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Circular Letter No 9 (2006) - Department of Financial Services - dfs ny

Circular Letter No 9 (2006) - Department of Financial Services - dfs ny-2025

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The document is a Circular Letter from the New York Insurance Department addressing compliance with Insurance Law § 2119 regarding service fee agreements. It emphasizes that insurance brokers must keep service fees separate from premium finance agreements, obtain written consent from clients for any fees charged, and ensure clarity in fee structures. The letter outlines the requirements for service fee agreements, including the need for transparency and reasonableness in charges, and reminds brokers to retain these agreements for three years.

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What is the acronym Nydfs?

The NYDFS Cybersecurity Regulation (23 NYCRR 500) is a new set of regulations from the NY Department of Financial Services (NYDFS) that places cybersecurity requirements on all covered financial institutions.

What is the abbreviation for the New York State Department of Financial Services?

The New York State Department of Financial Services (DFS or NYSDFS) is the department of the New York state government responsible for regulating financial services and products, including those subject to the New York insurance, banking and financial services laws.

What is the abbreviation for the financial district in New York City?

The Financial District of Lower Manhattan, also known as FiDi, is a neighborhood located on the southern tip of Manhattan in New York City.

What is the New York Circular Letter 2009 9?

The purpose of this Circular Letter is to provide guidance and clarification to licensed insurance agents and brokers (collectively, insurance producers) as to what kinds of services (often referred to as value-added services) may be provided to insureds or potential insureds without running afoul of the rebating

Who is regulated by the New York Department of Financial Services?

DFS charters and regulates banks and trust companies under Article III of the Banking Law. Such Limited Purpose Trust Companies are, in some cases, authorized by DFS to engage in virtual currency-related activity.