Find below the customer service details of New York State Dept of Financial Services, along with an overview of the regulatory body.
Head Office
1 State Street
New York, NY 10004-1511
United States
Support
Phone: 800-342-3736
Email: consumers@dfs.ny.gov
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About New York State Dept of Financial Services
Every US state government has various departments looking after different areas of public services- so also the New York state government. One of its key departments is the New York State Dept of Financial Services. This department is responsible for regulating all financial services and products that are subject to New York insurance, banking and financial service laws.
The New York State Dept of Financial Services was founded in 2011 and has its headquarters in Albany, New York. Its jurisdiction extends to the whole of New York. It was created by the amalgamation of two entities- the New York State Banking Department and the New York State Insurance Department. This exercise was undertaken by the Governor of the state to modernize regulation and enable the department to oversee a wider range of financial products and services.
The regulatory body has under its control nearly 3000 financial institutions in the state of New York with a total asset value of $8.8 trillion. The department supervises and regulates close to 900 property and casualty insurance companies, 130 life insurance companies and almost a 100 health insurers and managed care organizations.
Also, under the purview of New York State Dept of Financial Services are 388 financial service companies, 73 foreign branches, 10 foreign agencies, 159 state-chartered banks, 29 virtual currency companies, 21 credit rating agencies and 16 credit unions. In addition to the above, New York State Dept of Financial Services also does registrations, approvals, permits, authorizations and de-authorizations of other entities in the state of New York.
The department operates with a mission to build a financial system that benefits individuals and businesses through an equitable, transparent and robust financial system. The core ways to fulfill their mission is through engagement, technology and data-driven regulation and policy, and operational excellence and transparency. This is done with a view to keeping its citizens safe from financial harm, ensuring financial health of the institutions that they govern and improving economic growth, both in the state and across the world. Some of the related boards that work with the New York State Dept of Financial Services are the Consumer Protection Advisory Council, Drug Accountability Board, the State Charter Advisory Board and the Insurance Advisory Board.
One of the key services that the New York State Dept of Financial Services offers the residents of the State of New York is information to be aware and make good financial decisions. Their website has a host of information links that help individuals educate themselves about various financial processes such as Auto Insurance, Bail Information, safe banking and secure money transfers, credit and debt services, disaster and flood resources, financial planning resources, health insurance, help for homeowners and tenants, holocaust claims, life insurance, scams, schemes and frauds, small business help and student protection.
The website of the New York State Dept of Financial Services, also offers information and assistance to New Yorkers about various financial processes and provides links to interactive applications that they might need.
