Examinations and Examination Reviews | Division of Monetary Companies


Insurance coverage Firm Examinations

The Division is required by legislation to conduct examinations into the affairs of home insurers and HMOs. As well as, we even have the authority to conduct an examination into the affairs of any insurance coverage company, or different insurer doing or approved to do any insurance coverage enterprise in New York state. There are usually two varieties of examinations: monetary and market conduct. Examinations that cowl each monetary and market conduct are known as “mixed.”

The aim of a monetary examination is to confirm that an examined entity’s monetary assertion, as of the examination date, in addition to its company conduct through the examination interval, are in compliance with Division legal guidelines, guidelines, and rules.

A market conduct examination is concentrated on the truthful therapy of policyholders and the scope of those examinations is on areas reminiscent of firm operations, grievance dealing with, advertising and marketing, claims, charge and type submitting and policyholder service.

Neighborhood Reinvestment Act (CRA) Examinations

About CRA

The Neighborhood Reinvestment Act, or CRA, is each a state and federal legislation that encourages banks to fulfill the credit score wants of all communities, together with low and moderate-income areas. New York State is one among solely a small variety of states with its personal CRA. New York CRA largely mirrors the federal CRA. The New York State CRA was adopted in 1978, one 12 months after the 1977 federal CRA legislation, largely in response to considerations in regards to the existence of redlining of poor and minority communities by banking establishments through the Sixties and Seventies.

CRA Examination Schedules

Banking establishments topic to the New York State Neighborhood Reinvestment Act are usually assessed as soon as each 24 to 36 months. Establishments with complete property under $250 million and rated “Passable” or “Excellent” of their most up-to-date CRA examination carried out by the Division usually might be examined as soon as each 48 or 60 months, respectively. 


DFS encourages public touch upon the efficiency of banks scheduled for New York State CRA evaluations. You might submit written feedback regarding native credit score wants and/or the efficiency of particular banks previous to, or through the examination. You need to submit feedback early sufficient to make sure a radical evaluate.

Direct all feedback or questions through electronic mail to [email protected] or by mail to:

Serwat Farooq, Deputy Superintendent, Client Examinations Unit
Client Safety and Monetary Enforcement Division
New York State Division of Monetary Companies
1 State Road, seventh Ground, New York, New York 10004-1511

CRA Rankings

The Division prepares a written report summarizing the outcomes of every evaluation and assigns to every establishment a numerical CRA ranking based mostly on a 1 to 4 scoring system, representing a efficiency evaluation as follows:

  • 1 = Excellent report of assembly neighborhood credit score wants;
  • 2 = Passable report of assembly neighborhood credit score wants; 
  • 3 = Wants to enhance report of assembly neighborhood credit score wants; 
  • 4 = Substantial noncompliance in assembly neighborhood credit score wants.

CRA Examination Reviews

Rankings for banking establishments topic to New York State CRA are public. To entry a abstract of an establishment’s CRA efficiency analysis, merely click on on the ranking for that establishment on the next web page:

Licensed Monetary Companies Firm Examinations


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