance companies that do business in New York.

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

The Superintendent, in order to better supervise financial products and services, including those subject to the provisions of the Insurance Law and the Banking Law may take any actions necessary to:

  • foster the growth of the financial industry in New York and spur state economic development through judicious regulation and vigilant supervision;
  • ensure the continued solvency, safety, soundness and prudent conduct of the providers of financial products and services;
  • ensure fair, timely and equitable fulfillment of the financial obligations of such providers;
  • protect users of financial products and services from financially impaired or insolvent providers of such services;
  • encourage high standards of honesty, transparency, fair business practices and public responsibility;
  • eliminate financial fraud, other criminal abuse and unethical conduct in the industry; and
  • educate and protect users of financial products and services and ensure that users are provided with timely and understandable information to make responsible decisions about financial products and services.

Scott Fischer is Executive Deputy Superintendent for Insurance at the New York State Department of Financial Services (DFS), he reports directly to the Superintendent. Mr. Fischer leads the Insurance Division of DFS, which supervises 1,700 insurers with assets exceeding $4.2 trillion. Laura E. Evangelista is Deputy Superintendent for Insurance at the New York State Department of Financial Services, reporting to Mr. Fischer.

New York Annuity Resources: The New York Department of Financial Services provides detailed Life Insurance Information for Consumers via their Resource Center. http://www.dfs.ny.gov/consumer/clife.htm   The information in this resource center aims to familiarize you with basic life insurance terms, describe the major life insurance policies and annuities that are available, and provide important shopping tips to help you make the right choice when purchasing life insurance or annuities.

 

Capital: Albany
State Commissioner: Scott Fischer
Insurance Hotline:
  • (800) 342-3736
Annuity Guarantee Limit: $500,000
Website: http://www.dfs.ny.gov/insurance/dfs_insurance.htm
Guarantee Assoc: http://www.nylifega.org/
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