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ANNUAL REPORT of the SUPERINTENDENT to the GOVERNOR and LEGISLATURE

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ANNUAL REPORT of the SUPERINTENDENT to the GOVERNOR and LEGISLATURE 2011 FIRST ANNUAL REPORT of the SUPERINTENDENT to the GOVERNOR and LEGISLATURE Andrew M. Cuomo Benjamin M. Lawsky Governor Superintendent NEW YORK STATE DEPARTMENT OF FINANCIAL SERVICES One State St., New York, NY 10004 www.dfs.ny.gov May 15, 2012 To the Governor and Legislature: I am pleased to submit to the New York State Legislature a copy of the first Annual Report of the New York State Department of Financial Services, incorporating the annual reports formerly issued by the Departments of Banking and Insurance, as required by Article 2, Section 206 of the Insurance Law and Section 43 of the Banking Law. Although DFS has only been in existence since October 3, 2011, as detailed in this report, we have already begun to implement several initiatives designed to achieve the Governor’s vision for the new Department. I am proud of what DFS has been able to accomplish thus far, while both continuing our vital regulatory functions and dealing with the challenges of the merger. I can assure you that our initial success has increased our determination to achieve even more in the months ahead to contribute to the Governor’s efforts to strengthen New York’s economy and create more jobs. • We will continue to encourage financial services firms to locate more jobs in New York. • We will further improve our responsiveness to consumers. • We will expand our oversight into the financial products and services that had formally fallen into regulatory gaps. • We will continue to focus on our operations and the law to find more ways to improve our efficiency and effectiveness. • We will work to make our examinations better focused, more relevant and quicker so they are more effective in identifying and dealing with issues in a timely way. • We will clear up backlogs in both handling consumer complaints and reviewing industry filings. In sum, we will strive to make the Department of Financial Services one of the premier regulatory agencies in the nation. Respectfully submitted, Benjamin M. Lawsky Superintendent TABLE OF CONTENTS OVERVIEW 4 MAJOR ACCOMPLISHMENTS 6 INSURANCE DIVISION OVERVIEW 19 BANKING DIVISION OVERVIEW 21 FINANCIAL FRAUDS AND CONSUMER PROTECTION DIVISION (FFCPD) OVERVIEW 23 MARKETS DIVISION OVERVIEW 26 REAL ESTATE DIVISION OVERVIEW 27 OFFICE OF GENERAL COUNSEL OVERVIEW 28 ADMINISTRATION OVERVIEW 31 INFORMATION TECHNOLOGY SERVICES OVERVIEW 32 LIQUIDATION BUREAU OVERVIEW 33 INSURANCE COMPANY STATISTICS 41 PROPERTY INSURANCE 41 TABLE 1: NET PREMIUMS WRITTEN AND SURPLUS TO POLICYHOLDERS 41 TABLE 2: UNDERWRITING RESULTS 41 TABLE 3: INVESTMENT INCOME AND CAPITAL GAINS 42 TABLE 4: AGGREGATE UNDERWRITING AND INVESTMENT EXHIBIT 42 TABLE 5: SELECTED ANNUAL STATEMENT DATA PROPERTY/CASUALTY INSURERS 44 TABLE 6: DIRECT PREMIUMS WRITTEN BY PROPERTY/CASUALTY INSURERS 45 TABLE 7: NET PREMIUMS WRITTEN AND SURPLUS TO POLICYHOLDERS FINANCIAL GUARANTY INSURERS 46 TABLE 8: UNDERWRITING RESULTS FINANCIAL GUARANTY INSURERS 47 TABLE 9: INVESTMENT INCOME AND CAPITAL GAINS FINANCIAL GUARANTY INSURERS 47 TABLE 10: AGGREGATE UNDERWRITING AND INVESTMENT EXHIBIT FINANCIAL GUARANTY INSURERS 47 TABLE 11: SELECTED ANNUAL STATEMENT DATA FINANCIAL GUARANTY INSURERS 48 TABLE 12: NET PREMIUMS WRITTEN AND SURPLUS TO POLICYHOLDERS MORTGAGE GUARANTY INSURERS 49 TABLE 13: AGGREGATE UNDERWRITING AND INVESTMENT EXHIBIT MORTGAGE GUARANTY INSURERS 49 TABLE 14: SELECTED ANNUAL STATEMENT DATA MORTGAGE GUARANTY INSURERS 50 TABLE 15: SELECTED ANNUAL STATEMENT DATA TITLE INSURANCE COMPANIES 51 TABLE 16: SELECTED ANNUAL STATEMENT DATA ADVANCE PREMIUM AND ASSESSMENT CORPORATIONS 51 TABLE 17: NUMBER OF FILINGS RECEIVED BY TYPE 52 TABLE 18: MAJOR EFFECTS OF PRINCIPAL RATE & LOSS COST CHANGES BY PROPERTY/CASUALTY RATE SERVICE ORGANIZATIONS 53 TABLE 19: PRIVATE PASSENGER AUTOMOBILE RATE FILINGS 57 TABLE 20: NEW YORK AUTOMOBILE INSURANCE PLAN (NYAIP) EXPERIENCE IN 2009 AND 2010 62 TABLE 21: WORKERS COMPENSATION INSURANCE 67 TABLE 22: PCISF CONTRIBUTIONS 71 TABLE 23: MOTOR VEHICLE ACCIDENT INDEMNITY FUND 72 TABLE 24: INSURANCE ENTITIES SUPERVISED BY THE DEPARTMENT 72 HEALTH INSURANCE 74 TABLE 25: HEALTH INSURANCE: CLASSES OF BUSINESS, ASSETS, LIABILITIES AND PREMIUMS WRITTEN 74 LIFE INSURANCE 75 TABLE 26: ADMITTED ASSETS 75 TABLE 27: BALANCE SHEET 75 TABLE 28: TOTAL LIFE INSURANCE IN FORCE 76 TABLE 29: SOURCES OF INCOME 76 TABLE 30: OPERATING RESULTS 77 TABLE 31: LIFE INSURANCE IN FORCE IN THE STATE OF NEW YORK 77 TABLE 32: ADMITTED ASSETS/INSURANCE IN FORCE 78 TABLE 33: FRATERNAL BENEFIT SOCIETIES 78 TABLE 34: PRIVATE PENSION FUNDS 78 TABLE 35: PUBLIC RETIREMENT SYSTEMS AND PENSION FUNDS 79 TABLE 36: SEGREGATED GIFT ANNUITY FUNDS 79 TABLE 37: COMPANIES REGULATED BY THE