Watch out for whoever claims they are able to 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 mortgage payments to anybody apart from your home loan business without its approval.
The Department is delivering property foreclosure prevention professionals to aid home owners at internet web sites throughout the state, specially where you will find high levels of property owners in or susceptible to property property foreclosure. The Department’s property foreclosure avoidance effort was released in February and contains checked out a lot more than a dozen internet sites into the state included in its outreach effort.
news release – 19, 2017: DFS Issues Final Regulation to Protect New Yorkers from Unjustified Life Insurance Premium Increases september
Brand brand New Regulation needs Life Insurers to inform DFS at the very least 120 Days Before A change that is adverse in Elements of a preexisting Life Insurance Policy
Beginning March 19, 2018, Life Insurers Must Now alert customers at the very least 60 times ahead of A change that is adverse in aspects of an In-Force Life Insurance or Annuity Policy
Financial solutions Superintendent Maria T. Vullo today announced that the Department of Financial Services (DFS) has used a regulation that is new life insurance coverage business techniques associated with increases when you look at the premiums or costs of particular term life insurance and annuity policies. The last regulation provides DFS the capacity to review increases ahead of implementation and make sure conformity with legislation, by needing life insurers to notify DFS at the least 120 times ahead of 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 unfavorable changes to payday loans in Wisconsin annuity policies built in the previous 12 months. Ny Insurance Law forbids life insurers from changing non-guaranteed elements in a way that is discriminatory people in exactly the same course of policyholders. Just specific enumerated facets, that do not consist of revenue, can be viewed as whenever wanting to alter non-guaranteed elements.
„This legislation is made to protect New Yorkers from unjust and inequitable price increases in in-force policies — specially the numerous older persons who’ve dutifully compensated premiums for decades, and whom can minimum manage increased expenses to steadfastly keep up insurance plan,” said Superintendent Vullo. “With this brand new regulation, DFS can realize your desire to examine increases by life insurers and make sure any increases adhere to legislation, and customers will undoubtedly be supplied advance notice of every undesirable modifications for their premiums.”
Specific life insurers dramatically increased the price of insurance on older term life insurance policies because of reduced profitability stemming from low interest and, in some instances, negative mortality experience. DFS drafted the legislation as a result to concerns raised by customer teams that some insurers haven’t been applying these increases prior to DFS authorized policy provisions and also the appropriate conditions of this brand 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 rule that is new by DFS today takes under consideration responses that have been submitted by the insurance coverage industry throughout the two remark durations for the proposed legislation posted in November 2016.
A duplicate for the regulation that is final be located right right here.
news release – September 18, 2017: DFS Urges finance institutions to Take Immediate procedures to Safeguard Sensitive customer Data in Light of Equifax Cyberattack
Guidance Instructs Financial Institutions to examine Ideas Technology, ID Theft and Fraud Prevention Products
Data Sharing with Equifax along with other Credit Reporting Agencies Should get advanced level of Review and awareness of Determine Potential danger
Financial Services Superintendent Maria T. Vullo today announced that the Department of Financial Services (DFS) has granted guidance to urge nyc State chartered and licensed finance institutions to take instant action and consider precautions to safeguard customers in light associated with cybersecurity attack at Equifax that compromised the non-public information of an incredible number of Us citizens. The info accessed by code hackers includes names, Social Security Numbers, delivery times, details, and, in a few full cases, motorists’ permit figures. The guidance granted today supports DFS’s first-in-the-nation cybersecurity regulation, which went into impact early in the day this current year, and requires banking institutions, insurance vendors, as well as other monetary solutions organizations controlled by DFS to ascertain and continue maintaining a cybersecurity system made to protect customers and make certain the safety and soundness of the latest York State’s monetary solutions industry.
“The range and scale with this cyberattack is unprecedented and DFS is ready to simply simply take all actions essential to protect brand brand brand New York’s customers and economic areas,” Superintendent Vullo stated. “Given the severity with this breach, the prospective problems for consumers and our finance institutions, plus in light to the fact that a wide range of banking 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 make sure that this incident gets the best standard of attention and vigilance at brand New York’s regulated organizations.”
Initial reports suggest that hackers could have exploited an application that is website to achieve unauthorized use of very sensitive and painful customer and commercial information, which highlights the truth that banking institutions can not any longer simply depend on actually recognizable information (PII) as a way of confirming a person’s identity. PII has been purchased and sold due to activities similar to this latest event, which increasingly necessitates consideration of Multi-Factor Authentication and Risk-Based Authentication strategies, as motivated beneath the DFS’s cybersecurity legislation.
DFS is asking brand new York State chartered and licensed institutions that are financial consider the annotated following:
- Make certain that all given information technology and information protection spots were installed;
- Ensure that appropriate ID theft and fraudulence avoidance programs come in spot and adopted for client due diligence/Know Your Customer (“KYC”) purposes and before a merchant account is opened, or a charge card is given, or any loan or any other type of funding is authorized, whether for brand new applicants or current consumers, and, if appropriate, consider utilizing an identification verification/fraud solution for identification verification;