State RegulationsNY specificDifficulty 1/5
Who administers and enforces the New York Insurance Law, including the licensing and discipline of agents and brokers?
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Answer & full 3-part explanation (select an option above, or peek)
Why B is correct
Under the Financial Services Law (§§201 and 202) and N.Y. Ins. Law §2404, the Superintendent of Financial Services heads the Department of Financial Services and administers and enforces the Insurance Law - including licensing, examinations, continuing education oversight, and discipline. Every producer's regulatory relationship runs through DFS.
Why the other options are wrong
- A) The Attorney General prosecutes certain fraud matters but does not administer licensing or the Insurance Law day to day.
- C) The State Insurance Fund is a workers' compensation carrier, not the regulator of the insurance market.
- D) The legislature writes the law; its committees do not enforce licensing or discipline producers.
Memory hook
DFS = the Superintendent's house: licenses, exams, discipline - all under one roof.