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DFS Annual Report

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DFS Annual Report ANDREW M. CUOMO LINDA A. LACEWELL Governor Superintendent June 15, 2020 To the Governor and Legislature: As Superintendent of the New York State Department of Financial Services, I am pleased to submit the 2019 Annual Report as required by Article 2, Section 207 of the Financial Services Law. Throughout 2019, the Department carried out its mission to protect consumers and to promote the development of sound, fair financial services. The Department’s varied work before the COVID-19 crisis is detailed in this report. As its charter instructs, the Department continues 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, Linda A. Lacewell Financial Services Superintendent 2019 Annual Report Linda A. Lacewell, Superintendent Table of Contents INTRODUCTION ................................................................................................................................................................ 5 MAJOR ACCOMPLISHMENTS ............................................................................................................................................ 6 ENCOURAGING INNOVATION, SAFEGUARDING MARKETS, ENFORCING FINANCIAL SERVICES LAWS ............................ 6 PRIORITIZING CONSUMER PROTECTION ......................................................................................................................... 8 FOSTERING GLOBAL COOPERATION .............................................................................................................................. 14 INSURANCE DIVISION OVERVIEW ....................................................................................................................................15 Property Bureau ............................................................................................................................................................ 15 Health Bureau ................................................................................................................................................................ 15 Life Bureau ..................................................................................................................................................................... 16 BANKING DIVISION OVERVIEW .......................................................................................................................................17 Community and Regional Banks .................................................................................................................................... 17 Foreign and Wholesale Banks ....................................................................................................................................... 18 Licensed Financial Services ............................................................................................................................................ 18 Mortgage Banking ......................................................................................................................................................... 18 Mortgage Assistance Unit.............................................................................................................................................. 18 CONSUMER PROTECTION AND FINANCIAL ENFORCEMENT DIVISION ..............................................................................18 CAPITAL MARKETS DIVISION OVERVIEW .........................................................................................................................20 CYBERSECURITY DIVISION OVERVIEW .............................................................................................................................21 RESEARCH AND INNOVATION DIVISION OVERVIEW ........................................................................................................21 LIQUIDATION BUREAU OVERVIEW ..................................................................................................................................21 REGULATORY AND LEGISLATIVE ACTIVITIES ....................................................................................................................22 REGULATIONS ................................................................................................................................................................ 22 INDUSTRY AND CIRCULAR LETTERS ............................................................................................................................... 22 STATEMENTS, RECOMMENDATIONS OR DECISIONS OF THE SUPERINTENDENT ..............................................................22 LEGISLATIVE RECOMMENDATIONS FOR 2020 ............................................................................................................... 23 BANKING AND LENDING INSTITUTIONS...........................................................................................................................25 SUMMARY OF CONDITION OF SUPERVISED INSTITUTIONS .......................................................................................... 25 INSTITUTIONS AND ASSETS ........................................................................................................................................... 27 TYPE, NUMBER OF INSTITUTIONS AND DOMESTIC OFFICES ......................................................................................... 28 CONVERSION FROM STATE CHARTER TO FEDERAL CHARTER ....................................................................................... 29 BANK MERGERS AND ACQUISITIONS ............................................................................................................................ 29 LIQUIDATIONS/SURRENDERS ........................................................................................................................................ 29 NEW CHARTERS/LICENSES ............................................................................................................................................. 29 CONDITION OF SUPERVISED INSTITUTIONS (ASSETS AND LIABILITIES) ......................................................................... 30 COMMERCIAL BANKS, TRUSTS AND PRIVATE BANKERS ................................................................................................ 34 CONDITION OF SAVINGS BANKS AND THRIFTS (ASSETS AND LIABILITIES) .................................................................... 39 CONDITION OF SAFE DEPOSIT COMPANIES .................................................................................................................. 41 CONDITION OF CREDIT UNIONS .................................................................................................................................... 42 CONDITION OF CREDIT UNIONS .................................................................................................................................... 43 CONDITION OF ARTICLE XII INVESTMENT COMPANIES ................................................................................................. 44 CONDITION OF LICENSED LENDERS ............................................................................................................................... 45 GENERAL INSURANCE COMPANY STATISTICS ..................................................................................................................47 LICENSES ISSUED DURING YEAR .................................................................................................................................... 47 CHANGES IN AUTHORIZED INSURERS ............................................................................................................................ 48 REPORTS FILED ON EXAMINATION OF AUTHORIZED INSURERS ................................................................................... 51 LIQUIDATION, CONSERVATION AND REHABILITATION PROCEEDINGS ......................................................................... 51 PROPERTY/CASUALTY INSURANCE ENTITIES ................................................................................................................. 55 MORTGAGE GUARANTY INSURERS ................................................................................... Error! Bookmark not defined. TITLE INSURANCE COMPANIES SELECTED DATA ............................................................... Error! Bookmark not defined. ADVANCE PREMIUM AND ASSESSMENT CORPORATIONS SELECTED DATA ...................... Error! Bookmark not defined. HEALTH INSURANCE ...................................................................................................................................................... 64 LIFE INSURANCE ............................................................................................................................................................ 68 FUNDS HELD BY OR DEPOSITED WITH THE SUPERINTENDENT .........................................................................................72 DEPARTMENT ORGANIZATION AND MAINTENANCE .......................................................................................................74 2019 DEPARTMENT RECEIPTS ....................................................................................................................................... 74 2018-2019 STATE FISCAL YEAR FINANCIAL SERVICES EXPENDITURES .......................................................................... 76 INTRODUCTION The Department of Financial Services
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