DEPARTMENT 79 BANKING STATISTICS 81 TABLE 38: PRINCIPAL BANKING AND LENDING FACILITIES OF NEW YORK STATE 81 TABLE 39: SUMMARY OF STATE SUPERVISED AND LICENSED INSTITUTIONS 82 TABLE 40: CONDITION OF COMMERCIAL BANKS 83 TABLE 41: CONDITION OF SAVINGS BANKS & THRIFTS 89 TABLE 42: CONDITION OF CREDIT UNIONS 91 TABLE 43: CONDITION OF SAFE DEPOSIT COMPANIES 93 TABLE 44: CONDITION OF INVESTMENT COMPANIES 94 TABLE 45: CONDITION OF LICENSED LENDERS 95 TABLE 46: ALL SUPERVISED BANKING INSTITUTIONS AND LICENSED LENDERS 97 TABLE 47: VOLUNTARY AND INVOLUNTARY LIQUIDATIONS 107 TABLE 48: UNCLAIMED DEPOSITS OR DIVIDENDS DEPOSITED WITH SUPERINTENDENT 107 TABLE 49: MERGERS AND ACQUISITIONS 107 TABLE 50: CHARTER CONVERSIONS 108 TABLE 51: STATE TRANSMITTER OF MONEY INSURANCE FUND (STMIF) 109 DEPARTMENT ORGANIZATION AND MAINTENANCE 110 TABLE 52: FORMER INSURANCE DEPARTMENT 2010-11 STATE FISCAL YEAR EXPENDITURES 110 TABLE 53: FORMER BANKING DEPARTMENT 2010-11 STATE FISCAL YEAR EXPENDITURES 111 TABLE 54: ASSESSMENTS AND REIMBURSEMENT OF INSURANCE DEPARTMENT EXPENSES: 112 TABLE 55: ASSESSMENTS AND REIMBURSEMENT OF BANKING DEPARTMENT EXPENSES 113 REGULATORY AND LEGISLATIVE ACTIVITIES 114 MAJOR LITIGATION 114 OVERVIEW This is the first Annual Report of the New York State Department of Financial Services (DFS). It reviews the Department’s activities in 2011, as well as developments in the financial services industries regulated by the Department. In his 2011 State of the State address, Governor Andrew Cuomo announced his plan to merge the New York State Insurance Department and the Banking Department into a single financial services regulator, DFS. Governor Cuomo identified a need to modernize and close the gaps in regulation, which he proposed could be accomplished by creating DFS to oversee the broad array of financial products and services in the market. This consolidation would leverage the combined financial expertise in both Departments to guard against systemic risk while streamlining regulation and operations. An acknowledgment of an evolving financial marketplace, Governor Cuomo’s initiative took direct aim at the regulatory gaps that had contributed to the financial crisis. The Financial Services Law was introduced and passed as part of Governor Cuomo’s 2011 budget. In May 2011, work began to integrate the Banking and Insurance Departments. On May 16, 2011, Governor Cuomo nominated Benjamin M. Lawsky to serve as New York’s first Superintendent of Financial Services. Superintendent Lawsky was unanimously confirmed by the Senate on May 24, 2011. The merger became effective on October 3, 2011. Superintendent Lawsky has defined three goals for the Department in order to fulfill Governor Cuomo’s mandate,: • To maintain New York’s position as the world financial capital by modernizing the regulation of financial services and encouraging these industries to grow and create jobs. • To guard against systemic risk that leads to financial crises and to provide to consumers and markets the most effective protection against fraud. • To make the Department an example of an efficient, well-run government agency. The Department is responsible for supervising and regulating the activities of nearly 1,700 insurance companies with assets exceeding $4 trillion and nearly 1,900 banking and other financial institutions with assets of more than $2.1 trillion. The Department is organized into five divisions: The Banking and Insurance Divisions each continue to perform the core functions that had been assigned the previous Banking and Insurance Departments, working to ensure the safety, soundness and solvency of regulated entities and the fair treatment of consumers. 4 The Financial Frauds and Consumer Protection Division (FFCPD) is responsible for protecting and educating consumers and fighting consumer fraud. The Real Estate Finance Division is involved with real estate and homeowner issues, as well as such financial services as title insurance and mortgage insurance. The Markets Division actively monitors the latest developments and products in the financial services marketplace, so that the Department can better understand and regulate complex and rapidly changing financial products and services. Several non-regulatory units in the two former departments have been integrated including administration, information technology and legal counsel. Due to these and other efforts, DFS has reduced spending by more than 10 percent in just its first year, state fiscal year 2011—2012. NOTE: This annual report is organized differently than prior reports by the Insurance and Banking Departments. It begins with text describing the major accomplishments and responsibilities of the Department. The data tables included in prior reports have all been combined in a single appendix, which follows the text section. In addition, to reduce reproduction costs, data that
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