New York Insurance Regulation & the DFS — New York Insurance Law — Life & Health Practice Test

This New York Insurance Law — Life & Health New York Insurance Regulation & the DFS practice set has 23 practice questions based on the official exam materials, each with an instant explanation.

Sample questions

Three questions from the New York Insurance Regulation & the DFS bank with the correct answer and an explanation. The practice quiz above draws 23 questions at random from the same bank.

1. The New York Department of Financial Services (DFS) was created in 2011 by merging which two former state agencies?

   • The New York State Insurance Department and the New York State Banking Department — Correct answer
   • The Insurance Department and the Department of State
   • The Banking Department and the Department of Taxation and Finance
   • The Insurance Department and the Office of the Attorney General

   Explanation: Effective October 2011, the Financial Services Law (FSL) abolished the former NY Insurance Department and NY Banking Department and transferred their functions and authority to the newly created Department of Financial Services.

   Handbook: New York Insurance Regulation & DFS — Creation of DFS

2. Who is the head of the New York Department of Financial Services?

   • The Superintendent of Financial Services — Correct answer
   • The Attorney General
   • The Commissioner of Taxation and Finance
   • The State Comptroller

   Explanation: The Superintendent of Financial Services heads DFS and holds the rights, powers, and duties connected with financial services regulation in New York (N.Y. Financial Services Law §202).

   Handbook: New York Insurance Regulation & DFS — The Superintendent

3. How is the Superintendent of Financial Services selected?

   • Appointed by the Governor, with the advice and consent of the Senate — Correct answer
   • Elected statewide by New York voters
   • Appointed by a vote of the DFS regional directors
   • Appointed directly by the Legislature without gubernatorial involvement

   Explanation: The Superintendent is appointed by the Governor, by and with the advice and consent of the Senate, and holds office at the pleasure of the Governor (N.Y. Financial Services Law §202).

   Handbook: New York Insurance Regulation & DFS — Appointment of the Superintendent